Utah Health Insurance Broker

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What is the difference between a Utah Health Insurance Broker and a Utah Health Insurance Agent?

A Utah health insurance broker sells for multiple companies, and can typically provide more options and a broader view of the marketplace than a captive agent.  When you use a health insurance broker you pay the same rate whether you use a broker or go straight to a specific carrier, so why not get a health insurance brokers unbiased advise?

Health insurance brokers are compensated by the health insurers that they represent (which is very typically several leading insurers) to provide answers to customer questions, and to walk them through various plan options. Because they are compensated regardless of which plans they recommend for you, a qualified health insurance broker has the proper incentives to identify the plan that is best for you. Health insurance brokers are licensed by a state’s insurance regulatory agency, typically referred to as the "Department of Insurance", although the name may vary according to state. Larger brokerage firms are usually licensed to write health insurance policies in multiple states. The state’s license board provides consumers with a venue to file complaints if they believe a licensed broker is operating wrongfully. You can also contact the state’s insurance regulatory body to verify a broker’s license information.

In contrast to brokers, captive agents sell only one product for one company. They have a close relationship with their home office, which gives them deeper knowledge of the plans for that carrier. Because the captive agent works exclusively with one health insurance carrier, the agent’s incentives will, other things being equal, mean that a captive agents recommendations for health plans will be less objective than a brokers who is representing multiple insurers. Some insurers only sell through captive agents, so be sure to contact agents of such plans, and weigh the plan options from those insurers against the other quotes you may receive. A captive agent is contractually obligated by the insurance company to only represent the products of that insurance company.

A broker is also an agent, but never a captive agent.  An agent is any licensed insurance professional that is authorized by an insurance carrier to sell their product to the public. A broker may be a Blue Cross agent, an Aetna agent, as well as an agent for UnitedHealthCare.  A broker or brokerage can provide you with a list of all of the insurance companies with whom they are an authorized agent. There are agents that are not captive agents, but are also not brokers. This could be an agent that chooses to only work for one insurance company, even though he is not contractually obligated to do so.

Brokers can offer a whole host of insurance products for you to consider.  Utah health insurance brokers are required to have a broker’s license which typically means the broker will have more education or experience than an agent.

Utah Health Insurance Agents

Insurance agents are insurance professionals that serve as an intermediary between the insurance company and the insured. An agent’s liability to their customers is administrative. That is, agents are only responsible for the timely and accurate processing of forms, premiums, and paperwork. Agents have no duty to conduct a thorough examination of your business or to make sure you have appropriate coverage. Rather, it is your obligation to make sure you have purchased needed coverage.

Insurance agents can be either:

Captive – A captive health insurance agent in Utah typically works for only one company and is a “captive” of that company.  A captive agent will sell policies only for that insurer.

Independent – An independent agent is one who works as an agent for a variety of different insurers. An independent can produce policies from several insurers and offer some comparisons of different insurance policies.

So what are you waiting for...start saving on your Utah health insurance plan today, go with Utah's #1 health insurance broker!

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