Using an Independent Advisor

There are three ways to find the best health insurance for you, your family and your business: independently researching the market, using web-based comparison sites or taking the advise of independent advisors. This article outlines the advantages and disadvantages of using a third party to help you.

Independent advisors work on a commission basis and are rewarded with a fee from the health insurance companies for selling you their policy.

ADVANTAGES

The Right Policy for you
An independent advisor should have a thorough knowledge of a range of policies. They will spend time getting to know your needs and this enables them to help you to choose the right policy for you.

Time
A reputable advisor will save you oodles of time. Their job is to know the policies they recommend inside out, saving you the time it would take you to research each policy.

Money
Agents often have deals with insurance companies and may be able to provide discounts that you may not be able to get if you applied for a policy alone.

Disputes
When you go through a third party there is more room for misinterpretation. If you have a problem with a private health insurance claim and you can prove that you were not initially advised correctly by your broker then the main onus may not be on you but on your advisor and a claim may be upheld when it might otherwise not be.


DISADVANTAGES

Vested Interest
When you are looking for health cover and no one is more invested in your wellbeing than you are. No matter how professional and helpful an advisor is you are ultimately responsible for the choice of health cover that you make and no-one will be more interested in getting it right that you.

Privacy
You may not want to discuss your health issues with an advisor. Some people prefer to complete on-line forms as they are embarrassed to discuss their health issues face to face.

Choice
Each agency will have a range of policies it can advise you on. No agency will have detailed knowledge of each and every policy on the market.

Split Loyalties
It is important to be aware that medical insurance companies offer advisors incentives to sell their policies. However a reputable advisor will only have your best interests in mind and will not be swayed by any incentives offered.

Accuracy
When a third partly is involved you increase the possibility of misunderstanding and misinterpretation of policy detail. Working directly with a provider should mean less room for error. An insurer should be fully trained on their specific policies and should be able to answer detailed questions. However an advisor will have a range of policies that they work with and may not be as familiar with the details of each. However the onus is on them to find the answers to any questions which you may have about any policies that they sell.

It is important to be prepared before you visit an advisor. Familiarise yourself with the market a little and be ready with questions about health insurance . This will help you to get the most out of your meeting with the advisor.