The Right Time to Consider Changing Your Health Insurance Broker

Breaking up with a significant other is hard to do. But let's assume for a second you get to that point. Would you wait until your anniversary to do it? NO!

Yet many employers like you think this way when it comes to their health insurance broker. Why? I can only speculate, but maybe it's because brokers have been conditioned to be reviewed at the renewal anniversary, and this feels like the easiest time to let them down.

However, if you get to the point where it's time to break up with your broker, waiting until the anniversary is not in your best interest. Watch this short video for an explanation why.

Transcript

Today's topic. Do I have to wait until my renewal to switch my insurance broker overtime. The industry has taught you that you must wait until you're an old to switch your broker, but I'm here to tell you that's not true. You can switch your broker at any time. When should you do it? It's pretty simple when you want different results different could just be service issues and with the right broker that can be fixed immediately. So don't wait assuming service is good. But you want different results with your health plan. Let me tell you why you shouldn't wait until you're next rule different is change and change takes time different results require education. They require leadership by it. They require additional communication to employees too many times. I've seen employers try to make a change to their broker make changes to their health plan and do it. All right around the renewal while logically it seems to make sense. Here's what inevitably happens nothing because Most employers typically feel like it's too much change in a short amount of time. So the decisions get kicked down the road in other year in the cycle continues my advice to you if service isn't up to standards or you simply want different results with your health plan make a change to your broker now.

About the Author

Mike Kroupa, Self-Funding Insurance Expert

I grew up in a house that was constantly under construction and the experience helped me uncover one of my passions, remodeling. After running a successful remodeling business with my brother during college, I decided I wanted to keep this as a hobby. Instead, I took my advisor’s recommendation and started down the actuarial path, which ultimately led me to insurance.

Since then, I have focused my career teaching employers how to better manage their health insurance plans. I found myself frustrated year after year of doing the same thing because it didn’t feel like I was making an impact. Healthcare costs were continuing to increase, and it felt like the only options employers were left with was increasing deductibles, increasing contributions, and switching carriers.

There was a turning point for me in 2020 as I found Health Rosetta, an ecosystem for scaling adoption of practical fixes to our health care system. As my clients started adopting these fixes, I found myself getting passionate about what I was doing for the first time. Then I realized my hobby of remodeling was driving the passion because I was remodeling health plans. Even better, I was having an impact because patients (employees, spouses and children) were getting the best care they ever have and saving a lot of money in the process.

Get in contact with Mike:

Phone: 630.738.1835 Email: mkroupa@gocgo.com LinkedIn: Mike Kroupa

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The Right Time to Consider Changing Your Health Insurance Broker

Transcript

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