Do Small Business Owners Need a Healthcare Broker in 2024?

Key Takeaways

• Healthcare brokers assist small businesses in finding health insurance, serving as a valuable resource for navigating the complex healthcare landscape.
• Brokers can help businesses navigate new policy changes in 2024.
• A broker can help small businesses find personalized plans that meet the specific needs of their employees.
• Brokers have access to helpful technology that streamlines the enrollment and administrative processes of managing small business health plans.

Small businesses must navigate several steps in order to find the ideal health plan for them and their employees. In today’s world, small businesses have several resources available to them to find health insurance, which lends itself to the question, “Do small business owners still need healthcare brokers?”

Although there are plenty of ways to find employee health insurance coverage in 2024, a healthcare broker is still an instrumental resource in helping small businesses find an insurance plan that fits their unique needs. However, the value of this resource largely comes down to choosing the right broker with the right tools and resources in their pocket.

The Role of Healthcare Brokers in 2024

Today, it’s easier to find health insurance options than ever before. A simple internet search will yield tons of results for potential health plans. However, that doesn’t mean it’s certain that you will find a plan that meets your business’s needs and expectations.

Because of the role of a broker in helping small businesses find insurance plans that meet their specific requirements, they’re still a valuable resource today. In 2024, the insurance landscape will see changes like the increasing availability of telemedicine, a rise in mental health care, and an increased reliance on data and analytics.

Brokers can provide personalized guidance to small businesses in the complex healthcare insurance market to help them navigate these changes. With so many options for health coverage plans and the ever-changing needs of small businesses, this personalized guidance is invaluable.

Benefits for Small Businesses

Small business owners who leverage the knowledge and expertise of a healthcare broker can enjoy greater success in finding healthcare plans that work for them and their employees. Having the expertise of a broker by your side offers several benefits for small business owners navigating the healthcare landscape.

Navigating Changing Healthcare Policies

Healthcare policies are dynamic, and many plans or policies can change on a year-over-year basis, depending on factors like state and federal government regulations. Brokers are well-versed in the changes that take place in the healthcare industry as they keep up with updated policies based on new legislation or market shifts.

Brokers stay informed on some of the following yearly policy changes:

• HSA/FSA contribution maximums
• Out-of-pocket maximums
• Cafeteria plan maximums
• Criteria for high-deductible health plans
• Business health plan reporting requirements

Because it’s their job to stay informed, brokers can help business owners understand the changing landscape and answer any questions, rather than you trying to stay up to date while also managing the tasks of running a business.

Employee Well-Being and Healthcare Brokers

Working with a broker makes it easier to choose a plan that fits your employees’ needs and ensures better health outcomes. Brokers will discuss your business goals and employee healthcare preferences with you directly, so they’ll have a better ability to find plans that best fit your unique situation, budget, and employee demographics.

From there, they can help you narrow down your plan options and discuss the pros and cons of each one for your employees. Using a broker allows you to receive direct support in finding a plan that will best maximize your employees’ healthcare results.

A Personalized Approach

Navigating changing information is difficult when you’re relying on a variety of sources, and none of them provide information within the context of your business. Brokers can provide personalized support to help businesses find a plan that addresses the unique needs of their employees.

Brokers will take the time to understand your business, your employee’s healthcare needs, and your preferences. Then, they use the unique information they gather from each business to tailor the products they offer and recommend, saving business owners time doing painstaking research and guesswork themselves.

Technology Integration

Brokers’ access to technology allows them to serve businesses better and connect them with the best products and best rates they can. Broker tools can be used for everything from managing employee information to outlining costs.

Some of the tools that brokers can utilize include:

• Data and analytics for understanding care and cost trends
• A broker portal for managing health plan documents and employee information
• Online quote tools for providing transparency before signing up for a plan
• Broker portal for seamless renewals with plan administrators

Having a broker with the right tools and technology helps you find a plan that makes the most sense for you while helping your business stay organized and keep track of employee healthcare information.

Ongoing Support

On top of all the other benefits of having a broker by your side, a broker provides ongoing support and stays with you throughout the year and beyond. As regulations and rates change year over year, your broker can help you stay up to date with the latest information. Brokers will ensure that you’re not caught off guard by any sudden changes or fall out of compliance with new regulations.

Since they have an understanding of your unique business needs, they will also be able to recommend the best products so that you can continue to pay the best rates possible for your healthcare plan.

How To Find the Right Healthcare Broker

It’s important to find a broker that has the right tools and resources available to connect you with a plan that supports your business’s goals.

Find the right healthcare broker by taking the following steps:

• Seek referrals from other business owners or professionals
• Search online for small business health insurance brokers in your area
• Research and compare brokers
• Request quotes and proposals from multiple brokers to see who offers the best deal
• Ensure that a broker offers a variety of products
• Ask whether they charge any fees

Connect To Small Business Health Plans Through Redirect Health

Although a broker isn’t necessary to find small business health coverage, they can be a valuable resource. Working with a broker means access to valuable technology, improved plan personalization, and support in navigating an ever-changing market.

At Redirect Health, our broker partners are instrumental in supporting individuals, families, and small businesses in finding plans that best fit their needs and preferences. That said, we also pride ourselves on making our plans easy to navigate and providing a quality product that provides access to affordable care. With the ongoing support and industry expertise of our Care Team, we help businesses and families navigate the healthcare process and access quality care to alleviate stress.

Redirect Health supports both brokers, small businesses, and individuals and families in finding affordable, comprehensive health plans. Explore our plans for yourself to learn more about the value that we could offer you.