Consumer Expectations

More and more potential Health Insurance customers seem to be having a hard time finding an Agent or Broker they feel comfortable with. Why is it hard for them to find an Agent that meets their expectations? Are Life Agents or Brokers not catering enough to fill their needs, or are the customers’ expectations too high?

It’s a fact that many Americans would easily switch Health Insurance Providers, because they feel unsure of the information of coverage and policies they currently pay and they do not know if their current plan is the one that suit them best. It’s their responsibility as an Agent to provide answers to most of these questions, and if your current Agent is not, then they should find someone who is willing to answer these questions.

Try to put yourself in the place of these potential customers. What would you ask yourself if you were on the quest for finding the right Health Insurance? Many Americans agree that they are unsure of what Health Insurance Policy is the best fit for their needs and resources, as well as which information should they know concerning their health insurance coverage.

As a Health Insurance Agent, one of your main responsibilities is to find the right coverage for the clients. Despite most agents give great first impressions and seem honest and legit, you should always investigate your Agent and their company, before transacting any insurance with them. Healthcare fraud is increasing across the country, and it’s always better to be safe than sorry, especially when it comes to Health Insurance.

What should you know (and expect) from Health Insurance Agents and/or Brokers?

There are basic things you should know about your Insurance Agent or Broker, as they may define what policies they will offer to you. If you do not know this information, do not feel afraid to ask for it. If your Agent or Broker does not wish to respond to these questions, be very cautious and contact your state’s Insurance Department Consumer hotline, as they can advice you with further steps to take.

1. What kind of Agent do you have?

   It’s important to know if your Life/Health Agent is an independent agent or a captive Agent. A captive agent works for only one company (or one group of companies that are affiliated), and an independent agent works for several, unrelated companies.

   How can this affect your deal? A captive agent might have limitation within the plans and policies offered, since he only has limited options to choose from, but might be able to obtain a better deal. An independent agent will have more variety of options to present to you.

2. What (and How much) will you have to pay?

   Your Health Insurance Agent should be able to tell you right away how much will you have to pay, and should be able to explain fully the cost of premiums, deductibles, co-payments, and what will you have to pay as out-of-pocket expenses, such as prescription drug costs, consultations, etc. A good agent will explain all options available (getting a higher premium but a lower deductible, etc). Overall, your Health Insurance Agent should be able and willing to answer any money-related question. Be very aware that, if it sounds to good to be true, it might be too good to be true. If you are uncertain, don’t hesitate to ask questions, as your Agent should be able to answer them.

3. Should I go with HMO or PPO?

   Knowing and choosing a network is hard enough for you as a potential Health Insurance Customer, and it’s your Health Insurance Agent duty to fully know and explain the difference between HMO and PPO networks, as well as the pros and cons of both networks for your specific case.

4. Are there any specific limitations in the policy?

   Your Health Insurance Agent is responsible for fully informing you of all limitations in the Health Insurance Policy you’re looking into. Whether terminal illnesses, coverage limitations or Time frame limitations, you should be fully aware of these and their consequences prior to singing to any Policies.

5. Are there any ways to obtain a price cut or a discount?

   This is kind of a trick question to your Health Insurance Agent. There shouldn’t be discounts or price cuts being offered to you, but there should be different ways in which you could lower the premiums you pay. By doing simple things like maintaining a healthy lifestyle, you might help your premiums lower. Your Agent should try and help you out, so you can get a deal you are satisfied with, both in terms of conditions and premiums paid.