Selecting a broker for your company’s employee health & benefits needs is akin to choosing a partner with whom you’ll have a business relationship. As with any relationship, things may not turn out how you expected and you might feel like cutting ties. Here are some signs that may signal it’s time to look for a new broker:
- Your employees are having issues with health insurance, like procedures not being covered.
- Customer service reps on your current plan are unresponsive on claims or tech issues, or nonexistent to begin with.
- You’re not confident that you’re saving as much money as possible, while still getting the quality coverage you are looking for.
- Employees paying more out of pocket for claims as they arise than what was told to them by the broker at signing.
- Your choice of health plans is very limited, in terms of carriers and overall plan design.
- Your broker only provides quotes for one or two carriers (most brokers have exclusive deals with them).
If any of these apply to you, you should start reconsidering your options. It’s also important to note that switching brokers doesn’t come without its concerns. We’ve mapped some of the most common questions that arise when switching health & benefits brokers:
Is it possible to change my health care coverage mid-term?
This is one of the most common questions I hear. Most people assume that once you sign a healthcare contract, you’re locked into that plan for the next 12 months. Well, I’ve come bearing good news: that’s not necessarily true. Actually, switching healthcare plans during the term year is extremely easy (and also pretty common).
Can they beat PEO pricing?
People who are familiar with the PEO model, and have used them in the past, know how competitive their pricing can get. What people forget all the time when asking this question, is the hefty (Between $75-150) monthly per employee fee that comes with PEO pricing. So, when comparing rates side by side, it’s nearly impossible to beat the PEO rates. However, once you add in the monthly fees, it changes everything, and in almost all cases makes the PEO rates more expensive.
What makes one plan more expensive than the other?
There are many factors that go into determining different price points in comparing plans. I would say the first thing that determines price point is the network you are enrolling in.
Obviously, the more prestigious the network is, the more expensive the plan will be, before even getting into specific plan details. Once the network is decided, the main factor in determining rates would be the overall deductible.
The higher the deductible, the cheaper the plan, and vice-versa. The deductible essentially determines how much money you are going to be putting into the plan yourself, until the benefits of the plan start kicking in, so the longer it takes to hit the benefits the less money you will pay upfront per month.
The Igloo Health difference
At Igloo Health we take pride in not only making sure we are getting our clients the best insurance package for their company, and making sure they are saving as much money as possible, but also providing the best customer service possible. We are a full-service brokerage and will be there with you throughout the entire process, including everything that comes after.
At Igloo Health we find creative ways to give you and your employees the best options on the market while ensuring the entire process is easy and seamless. We know how big of a decision purchasing health insurance is for you and your team, and we want to give you the best experience possible while doing so.
If you’re considering switching broker or interested in learning more about a customized health and benefits program, you can always reach to firstname.lastname@example.org at any time. Or create an account here to get a quote!