Group Health Insurance Broker Near Me

Saturday, March 23, 2024 13:38 Posted by Admin

Professional group health insurance brokers have the expertise needed to help you find the best plans for your business or organization. Overall, they can provide valuable assistance with guiding you toward making the right choices. When you work with a broker, they are not beholden to a specific insurance company and are not salesmen. Instead, health insurance brokers will help you compare different plans and polices to find the one that’s best for you. When working with a broker, you have a partner in your corner that is highly-trained in all aspects of insurance and can help you make an informed decision.

So, if you’re looking for a group health insurance broker near me,” you’ve come to the right place. But first, it’s crucial that you understand what group health insurance is, how it works, and why it’s so beneficial.

What is Group Health Insurance?

Put simply, group health insurance is a plan that provides insurance coverage to a group of members, generally comprised of employees at a company or members of a specific organization. These employer (or group) sponsored plans extend health insurance to members and their families. Members usually receive insurance at a reduced rate, as the insurer’s risk is distributed between a group of insured individuals. These plans are common in both the United States and Canada.

Here’s a quick breakdown of group health insurance plans:

  • Members of the group get insurance at a reduced price due to the insurer’s risk being distributed across a group of policyholders.
  • To be valid, plans generally need at least 70% participation.
  • Premiums are divided between the organization and its members, and coverage can also be given to the members’ family members or dependents for an additional cost.
  • For offering health insurance to employees, employers can enjoy from a number of tax benefits.

How Does Group Health Insurance Work?

Companies and organizations purchase group health insurance plans and then offer them to their employees or members. As the name suggests, these plans can only be purchased by groups and individuals cannot secure coverage through group health insurance plans. They also require no less than 70% participation by the members of the group in order to be binding.  Since there are so many different types of plans, insurers, costs involved, and terms and conditions, no two group health insurance plans are the same.

Once a plan is purchased by the organization, the members of the group can choose to accept or decline the coverage offered to them. Depending on the area, the plan may be issued in tiers. This means that the insured parties can choose to opt for basic insurance coverage or select the advanced option with add-ons. The premiums are split amongst the organization and the members, depending on the plan. Health insurance can also be provided to the immediate family and/or dependents of the group members for an additional fee.

When compared to individual health plans, group health insurance plans are usually cheaper since the risk is distributed among a greater number of people. In other words, since more people buy into group health insurance, these plans are more inexpensive than individual plans on the market.

Why Group Health Insurance?

The main advantage of group health insurance is the fact that it is a better deal than individual health plans, on average. If you are an employer, you enjoy the benefit of covering your employee’s medical needs at a cost-effective rate and all in one convenient plan. Another major advantage to group health insurance is that these plans spread the risk across a pool of policyholders. This not only helps insurers better manage risk, it benefits the members by keeping the premiums as low as possible. Group health plans can also make your company look more appealing to potential employees, who may choose your business based on the benefits.

As an insurer, you can have even more control over costs with health maintenance organizations, or HMOs. This involves providers contracting with insurers to deliver care to the members of the group. HMO models typically keep costs down, by restricting the flexibility of healthcare provided to the individuals. Preferred provider organizations (PPOs), on the other hand, give the member a wider variety of doctors to choose from and more convenient access to specialists. The drawback to this model is that PPOs usually charger higher premiums than their HMO counterparts.

The majority of group health insurance plans are sponsored by employers. However, it is possible to buy group coverage for a specific association or other type of organization. Some examples of these types of plans include wholesale membership clubs and AARP.

Note: Approximately 49.6% of the population in the United States has health insurance through a group health insurance plan.

Brokers vs. Agents

The term “broker” simply refers to a professional that will help direct you to the products offered by a range of health insurance companies. A health insurance agent, on the other hand, works directly with a specific company and only promotes their products. While both of these professionals are considered licensed insurance “agents,” it’s important to distinguish the difference.

So, if you don’t choose to work with a broker and decide to contact health insurance companies directly, you’ll end up working with an agent.

What Do Group Health Insurance Brokers Do?

Health insurance brokers provide the knowledge that can be incredibly helpful in finding the best group insurance plan for your company or organization. These professionals are licensed experts that:

  • Understand the market. They can weed through all the available products to separate the best options from the purely adequate.
  • Understand the law. They are well-versed in both federal and state regulations that can help avoid serious liabilities for your business.
  • Understand the industry. They have the necessary licensing requirements, requiring them to stay up-to-date on the insurance industry.

Your broker will shop around to find the right plans for you and then provide you with a couple premium quotes to choose from. To ensure that you have a clear understanding of your options, they will also walk you through alternatives. Then, once you make your decision, your broker will implement your selected plan and service the account, which includes addressing issues with billing, claims, and eligibility.

By your broker doing all the “legwork” for you, they help to ease a substantial burden on your time. After you’ve purchased your health insurance coverage, you get the most out of it with a broker. Not to mention, they can also assist you with the renewal process when that time comes.

Group Health Insurance Broker Near Me

For over three decades, Taylor Benefits Insurance Agency has been helping businesses and organizations navigate the complexities of the health insurance industry. Our team of insurance brokers is highly-skilled, well-informed, experienced, and ready to assist companies of all sizes obtain the health insurance coverage that they need.

Whether you are located in Bay Area California or anywhere else in the U.S., our brokers can explain the plans available to you, break down all the little details, and help you choose the ideal group health insurance plan for both your company and your employees. So, if it’s “group health insurance broker near me” that you need, don’t hesitate. Contact us now to get started.

Written by Todd Taylor

Todd Taylor

Todd Taylor oversees most of the marketing and client administration for the agency with help of an incredible team. Todd is a seasoned benefits insurance broker with over 35 years of industry experience. As the Founder and CEO of Taylor Benefits Insurance Agency, Inc., he provides strategic consultations and high-quality support to ensure his clients’ competitive position in the market.

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