The Added Value of Working with a Health Insurance Broker

By Elizabeth Clay
June 11, 2020

In an ever-evolving digital world, there are plenty of options for small and mid-size companies to find health insurance coverage online. But with the ease of clicking a button, what are you and your employees missing out on?





What are you Leaving on the Table? 



Many companies still choose to work with independent brokers for a variety of reasons, but one of the big- gest reasons is their expertise. The amount of options online can be overwhelming, especially to someone who may not be familiar with industry jargon. If you are not entirely sure what you’re purchasing, how can you know it’s the right choice for your business? 



When you choose to work with a broker, they can layout several options for you, in layman’s terms, and make sure you’re not leaving anything on the table. Mark Dupre at MLD Agency, Inc. works with multiple providers, ensuring that you will have several options to choose from. As your personal advocate, Mark can work with these companies on your behalf to ensure the most return on investment.





A Personal Advocate and Long-Term Partner 



How much time does your HR department currently spend fighting with insurance companies? Instead of leaving your head of HR to a wrestling match, your company could have an expert to advocate for you. While leaving your workforce to spend more time on high-return activities, a trusted insurance partner can lift that burden while getting more results. 



Since Mark Dupre opened MLD Agency, Inc in 1993, he has been a trusted partner to his clients. His online presence is a testimony to those personal connections, including his Facebook timeline full of photos of happy customers. MLD Agency has an A+ rating from the Better Business Bureau, and five-star customer reviews that attest to his knowledgeability and friendly demeanor.





Working for your Best Interest 



An insurance broker works for you, and it’s in their best interest to do what’s right for you and your business. Brokers also often get special pricing that is only available to them, and they can pass that savings on to their customers. Policyholders that work with a broker are also more likely to have the right amount of coverage, so clients aren’t paying for coverage that they don’t need. 



Working with a broker also eliminates a lot of stressors, such as learning about different types of policies, or knowing what limitations and exclusions different policies have. Oftentimes, if you don’t read the fine print on online policies, there could be restrictions or extra fees that you may not anticipate, resulting in higher costs later on.





What Type of Plan is Best for your Business? 



The most popular choice is Group Health, in which coverage is offered to a small group of people, generally businesses with under 50 employees. Small group plans like these can be a pricier option, though, depend- ing on the health and age of your employees. If you have one employee that carries more risk, it will drive up costs for everyone in the group. 



Self-Fund Plans involve a special trust fund in which claims are paid out of the fund when needed. If a busi- ness has a young, healthy work force, this can be the most cost-effective option, as claims will be less fre- quent. It is also the most customizable option, giving businesses the ability to make it fit their unique needs. 



An HRA, or Health Reimbursement Arrangement, is another more budget-friendly option. In an HRA, employers reimburse their employees for individual insurance premiums and medical expenses, on a pre-tax basis. Instead of employees having an account to draw from, like an HSA (Health Savings Account), employees pay healthcare expenses upfront and then submit a claim for tax-free reimbursement.





In Conclusion 



An independent health insurance broker can be a trusted ally to you and your business, especially at a time when legislation surrounding insurance and healthcare is perpetually evolving. Finding the right policy for your business doesn’t have to be a headache, and an experienced partner can save you both time and money, while giving you far more added value.


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