10 Top tips for choosing the right health insurance broker
Finding the best health insurance policy can seem like a challenge with a range of insurers and products to choose from. So how can you be sure you’ve found the best policy? One way is to enlist the help from a health insurance broker. Just like other types of insurance, a broker should have vast knowledge of their market and be able to make suitable recommendations.
Check what they specialise in
Many financial services try to provide a range of products from mortgages to medical insurance. Although this may seem like a favourable solution, it can cause you to be at risk of not receiving the best cover or price for your health insurance.
What panel of insurers do they work with?
Ideally you want a broker that is whole of market, this means that they work with all the insurers within the industry. By working with a large panel, you should receive a more comprehensive review. Watch out for brokers who only work with a few insurers, as this may be cause for concern, as they could have had their agency denied or revoked.
What client testimonials have they got?
Nowadays most businesses invest in collecting reviews and testimonials from their clients. Apps like Feefo allow brokers to gather feedback from only confirmed clients. It is important to not only pay attention to the rating of the reviews but also how recent they are.
Are they authorised by the Financial Conduct Authority?
If you can’t find evidence of their authorisation on the website, ask them what their registered number is. Being FCA registered shows that the company has had to complete certain checks in order to become an authorised broker.
Are they liable for their advice?
Not every broker or insurer is advisory, in fact most insurers sell non-advised. This means that if you choose to go direct to the insurer, they can only offer you information on their products but cannot advise what is best or if they’re would be a more suitable option out there. This is important as health insurance has different elements, so ensuring you have the right underwriting in place and adequate cover levels for things like outpatient, can impact on what you are covered for and how you use your cover. The additional benefit of choosing an advisory broker is that if you have been wrongly advised then the broker is liable for any damages caused as a result of the poor advice.
Do they ask you what is important to you with regards to cover?
Without asking you what is important, it will be hard for your adviser to be sure they are acting in your best interest. Private medical insurance has a range of different options, so having a clear understanding of they impact your cover, enables you to find the policy that best fits your needs.
Check if they are part of any industry organisations
Organisations like AMII & BIBA, focus on raising professional standards in the industry of medical insurers and intermediaries. Although this is not mandatory for brokers, it does highlight their commitment to making the market more transparent.
Are they charging for their service?
Sometimes brokers will charge for their service, but they must let you know how much. Most brokers though will not charge you anything and get paid a percentage commission from the insurers directly. This should not affect which insurer they put you with, especially if they are advisory, as they should put you with the insurer that is the best fit for your needs.
Do they offer ongoing support for claims and annual reviews?
Having the additional support of a broker can make claiming a smoother and quicker process. Additionally, having a long-term plan for each client, instead of a quick fix for the year can make a real difference for things like regaining cover for a condition or bringing your premium down long-term.
Are they easily contactable?
Are they easy to get hold of and are you dealt with in a consistent manor? Being able to get in contact easily is important especially if you need help or advice when making a claim on your policy.
These tips will help you to distinguish a good health insurance broker and to protect yourself when reviewing your private medical insurance. If you have a question or are looking for advice get in touch by calling 01242 350071 or click the “We are here to help” button on our website.