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Is it cheaper to buy small business health plans through a broker, or directly from the insurance company?

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تم إضافة السؤال من قبل Rahaf Masri , Account Sales Director , MT3 Digital
تاريخ النشر: 2015/04/07
Mamoun elbaghir abdalla mhamad Eltayeb
من قبل Mamoun elbaghir abdalla mhamad Eltayeb , Insurance agent / Producer , Albaraka Insurance Company

 I agree with the answer and points which very clearly explained and raised by Mr. Ameer Alqallaf and would like to add this is applicable to all classes of insurance and not only health plan insurance or medical insurance and the emerging facts  in this respect is that due to a lot of competition for business in the insurance market the broker taking from his commission in order to discount premium rate to  the insured the thing which makes the difference appear between the insurance company's qoute and the broker's offer to the insured.

Thanking you ,

Wit my very best wishes. 

Ameer Alqallaf
من قبل Ameer Alqallaf , Regional Sales Manager , Cigna

To Answer this question I have to explain few things first. There are rules, sat from the regulators of the insurance sector in each country. These rules are ment to protect the consumers and grant his rights. In Saudi Arabia for instance, The insurer can not give2 different qoutes for the client and the Broker. They should be the same for both. But the Broker can play with that qoute by taking from his commesion which is paid by the insurer and give it to the client, making it cheaper for the client. Not to mention the other too many benefits that the Broker can adds for the client. Hope this answers your Question. Ameer

Twaha Zabidy
من قبل Twaha Zabidy , Mechanical Technician , Ready consultantcy ltd

Get a quotation from both and find out

Mostafa Hassaan
من قبل Mostafa Hassaan , Human Resources Director (HR Director) , G4S

Hello Rahaf,

Kindly note that its complicated issues but simply you should consider how the insurance company calculate the cost which depend on many factors like the following :

- its insurance company (under the supervision of the government which indicate supervision fees and tax but its more guaranteed if problem happen you can get your money back , or its TPA company which mean its medical or specific insurance service provider which have less fees but not guaranteed)

- the count of your employees or the amount of issues you want to cover under the insurance.

- the risk factors (nature of industry - employees ages - male or females etc.... which indicate in each benefit of insurance)

so if you have small employees count or small business for cost wise the broker will be cheaper (consider he take commission from the insurance company which mean that he will appear that he stand on your side in problems but in hidden he will support the insurance company in addition to the communication will take longer time) but the price will be cheaper cause he will take ur business under the umbrella of other business he serve.

if you go directly to the insurance company you will have higher price but true but any way i believe if you went through decent broker which is very rare and make the right negotiating you will get the job done in effective way

 

hope its clear , wish you good luck

Mustapha Hemeda
من قبل Mustapha Hemeda , Insurance Manager , Al Moosa Health

I Think small business health plan is cheaper

MOHAMMED HASEEBULLAH KHAN K
من قبل MOHAMMED HASEEBULLAH KHAN K , executive , leading Leather Exporters

IT IS BETTER THROUGH A BROKER THAN DIRECT

MASOOQUE ALI
من قبل MASOOQUE ALI , PAYROLL OFFICER , Arabian Bemco Contracting Co. Ltd

I think through broker it may be cheaper, but we must understand terms and conditions clearly.

     

Rana Riaz Ahmad
من قبل Rana Riaz Ahmad , Group Human Resource Office- Talent Management , Al Mansouri 3B Group

Before taking short term benefits establishments must consider long term loss. In my humble opinion health plans directly from insurance company would be much batter options because it will provide your own workforce to learn new things in regard of market and contracting .  

Tamer Ghaly
من قبل Tamer Ghaly , Hr Director , Al-Futtaim Carillion

Dear Rahaf

i'll try to make my answer short and more specific 

in fact and regarding to the price you won't find a big difference between the insurance company and the broker and it's all depending on your negotiation 

so my advice is :

1- don't make your decision based on the price only  and make the quality of service is your top priority because the agreement may has a hidden points regarding to the service, duration, the coverage area and the classification.

so the price is not everything

2- if you have a good experienced team can handle the health care administration processes such as claims, records, and payments,,, in this case i prefer to go directly for the insurance company without a broker.

but if this is the first experience for you and your team within the company with the health care plans i prefer to go for a broker because he'll manage the processes for you.

regards

 

Ayman El Alfy
من قبل Ayman El Alfy , BOD Advisor , Global Advice Insurance Brokrage “GAIB”

I believe it is cheaper to bye it through a broker as the broker has the flexibility to give some discount to the client from his own commission. This is applied to all line of insurance business. In addition that, it is usually better to bye insurance through a broker as the broker has the knowledge and experience to support his client with all insurance matter whether purchase a policy or providing a claim, etc.  

Regards,

Omaima  Basim
من قبل Omaima Basim , An assistant instructor at interior design department , Lebanese International University

directly from the insurance company

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