The Benefits Of Choosing An Insurance Broker For Your Large Group Health Insurance Plan

Sunday, March 3, 2024 13:13 Posted by Admin
Benefits Of Using A Broker For Large Group Health Insurance Plan Shopping

If you are thinking of switching your large group health insurance plan – or you are offering employee benefits for the first time as an employer – it can be confusing to navigate the complex world of insurance.

Do you know what coverage is required for your state? What kind of deductible do you want? How much are you willing to pay in premiums? What percentage will you contribute, compared to your employees?

These are all questions that need to be answered before you can choose the right large group health insurance plan for your company. If you’re not sure what policy is right for your company, that’s a sign that you need to work with an insurance broker.

Insurance brokers are experts at picking the right health insurance policy based on your company’s needs – so if you are confused about the process of picking the right insurance policy or switching providers, an insurance broker can be very helpful.

Got more questions about the benefits of choosing an insurance broker like Taylor Benefits Insurance Agency for your large group health insurance plan? Wondering why you should work with a broker instead of just contacting health insurance companies directly? Let’s take a look at a few of the biggest benefits of working with an insurance broker now.

1. Independent Brokers Work For You – Not The Insurance Company

First, it’s important to understand that independent insurance brokers – like Taylor Benefits Insurance Agency – are not beholden to any single insurance company. Insurance brokers are not salesmen.

The goal of an insurance broker is not to push you toward insurance plans from any particular company. Instead, it’s to help you compare different policies and plans from the widest possible variety of insurers – so that you can find the one that’s right for you.

That’s why, at Taylor Benefits Insurance Agency, we work with some of the largest insurance companies as an independent broker. This includes Anthem, Blue Shield of California, Kaiser Permanente, HealthNet, Aetna and UnitedHealthCare. By giving you the widest possible variety of plans and providers to choose from, we ensure that you get the healthcare plan that’s right for you and your employees.

2. You’ll Have A Knowledgeable Partner On Your Side

Let’s face it. Navigating the complexities of the world of health insurance is not always easy. Chances are that, even if you’re an executive or the owner of a business, you don’t have the knowledge and expertise to understand it completely – and you certainly don’t have the time to do so!

But when you work with an insurance broker, you’re working with a partner that is trained to handle every aspect of insurance – from choosing individual plans to comparing policies, evaluating your business to determine which type of plan is right for you, and so much more.

That means that you can be fully informed about your decision – without spending hours of your time poring over insurance policy documents, marketing materials, and spreadsheets. You can trust your broker to provide you with the information you need and to ensure that you make the right choice for your insurance policy.

3. You Can Work Together To Pick One Or More Plans That Are Right For Your Employees

When it comes to diving into the nitty-gritty and the details of individual healthcare plans, there’s no partner better than an insurance broker. Your broker can use information about your employees and your workplace to help you choose the right plan – or multiple plans – for your employees.

Together with your broker, you can look at different healthcare plans and pick out the right one based on factors like:

  • Age of your employees
  • The overall health of your employees
  • Premium cost
  • Deductibles and Out-of-Pocket Maximums
  • HDHP (High Deductible Health Plan) vs PPO vs HMO

No company is exactly the same, so there is no such thing as a “one-size-fits-all” plan. If you just choose the first plan you come across when shopping with an insurer, you could be overpaying for coverage that you don’t need. But by working with an insurance broker, you can pick and choose one (or more) plans that meet the needs of different employees.

For example, you could offer an HDHP plan which would be ideal for young, healthy employees that will not be using much healthcare coverage, and allow them to contribute to a Health Savings Account (HSA). And for older employees, you could also offer a more traditional PPO plan through the same insurer, which would allow them to reduce their out-of-pocket costs if they require more frequent medical care.

4. Insurance Brokers Have Seen & Done It All When It Comes To Insurance

One of the benefits of working with a professional insurance broker is that you will be able to use their depth of expertise to help you through unexpected situations – and to explain complicated, difficult-to-understand concepts.

At Taylor Benefits Insurance Agency, we have more than 25 years of experience working with insurers in every state – and we have an unbeatable knowledge of the world of large group health insurance.

No matter the situation or issue, we’re here to provide you with the services you need to find the right health care plan for you and your employees. From multinational corporations to small startups, we’ll listen to your needs, discuss your options, and help you choose the insurance products that are right for your company. That’s a guarantee.

5. A Broker May Provide You With Better Rates Compared To Working Directly With Insurers

Compared to working directly with an insurer, working with a broker can lead to better rates – even when you consider the fees and costs of paying the broker. This is because insurance brokers work with large healthcare companies regularly – and because of this business relationship, the company is often willing to extend lower rates to the broker.

These kinds of bulk discounts are not usually available if you just contact health insurance companies directly. That means that even if you think you’ve found a great price for a health insurance plan, working with a broker could lead to additional cost savings.

In most cases, the savings you will get by working with a broker exceed the costs and commissions of hiring one by quite a bite – so even though you’ll have to spend some money on insurance brokerage fees, you’ll still come out ahead.

6. Brokers Work With Companies Of All Types & Sizes

It’s a good idea to work with a health insurance broker for a large group health insurance plan – but that doesn’t mean that you should only choose a health insurance broker if you’re part of a larger company.

Even for startups, small businesses and companies with less than 20 employees, it can be very beneficial to work with an insurance broker – particularly if you are on a tight budget and do not have that much money to spend on employee benefits.

By working with a broker, you can find benefits that fit your budget and work for your employees – even when there is not a lot of flexibility in your cash flow.

Whether you’ve just surpassed 50 full-time employees and are looking to get an insurance plan that meets ACA mandates, or you have a smaller company and are interested in providing benefits as part of your employee’s compensation, an insurance broker can always help.

7. Yearly Market Analysis Ensures You’re Always Paying A Fair Price

Not every insurance broker offers this service, but at Taylor Benefits Insurance Agency, all of our clients are covered by an annual market analysis, which we perform as part of the services we provide when it’s time to renew your policy.

What this means is that we will take a look at the details and cost of the plan from your current carrier – and ensure that it is maintaining a competitive position in the market. If we notice a large difference between what you’re paying with one carrier vs. what you could be paying with a different health insurance carrier, we will let you know about the difference.

This ensures that you’re never overpaying for health insurance. If we ever notice that a competing carrier is providing a comparable plan for a lower price, we’ll let you know when it’s time to renew your policy – so that you can review your options, and choose the plan that’s right for your company’s budget and the needs of your employees.

In addition, this yearly market analysis from Taylor Benefits Insurance Agency allows you to make any changes to your plan that you may have been thinking of throughout the year – for example, if your employees have requested plan changes or changes in coverage, or you’d like to add additional coverage, we can also help you with this process.

Know The Benefits Of Working With An Insurance Broker – And Contact Us Now!

At Taylor Benefits Insurance Agency, our team of insurance brokers is experienced, knowledgeable, and ready to help companies of all sizes get the health insurance coverage they need.

Whether you’re located in California or anywhere else in the United States, our team will assist you as you navigate the complexities of the health insurance system. We’ll break down the details and explain all of the plans available to you – and work with you to choose the plan that’s right for both your company and the needs of your employees.

So don’t wait. If you’d like to learn more and get started, just contact us now. Our team is always standing by, and we’re happy to be of assistance.

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.

We’re ready to help! Call today: 800-903-6066