3 Facts your Health Insurance Broker didn’t tell you about Open Enrollment
If you have a company or you manage a large enterprise, then you know what it means to have talented and productive workers. You also understand what can happen to your organization if you are forced to lay off some workers when they are sick and unable to perform as expected. To keep your work productivity in check, you must assure your employee’s good health and bright future. The only way to go through this is by finding a reliable and affordable insurance cover for all your employees.
However, when discussing the essential details of your open enrollment with the health insurance broker, there are specific critical issues that they may conceal to you regarding the different options and prices you have in the market. You must be confident that your insurance broker is telling you the exact truth when you seek refuge from them. Sometimes, it is best to consult with a reputable CIGNA disability attorney to fully understand the issue.
Here is what your health insurance broker may be reluctant to share with you when you visit them:
“I may not be here for you all the time.”
These are words you don’t expect from your insurance broker. The truth is that the services the health insurance brokers are offering you are limited to time. Most insurance brokers adopt the “write and run” approach in their line of duty. Once the broker registers your name on the company sheet, they get moving. Not all of them will be willing to do some follow up or offer any assistance afterward. You want to handle your health insurance broker just like you would do to any other service provider out there.
Ideally, the broker should be ready and available to give you some insight on coverage, talent acquisition and retention, the intersection of health benefits, and costs. The rule of the thumb is that you should get a broker that is willing to grow with your business and keep your employees’ needs in mind.
Your options are limited
Not all insurance brokers understand the market. Some of them have limited access to information and carriers in the market. They provide you with limited options leaving you with no choice but to resort to what they put on the table. To escape their trap, you must keep yourself updated on the available healthcare options in the industry that will safeguard your company and employees. You boost your bargaining power if you have reliable information about the industry.
Some actions attract penalties to your business
It is never that smooth if you fail to make the right moves to get your employees on the right insurance policies. There are limits and specifications you must observe when getting any policies for your workers. This includes following the specific IRS ruling, keeping the Affordable Care Act in mind, and issuing covers that do not exceed 9.50% of your worker’s basic income.
Whenever you are seeking assistance from an insurance broker, you must ensure you have all the basic information that you need at hand. Ask as many questions as you can to understand if what they are offering you meets the specified regulations in the industry. Ask the broker how long they have been selling the insurance, and if there are other plans other than what they are presenting. Being inquisitive will save you a lot in the health insurance industry.