Moneywise: 7 Reasons to Work with a Health Insurance Broker
Open enrollment for Medicare will be from October 15 through December 7. Open enrollment for Obamacare for individuals will be from November 1 through January 15.
This is the time you have an opportunity to enroll in a new health plan or make changes to your current health plans, providing you are eligible. Eligibility is based on several factors including your age, income, immigration status, as well as your eligibility for other group benefits, Medicaid, or other programs.
If you have ever tried doing this yourself, you probably found yourself overwhelmed with too much conflicting information. This is why we recommend that you seek out a health insurance broker to help you with the process. And we have plenty of good brokers in our community.
Here are some of the key benefits of working with an insurance broker.
- It doesn’t cost you anything: Health insurance industry is not like the travel industry, where you can sometimes get a discount for going directly to the airline or a hotel. The price you pay with the company is the same price you pay with a broker, but a good broker may be able to guide you better and make recommendations based on your specific needs. So why not use their expertise?
- Help Narrow Down Your Options: There are so many companies that offer Medicare supplement plans, Medicare advantage plans as well as Obamacare plans, and they all have pros and cons. What you don’t know can hurt you. A good agent can help narrow your options to help you make better educated decisions.
- Help with Uploading Documents: Many times, when you apply for Obamacare, you will have to upload verification of income and/or immigration documents. A good broker can help you upload these documents to make sure your coverage stays intact.
- Access to 1095 Forms: If you are eligible for Obamacare tax credits and cost sharing, you will have to submit your 1095 tax forms with your tax returns. This is used by the IRS to reconcile with your actual and estimated incomes. Your broker can also access these forms for you and email them to you.
- A Source of Upcoming Changes: Health insurance changes every year! There are usually changes to your rates, benefits as well as the network of doctors, hospitals, and prescription benefits. It is important to make sure your doctors and prescriptions are in your plan for the coming year and you understand your upcoming benefits. A good broker can help you check for these things before making any changes.
- Options Off Exchange: There are many people who are not eligible for the Obamcare tax credits because their incomes are not in the range of qualification. With the rates of health insurance rising on an annual basis, a good broker can also show you some cheaper catastrophic plans that are not on the health insurance marketplace and help you determine if those plans are right for you.
- On Going Service: If you need to make changes to your address or have questions regarding your coverage, your broker can help you throughout the year as your guide.
Remember: Once you make your plan selection, most of the time you can’t make any changes until the next open enrollment unless you qualify for a special enrollment. Which makes it even more important you make sure you are choosing the right plan. Although there are no guarantees, a good broker can make the process a little easier.
Most of us have a primary care doctor, dentist, CPA, and other professionals who understand our situation and can guide us accordingly. In this ever-changing complex world of health insurance, doesn’t it make sense to find a health insurance broker who can guide you? As I said, there are many good brokers in our community. Ask your friends for recommendations if you are not sure.
The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any insurance.
Moneywise is hosted by Rajesh Jyotishi with Shalin Financial Services, Inc. Rajesh Jyotishi is a registered representative of Dempsey Lord Smith, LLC, which is a registered broker-dealer and a member of FINRA/SIPC. Advisory Services are offered through Dempsey Lord Smith, LLC. Rajesh has been a resident of Atlanta since 1975 and in the financial services industry since 1991. For questions, he can be reached at 770-884-8175 or at RJ@shalinfinancial.com. |
Enjoyed reading Khabar magazine? Subscribe to Khabar and get a full digital copy of this Indian-American community magazine.
