Do you need a health insurance broker?

posted 3rd October 2023

Posted 8 months ago

By CMHI

Knowledge Hub

The benefits of using a health insurance broker

  • Expert advice: Health insurance brokers are knowledgeable about the different health insurance plans available in the market. They can provide expert advice and guidance to help you choose the most suitable plan based on your specific needs and budget.
  • Save you time: Instead of spending hours researching and comparing different health insurance plans, a broker can do the legwork for you. They have access to a wide range of insurance providers and can quickly find the best options that meet your requirements.
  • Cost-effective: Brokers have a good understanding of the insurance market and can negotiate better rates and discounts on your behalf. They can help you find cost-effective health insurance plans that provide adequate coverage without breaking the bank.
  • Personalised service: A health insurance broker works closely with you to understand your unique healthcare needs and preferences. They can tailor their recommendations to match your requirements, ensuring that you get the most suitable coverage.
  • Ongoing support: Brokers provide ongoing support throughout the policy term. They can assist with claims, answer any questions, or concerns you may have, and help you navigate the complexities of the health insurance system.
  • Access to a wide network of providers: Brokers have access to a wide network of insurance providers, including those that may not be easily accessible to the public. This gives you more options and flexibility when choosing a health insurance plan.
  • Simplified comparison: Brokers can provide you with a side-by-side comparison of different health insurance plans, making it easier for you to understand the benefits, coverage limits, and exclusions of each plan. This simplifies the decision-making process and helps you make an informed choice.
  • No fee's for their advice: Health insurance broker do not charge a fee for their services. They take a commission directly from the insurer if you decide to proceed - this does not effect your premium.
  • If you have health insurance and you are consider switching check out our easy read guide for customers who are already covered

Understanding the Process of Working with a Broker

When working with a broker, the process is typically tailored to your specific needs. While brokers may have different approaches, here are the general steps you can expect when working with most brokers.

  • Initial Conversation: A good broker will start by having a chat with you to understand your requirements before obtaining quotes. During this conversation, they will gather the necessary information that insurance providers need to provide accurate quotes.
  • Information Gathering: The broker will ask for details such as your age, location, occupation, hobbies, and the level of coverage you need. Your age can impact the cost of your premium, and your location may affect the price of medical coverage. Your occupation and hobbies can also influence the risk factors associated with your policy. Additionally, brokers will discuss the different coverage options available and help you understand the benefits of each.
  • Medical History: Depending on the underwriting type, brokers may ask for your medical history to assess any potential exclusions before securing coverage.
  • Additional Policy Members: If you want to include your partner or children in your policy, brokers can guide you towards companies that offer joint or family policies or provide coverage for children at no extra cost.
  • Obtaining Quotes: After gathering all the necessary information, brokers will assess your details and approach insurance providers to request quotes on your behalf. If insurers have any additional questions, they may contact you directly, but brokers will handle most of the communication.
  • Quote Comparison: Once the broker has received a range of quotes, they will discuss them with you. They will explain the technical language used in the quotes and ensure you understand what is included and what is not. Brokers can also help you adjust your coverage to reduce your premium if desired.
  • Policy Setup: Once you have decided on a policy, the broker will contact the insurer to set everything up. They will then send you a copy of the policy for your records. If you encounter any issues or have questions, the broker can act as a liaison between you and the insurance provider.
  • Ongoing Support: Some insurance providers offer online portals or apps for claims and information. If you face any difficulties accessing these platforms, brokers can provide backup support and assistance.

Key Takeaways..

  • Working with a broker can simplify the process of finding the right policy for your needs. They provide personalized guidance, handle the paperwork, and ensure you have a clear understanding of your coverage options.
  • Using a health insurance broker can save you time, money, and effort while ensuring that you have the right health insurance coverage for your needs.

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