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How to Choose And Work With A Health Insurance Broker

What To Look For In A Health Insurance Broker

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 Decide what criteria are important to you. Follwing are criteria to consider:

  • License: Insurance brokers are required to be licensed in each state, it is a given that the broker has to be licensed, and in good standing. It wouldn't hurt to check with the Department of Insurance of the state in which you reside to find out if there have been any complaints lodged against the person you're considering. (For contact information about your state Insurance Department, see: www.naic.org offsite link)
  • Experience: How long has the person been a broker in the area?
  • Expertise: In addition to the expertise required for an insurance license:
    • Does the broker have additional designations showing additional knowledge? In the life and health areas, this would be a designation of Chartered Life Underwriter (CLU). To find a CLU, see http://www.cluinstitute.ca/ offsite link
    • Has the person worked with people who have a medical condition such as yours?
  • Have complaints been filed against the person with the state insurance department ((locate your insurance department through www.naic.org) offsite link or the Better Business Bureau (www.bbb.com offsite link)
  • Easy to talk with? A lot of insurance may seem like Greek to you. A good broker can interpret what you need to know for you, in language you can understand.
  • Responsive. Even during the evaluation process, pay attention to how long it takes the broker to get back in touch with you.
  • Is the broker's physical location important to you? Will he or she come to your home or place of business?
  • How many companies does the broker have access to? The more, the more likely he or she will be able to obtain the product you need at a suitable price.
  • Does size of the broker's business matter to you? The more business the broker does, the more clout it has to get you the coverage you need, at the price you're looking for -- and to help with claims.

Preferably look for a broker who has lots of experience working with people with a history of a health condition. Insurance brokers, attorneys, accountants, social workers or a local disease specific not-for-profit organization are likely to have names for you. Also ask about the experience each person has had with the recommended broker. If you hear good things about one particular insurance broker from lots of different people, look him or her up.


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