3 Things Your Health-Insurance Agent Won’t Tell You about Open Enrollment

The following are 3 things that your insurance agent is not letting you know about your policy:

• There are other plans too that fit the bill apart from the one he is showing you – The (small) group health plans, individual marketplace etc. provides you with a variety of the choices that insurance agents don’t. The agents don’t have access to all the insurers in the market, as they operate for one insurer.  

On the top of that, some agents have an inclination towards specific plans.

Many insurance agents focus on conventional group plans. They are unable to offer subsidies that come complimentary with the other insurance plan. In addition to that, the insurance agents have limited insurance plans offered by a particular insurer. In the end, you miss out on other potential plans.

• The services offered can be limited – Do you remember when was the last time you got a follow-up call from your insurance agent asking your compatibility with your current policy? Chances are high that you didn’t. By default, insurance agents practice the principle of “write and run”. They just sell the policy to you and jump to the other customer when they are done with selling a policy to you. They are not alone who follow this approach, as nearly every industry is ruled by this approach.

Ideally, your broker is supposed to be your strategic partner helping you in getting best out the benefits of your insurance policy. To get the maximum benefits, find an insurance agent who is willing to take care of the need of health coverage of your employees and is willing to provide a helping hand for you. You, as an employer, as well as your employees deserve clear, candid, and open communication. Your agents should be available to you when it comes to making important decisions for your business.

• You are exposed to high risk of fines – A single wrong decision and you are exposed to fines. For instance, if you offer funds to your employees for the payment of individual health insurance instead of group health insurance, then you could face trouble.

What Can You Do?

The owners of small business houses deserve a communicative, knowledgeable insurance agent. Your agent should be capable of providing you with the guidance that you need for your business. If you think you are getting anything less, then you should go ahead and change your agent or the insurer in certain circumstances.

When you search for a new insurance agent, remember to ask the following important questions that will assist you in analyzing and evaluating whether or not the policy is good enough for your employees.

1. How long he/she has been selling health insurance policies for?
2. Which marketplaces and locations he/she specializes in?
3. What is his/her forte?
4. What is the periodicity of his/her communication with his/her clients?
5. When it comes to paperwork compliance in order to stay away from fines, what type of support can you expect from him/her or the company directly?
6. Does he/she have any other plans apart from the one he/she is currently offering to you?

When you inquire your agent about his/her knowledge and experience in various domains, you get to know what you are missing out on, including what he/she agent is hiding from you. Remember, you as an employer and your employees always deserve better.

Photo: Chris Potter

Alexa Mason

Alexa Mason is a freelance writer and internet entrepreneur. She is also a parent to two beautiful little girls. She chronicles her journey as a single mom working on building financial security.