Many small and medium business owners in Dallas Fort Worth delegate tasks like shopping for more affordable group health insurance quotes to their administrative assistants. This is an acceptable and perfectly normal practice.
However, an administrative assistant often gets little guidance from their boss other than “find a group health plan in Texas that is more affordable than the one we have” or “shop around for the best rates.” This article is designed to provide administrative support with basic information that can assist in the overall process and outcomes of searching for group health insurance.
First of all, companies need to know that group health insurance is a highly regulated and very competitive business. Four health insurance companies, Blue Cross Blue Shield of Texas, United Healthcare, Aetna, and Unicare account for about 80% of the small group health insurance market in Texas. Each of these four group health insurers is financially “A” rated and has its own extensive networks of PPO health care providers throughout the state.
Many of the other group health insurance companies that offer health plans “rent” another company’s network of PPO health care providers. Some of these other health insurance companies are not as financially strong, with an AM Best rating of less than “A.” While many of these other group health insurance companies are good companies, a company should be sure to review the plans from the four major companies first and have a good reason to consider another company’s plans.
If a business owner or administrative assistant picks up the phone and contacts each insurance company individually, they will waste a lot of time and effort, and get no better rates than if they contacted a competent group health insurance broker representing all or several companies.
Likewise, if a business owner or administrative assistant surfs the net and fills out a form with their company’s contact information and employee census information to get a quote, they can be sure of receiving several calls a day for months, since that online form they filled out was probably from a lead generation company that trades and sells that information to dozens or hundreds of agents who in turn will contact the company and request an appointment.
The best place for a business owner or administrative assistant to start is by selecting a knowledgeable group health insurance broker or multi-line insurance agency who will listen to their needs and ask the necessary questions to provide the right type of plan design. and programs that will meet the needs of the business.
A company does not pay more or less to go through a group medical insurance broker; the rates are the same whether a company works directly with an insurance company or through a broker. And since a broker will be much more attentive to the needs of the company than a large group health insurance company, the company will get service and expertise at no additional cost.
In fact, all group health insurance companies in Texas reserve the right to modify the initial rates quoted to a company based on the underwriting of individual employee health insurance applications, and a knowledgeable broker will ensure that let your client know this and can ask questions about the number of major health claims the business incurred in the last year, or the number of known employees or dependents with health problems, so the broker can provide the business with a better estimate of what the final rates may be before submitting applications to the group health insurance company for underwriting approval.
A knowledgeable group health insurance agent should also have a good general understanding of which insurance companies are likely to be the most competitive based on the type of company, the size of the business, and the general age composition of the company’s workforce. even before the subscription process. it’s complete.
A good or excellent group health insurance agent is truly a trusted advisor to the company, and can recommend plan designs and schedules that, in the long run, will save the company hundreds of thousands of dollars, such as directed care plans by the consumer, such as health savings accounts or health reimbursement arrangements, and supplemental programs such as employee wellness plans that can work together to reduce future increases in health insurance rates.
A company should be wary if a group health insurance agent promises to “save the company money” with competitive rates, without knowing anything about the company. Most likely, the agent is trying to tell the company what they want to hear in order to win their business. Similarly, the group health insurance agent who “pushes” a company’s plans without presenting alternatives may have a hidden agenda. And the group health insurance agent who offers a round of golf, a free lunch or a ticket to a sporting event to win a company’s business may also not be knowledgeable and experienced or have the company’s best interests at heart.
The Dallas group health insurance broker who has received specialized training in employee benefits and consumer-oriented health plan design, such as the CBC (Charged Benefits Consultant) professional designation, and who asks the prospect for half an hour to Analyzing their needs and getting the information they need to come back and come up with thoughtful recommendations based on a survey of all the major carriers in the business area is the type of agent or agency an administrative assistant can be sure has in mind. best interests of the company.