Health insurance advisors are people that can help with things like individual health insurance and helping you determine whether or not you’re eligible for Medicare. Whether you’re a young Millennial venturing into your first healthcare decision after getting kicked off your parents or an older established worker with your eyes on retirement it’s never a bad idea to analyze your current health insurance brokerage and scout the market for a better deal.
Here are three specific ways a quality health insurance brokerage can help you to ensure you’re getting the best deal for your healthcare needs.
- Job Availability: One of the first factors that comes into play when it comes to health insurance in general is your employer. Approximately 40% of Americans under 65 have employer-based health insurance coverage and as of Jan. 1, 2016, companies with 50 or more employees will be required to provide health insurance to 95% of their workers. Your health insurance brokers can help you decide which specific option provided from your employer is best for you.
- Premium and Deductible: When it comes to health insurance brokerages the cost-benefit analysis of high vs low premium and deductibles is the main aspect. There are a plethora of factors that come into play when deciding which style is best for you and these professionals can help you navigate these murky waters. For someone supporting a big family with many healthcare needs usually a lower deductible higher premium fits better, but not always.
- Financial Standing: Although it’s technically a mandated law to have healthcare now under Obamacare, they won’t throw you in jail for not complying. They will however fine you with a penalty. Americans without health insurance must now pay $325 per person or 2% of an individual’s yearly household income, whichever is greater. This is a much riskier way to live though as if anything were to happen to you you could find yourself in massive debt.
Health insurance brokerages play an important role in facilitating a relationship between the consumer (you) and the insurance agency you’re working with. These are just a couple of the most obvious and important reasons to think about hiring one for your next open enrollment period.