Buying health insurance through a broker

In its simplest definition, a health insurance broker (also commonly known as an agent) is someone who is licensed to sell health insurance. However, there are many other services that are provided to you that are included in the sale of health insurance. Here are some of the most important:

1. Perhaps the most important fact to know about working with an agent is that it is free. Insurance agents are paid by insurance companies, not consumers. So don’t worry about having to pay a service fee to sign up for a plan with an agent, because it won’t cost you more than doing it yourself.
2. Health insurance is confusing and an agent will explain it to you until it makes sense. Ask all the questions you want, that’s what they are for. Want to know what your coinsurance will be under a certain plan? Do you want to know what coinsurance means? I asked for!
3. An agent can help you compare the plans that interest you. When you tell an agent what you are looking for, you will narrow down your chances and explain the benefits of each. They can check to see if your preferred doctors and medical facilities are in-network, and just to see if the prescriptions you take are covered (and how much).
4. Your agent is your agent as long as you have your policy. This means you have someone you can contact when you have questions or even when you want to search for a new plan. You have someone on your side, rather than just winging it and choosing a plan on your own.

Since I’m sure you don’t want to be here reading all day, those are just some of the biggest benefits of using a licensed agent to buy health insurance. That doesn’t even include how much time and frustration an agent can save you (we’ll save that for another article!).

To make it even more convenient for you, many brokers have the ability to access plans both on and off the exchange (government-run marketplaces for health insurance). This gives you even more options. Additionally, for agents who can access exchange plans, they can also determine your subsidy eligibility which can lower your premium and out-of-pocket costs. Again, saving you another headache.

The next time you need to enroll or change a health plan, consider an authorized agent; It won’t cost you anything, but it will certainly save you a lot.