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Basically, health insurance is provided by "carriers" (underwriters), just as is life or property/casualty insurance. Carriers are typically very large financial organizations that receive your premiums and pay your medical expense. However, you buy insurance from one of the following:
Agent:
A person or organization that represents one or more insurance carriers. This person or organization's job is to enter the marketplace and find clients for their carrier(s). Captive agents are obligated to give the carrier they represent a first right of refusal on any business. Independent agents have no such obligation.
Direct Representative:
A person that works for one particular carrier. This person has no ability to obtain quotes from or write business with other carriers.
Broker:
A person or organization that represents you in contacting agents and direct reps and gathering from them health insurance quotes for you and your business/employees.
The following health insurance experts generously contributed their expertise to this article series:
- Dale Bresee and Diane Stallcup of Henderson Benefits Group, Mr. Bresee can be reached at dale.bresee@GoHenderson.com
- Stuart K. Hawley, president of The Hawley Group, Inc. Mr. Hawley can be reached at Stuart@thehawleygroup.com
This article originally appeared in The Business Owner Journal, the periodical of choice for owners of small and midsize private businesses. All rights reserved, D.L. Perkins LLC. © 2010.
This publication is intended to provide general information on the subject matters covered. It is sold and distributed with the understanding that neither the publisher nor any distributor or advertiser is engaged in providing legal, tax, insurance, investment or other professional advice. The advice of a qualified professional should be sought before any reader applies a concept presented herein to his or her particular situation or business.
D.L. Perkins, LLC is solely responsible for this content.
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