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Health Insurance Buyer's Guide

Table of Contents


 • Company health insurance introduction
 • Types of group medical insurance
 • Consumer-driven health care
 • Finding a health insurance broker
 • Evaluating group health plans
 • Employee health insurance pricing
 • Health care buying tips

The first step in choosing health insurance for your company is to find a good broker. A broker is a salesperson who has a state license to sell and service contracts of multiple health plans or insurers. Some states require that you purchase insurance through a broker; others allow you to go directly to insurers if you want. But the benefits of using an insurance broker make it worthwhile in almost any situation.

The majority of group health insurance is "written", or sold, by self-employed agents or brokers who work for agencies. Often, these agencies will handle multiple benefits for your company: health, dental, and vision plans, life insurance, and more. They develop relationships with the providers that let them act more efficiently on your behalf. They can also help your employees process claims or resolve problems: many have “patient advocates” who your employees can contact for assistance.

Your health care costs will be based on your employee demographics, so the quotes you get from any broker are going to be fairly similar. Because of this, you should choose a broker based on the level of service they can provide. Some attributes to look for:

  • Flexibility – remember that the broker works for you: they should be able to help you get the best deal and the best plan for your employees.
  • Responsive – even during the evaluation process, pay attention to how long it takes the broker to get back in touch with you.
  • Multifaceted – by managing several benefits and handling employees’ questions, the broker makes themselves more valuable to you.

The broker you choose should be very experienced in dealing with firms of similar size and in the same industry as your own. Interview several candidates and ask questions:

  • What services do you offer that I will not be able to get from another broker?
  • What types of problems can you solve for my employees?
  • Tell me about some problems you have helped other clients’ employees resolve.
  • Can my employees call you for help 24/7? Do you have a web site or online chat for employees to get help?

Finally, location may or may not be an important issue to you. It may be convenient to have a local broker, but since your employees’ interactions with them will be online or on the phone, it is not essential.

Watch out!
While almost all brokers are on the level, some may not present policies fairly. They may offer a computerized search that purports to compare all policies on the market, but favors the broker’s pet policies.

As with any business purchase, if you come across a price that is too good to be true, you should be suspicious. Every state has a department that keeps track of all insurance agents and policies: if you have doubts about the legitimacy of a broker or insurer, you can call and check up on them. Good interviewing and use of referrals should also help you avoid these types of scams.

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