Once you have health insurance, you probably think you don't have anything to worry about. If something happens to you, you'll be able to afford it, right?
While that's the hope, it may not always be the case. As of late, health insurance groups have been rescinding the plans of people who apply online for insurance coverage.
It hasn't been for failure to disclose information like diabetes or cancer, but failing to disclose a heavy menstrual period or occasional back pain. The health insurance companies are coming under heavy scrutiny from state health regulators in California, who are slapping those companies with some serious fines for rescinding coverage.
Even with the state regulators coming down on the insurance companies, people who have their insurance coverage rescinded face some very scary and expensive medical bills.
Be aware of the problems that can arise with employee benefits
Trying to manage group health insurance on your own is an exercise in futility, unless you implicitly understand how the insurance industry works. If you don't, there's no telling what multitude of problems can crop up.
New employees may not get added to the plan, and terminated employees may not be removed from it promptly. Billing can get messed up. Employees may not know who to contact in order to process a claim, and it's likely that they have no idea at all how the insurance works. Your company can get bogged down by unsolved claims, and your employees can become dissatisfied.
With all of these potential insurance problems, it's vital to have an employee benefits broker that can help you navigate the insurance system.
What to look for in an employee benefits broker
1) They are focused on the employee benefits marketplace.
When it comes to employee benefits, you want a specialist. There are hundreds of different kinds of insurance out there, and each kind has its own laws and policies. A jack-of-all-trades will be a master of none of them. Look for somebody who makes employee benefits their complete focus, and you'll find a broker that will be a valuable partner in the coming years.
2) They offer exceptional customer service and references to back it up.
Most brokers have similar plans from the major insurance companies. What sets them apart is how they treat their customers. Don't be shy about asking the broker for names and phone numbers for at least 10 to 15 of his current, local business clients that have been with his firm for at least five years. Referrals are absolutely your best way to distinguish between a slick talker and the broker that offers good, long-term value to his clients.
3) They market insurance companies that you've heard of.
Over the past several years, the insurance market has consolidated considerably, leaving only about 10 viable options where there were once hundreds. Because there are so few options, you'll likely see the same plans from different brokers. Watch out for anybody that tries to market a plan from a company you've never heard of, or that has low financial ratings. Even if they look like a good deal initially, these plans tend not to perform well over time.
Take control of your insurance
Don't float around on your own, trying to steer through the murky waters of employee benefits and group health insurance. Find a trustworthy employee benefits broker today, and you'll establish a relationship that can last through all your business's ups and downs.
| About the Author: Bob McNett is the president of The McNett Agency, an employee benefits brokerage firm in business in Oklahoma for 27 years, serving nearly 200 Oklahoma employers of all sizes. Visit then online at http://grouphealthinsurancetulsa.com. |
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