Ever since the Affordable Care Act came into force, and it became compulsory for all legitimate Americans to buy health insurance, people are facing extreme difficulty in finding the most appropriate insurance plan, which has just the right amount of premium and coverage level.
To do that, you should be aware of the various insurance plans and subsidies provided by the government for Children and others, under the Medicaid plan, or you can hire a broker, who can waltz you through the Health Insurance MarketPlace (Exchange).
What is the Health Insurance Marketplace (Exchange)?
It is the place where people who don’t have health insurance coverage come to find the health insurance plans currently available and choose the most appropriate one which suits their income. The health Insurance exchange also provides you with the information related to the subsidies provided by the government and helps you find out whether or no you are eligible for them.
Do I need a broker?
The answer depends on your level of knowledge of health insurance plans, calculating premiums as well as personal preference. Although, in some states, hiring a broker is mandatory for purchasing a health insurance plan.
If hired, the broker is supposed to help you find the most appropriate plan, which provides maximum coverage at the lowest possible premium paid.
What does the broker do?
The primary job of a broker is to help his/her client to choose the best health insurance policy, moderate the whole process of filling and submitting the requisite forms and processing insurance claims. They are paid commission by the insurance company depending on the number of policies they sell.
What should be my approach?
If you want to get the best policy by paying the best possible premium, then it is always wise to check the Health insurance exchange first by yourself and then contact a licensed broker to get a deeper insight on it.
Don’t ever make a blindfolded decision. Sit with your broker and make a pen paper calculation of the premium and the coverage it will provide. If you get satisfied, only then should you proceed with it.
If your broker is offering you a special deal which will help you get a insurance plan with high coverage and less premium, then know this, there is no such thing as a special deal. The plans are decided by the company and the broker has no control over it. They can just act as a mediator between you and the firm to fasten the whole process of registering for a plan and receiving insurance benefits.
If you are planning to hire a broker, then make sure you are selecting a legitimate and experienced broker who is updated with the current changes in health insurance policies and subsidies.
Mostly, people who become brokers for the Health Insurance Exchange have prior experience in sales, especially in the healthcare sector.
Most of the legitimate ones are members of National Association of Health Underwriters (NAHU) which functions under the American Insurance Association.
You will find that a broker who actively takes classes to update his knowledge of the new reforms and changes in policies is probably one of the best who can surely help you choose a health lan with the right premium and coverage level.