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5 Reasons Why You Should Have A Health Insurance Broker

Cosmo Insurance Agency’s health insurance broker’s in New Jersey are the best in the business. But are you wondering why you should contact Cosmo to speak to one of them? Well, here are a few reason:

1. Information on reimbursement methods, tools and delays

As an insured person, the thing that concerns you most should be reimbursement. Many health insurers will promise expedited reimbursement, but some will fail to uphold that promise.

Sometimes, this is related not to the health insurer itself, but linked to the type of insurance product that you’re buying: collective and individual contracts do not share the same claims fund for example, and will have an impact on the reimbursement delays. Other times, this is related to the capacity of the insurance company’s administrative team. In rare cases, the insurance company may have exhausted its claims funds and no longer has the means to cover your medical fees.

So how would you know if you would be properly reimbursed?

A health insurance broker would know the answer. 

     2. Insurance card recognition

While most insurance companies will boast an inexhaustibly long list of hospitals and doctors under its belt, many of these collaborations only exist on paper. Brokers are known to receive complaints from patients who are forced to front an exorbitant amount of cash before they are released from care, because their insurance card was rejected by the medical provider – sometimes due to the insurer’s bad reputation for cash settlement.

You can ask your broker about the reputation of a potential health insurer.

     3. Knowledge of premiums stability

Websites that compare affordable insurance premiums have become increasingly popular. The prospect of saving thousands of dollars is an extremely attractive concept to users. But as with all things, when you find an insurance premium that is too cheap to be true, it probably is. Sometimes an insurance company will lower its premiums significantly to boost its portfolio.

Whether you are an individual or a human resources officer looking for a collective health insurance plan, always ask your insurance broker about the premiums history of health insurers before you make a choice.

     4. Same price for the extra service and information

When buying a health insurance plan, you should pay exactly the same insurance premiums anywhere, whether it is signed through a broker or directly from the insurance company.

The difference between selling their insurance contracts through a broker or directly to you is that the insurance company saves on commission fee if you didn’t sign it through a broker; whereas for the same price, a broker will be glad to share all the information that your insurance company is reluctant to tell you.

     5. Brokers care about your circumstances

Insurance brokers will give impartial and objective opinions about health insurers, because they should hold exactly the same commission agreements with every insurance company.

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