Why you should know the difference
No matter your stance on government backed healthcare, I think we all can agree that it’s easy to get turned upside down when comparing your options and that’s why so many opt to work with a health insurance agent to guide them through the process. Unfortunately, that step has become increasingly questionable with the insurgence of healthcare agents out there today. So, who should you be working with to answer questions regarding one of the most important decisions you have to make year after year?
To get us started, let’s start with the definitions of both.
Marketplace Health Agent - An individual that has completed a background check and specialized training program to exclusively sell Marketplace health and dental plans. It’s simple really, just pay around $70 and all of the training can be completed within a week. If you’re interested, recruiting for Marketplace agents is all over the web, but easily accessible on healthcare.gov.
o Fun fact: The US government authorized 80 million in allocations to recruiting and training individuals to exclusively sell Marketplace policies. You can find all the details on how those funds are distributed across a myriad of recruiting agencies here.
Free Health Insurance Agent or Broker – Person or business who is a licensed benefits* professional who can help both individuals and businesses find coverage from multiple private providers as well as the Marketplace. Their job is to help consumers make the best decision from all available options as well as manage their insurance policy once it’s in place. (*Benefits include Health, Dental, Life and Accident, not just health and dental)
o Fun fact: If a Marketplace policy is the better option for the individual consumer, a licensed agent or broker will refer the consumer to a Marketplace agent for direct assistance.
So why does knowing the difference in who is guiding you through the insurance decision process so crucial? I’m glad you asked…
Imagine you are shopping for a pair of athletic shoes. You visit Store A who makes all of their shoes in house. They have 3 different pairs of athletic shoes: Running, Tennis and Minimalist (you know, the ones with the funny toes). Seems pretty straight forward for the basics of athletic shoes, right? And of course they have all the whole sizes for whatever size you generally need. But then you visit Store B who brings in shoes from cobblers from every corner of the US. There they have Running, Tennis, Minimalist, Walking, Basketball, Cross Trainers and Hiking shoes. Some have arch support, some designed for the flat footed; they have whole and half sizes and less we forget the heavily sought-after Wide sizes. When only given three options, we will choose the one we think fits our needs, but if we don’t know what the other options are, it may not be the very best fit for us at all, especially in the long run. (Those of us with wide feet wearing narrow shoes because we didn’t want to look at another pair of shoes can attest to this…ouch!)
There’s a ton of policy information out there on the web today both for the Marketplace and for private sectors, but if you’re looking for a custom insurance policy, it is crucial to know who you are working with before you decide on a plan. Please be sure that the agent is giving you access to all the available options before you make one of the most important decisions for yourself, your family or business.