Why You Need a Health Insurance Consultant
Health insurance is one of the most important benefits you can offer. It helps attract new employees and retain existing workers. It supports your employees’ physical and financial wellbeing. When you’re in charge of implementing your company’s insurance plan, a health insurance consultant helps you make sustainable, financially sound decisions.
Making Your Annual Insurance Review a More Meaningful Process
Health insurance plans change a little every year. If you have the time to read the entire policy, you might see significant changes. If you don’t have time to review your renewal contract, an annual insurance review often becomes a rubber-stamp approval of the same health insurer company every year.
Consultants help make annual coverage reviews a more meaningful process. They get to know your company and its needs. They recommend compatible insurers and they help keep you informed.
Helping you Find The Right Insurer for Your Company
Just like other businesses, health insurers sell products to make a profit. As a commercial insurance consumer, it’s up to you to figure out which company offers the best health plans, the right price points, and the preferred level of service. It’s not usually a simple process so it’s a good idea to seek assistance.
When an agent markets health insurance plans for just one company, they won’t tell you if another company’s plan is better. You have to do the research to make an informed decision. When you work with a consultant, they do the research and analysis on your behalf.
Keeping You Informed About the ACA
The Affordable Care Act has changed over the years but it’s still in effect. Health insurance consultants monitor ACA updates, litigation, proposed changes, and coverages. They advise clients about relevant issues and help them understand their role in maintaining compliance with new and existing guidelines.
Evaluating New Coverage Options
If you’ve been dealing with the same insurance companies and renewing the same health policies, a consultant can show you alternative insurance options.
Self-Insurance
When your company self-insures healthcare exposures, they pay claims using company funds. The company saves the cost of insurance premiums. An administrator manages the fund and your company pays only when an employee presents a claim.
Level-Funded Insurance
With a level-funded plan, your company self-insures for healthcare but the plan also includes a stop-loss benefit. Each month, the company pays a stated amount into an administered fund. Once they reach a predetermined payout limit, a traditional insurance policy kicks in to cover subsequent claims. Self-funded plans qualify for an ACA Health Insurance tax exemption.
Professional Employer Organizations
Employees from smaller companies combine under PEOs to qualify for large-group health insurance rates. They become the PEO’s “employees.” The PEO receives a fee for management costs and compliance with payroll, withholding, Social security, and other employer obligations.
Captive Insurers
Captive insurers provide an alternative for health insurance claim payments. You establish a health insurer as a sister company to your existing businesses. You pay the premiums to your captive company and an administrator handles claims the way a traditional insurer would. Companies that choose the captive insurance option often see premium savings, claim-handling control, and other benefits.
A Consultant Works For Your Company
A health insurance consultant is a dedicated insurance professional who works on behalf of you and your company. Consultants understand insurance policies, benefits, insurer reputations, and other important concerns. When you need to make a decision about health insurance, they research the issues and present compatible options to your company.
Contact The Health Consultants Group
If you want to learn more about the advantages of working with a health insurance consultant, contact HCG at (800) 367-2482 or visit our contact page to schedule a consultation.
