Important Questions to Ask When Quoting Health Insurance for Clients

When quoting health insurance for your clients, you may be tempted to look for the cheapest possible option. If a client has made saving money their prime goal, this could be the right approach for you as their insurance broker. However, that’s not always the case.

Less expensive plans may sacrifice essential benefits your clients’ employees need. In the long run, this makes their business a less attractive option for high-level talent. It may also directly affect the health of their workforce, causing attendance issues or declining performance.

Instead, health insurance brokers should always be focused on finding the right coverage option for their clients. This will be the option that builds your credibility as an insurance broker the most. Credibility leads to trust, which is an intangible resource you need to succeed.

This blog focuses on the following: 

• The necessity of finding the right coverage option for your clients.
• Why asking the right questions is the only way to uncover the best coverage options.
• The five questions you should always ask when providing health insurance quotes, and how to ensure you get accurate answers.

First, let’s discuss why finding the right coverage for your clients is essential to your credibility as a broker.

The Necessity of Finding the Right Coverage Option for Clients

While the cost of health insurance is a significant factor for many clients searching for a plan, finding the right coverage option is far more critical than simply opting for the least expensive option. 

Here are three reasons why:

1. Comprehensive Protection

The primary purpose of health insurance is to provide comprehensive protection against medical expenses. A cheaper plan might have lower premiums but could also come with higher out-of-pocket costs, limited coverage, and exclusions for essential health services. 

This can leave clients and their employees vulnerable to significant financial burdens in case of unexpected medical issues.

2. Employee Satisfaction and Retention

Health insurance is a crucial component of employee benefits. Offering robust and comprehensive health coverage can significantly enhance employee satisfaction and retention. 

Employees who feel secure about their health coverage are more likely to stay with a company, reducing turnover rates and associated costs.

3. Long-Term Financial Stability

While a less expensive plan might offer short-term savings, it can lead to higher costs in the long run due to inadequate coverage and higher out-of-pocket expenses. 

Investing in the right coverage option can provide long-term financial stability for both employers and employees, ensuring that medical expenses are manageable and predictable.

Ultimately, insurance brokers must prioritize finding a plan that meets their client's unique needs, balancing cost considerations with the quality and extent of coverage. The key to finding the right plan? Asking the right questions from the outset.

Asking the Right Questions for Health Insurance Quotes

Asking the right questions helps brokers obtain accurate information about their client's needs, preferences, and financial constraints. 

Failure to ask the right questions can lead to:

• Inaccurate Quotes: Misleading or incomplete information can result in inaccurate quotes, potentially causing financial strain or insufficient coverage for the client.
• Client Dissatisfaction: Clients may become dissatisfied if the insurance plans recommended do not meet their expectations or needs.
• Damaged Reputation: Inaccurate quoting can tarnish your reputation, leading to loss of trust and business.

To avoid this, you should have a list of critical questions in your pocket for every client who needs a health insurance quote.

5 Important Questions to Ask Providing Health Insurance Quotes

To help you meet the needs of every client, we’ve got five questions that are certain to uncover the information needed for the best possible health insurance quote. 

For each question, we’ve also included the types of answers you should look for and guidance on how to help your client gather the information you need.

1. “What is the size and demographic breakdown of your workforce?”

For this question, you’re looking for detailed information about the number of employees the company has, as well as their age, gender, and location. It will help you determine the scale and specific needs of the workforce, which directly influences the type of health plan suitable for the client.

How to Help: Provide a form or template for your clients to fill out. This will ensure they capture all necessary details without leaving anything out.

2. “What are your primary coverage needs and priorities?”

You’ll want to know if the client has specific coverage needs, such as comprehensive coverage, low premiums, or particular health services like dental or vision. This question will ensure that you don’t miss the client’s most important health insurance goals.

How to Help: A series of probing questions works well here. Having a checklist of specific services and priorities to review with each client will ensure nothing important is missed.

3. “What is your budget for health insurance?”

Have the client clearly outline their financial limits and their preferred budget range for premiums.

How to Help: Ensuring the client has a realistic expectation of how much health insurance costs and the types of benefits associated with more or less expensive coverage can keep this conversation from taking a negative turn.

4. “Do you have any existing health plans, and what do you like or dislike about them?”

Gaining insight into their current coverage situation, shortcomings, and the aspects they’re happy with will give you a sense of direction.

How to Help: Ask the client for copies of their existing plan documents and review them together. Highlight areas they like, areas for improvement, and make a note of additional features they wish they had.

5. “Are there any specific health concerns or conditions prevalent among your employees?”

Certain health conditions or issues among the workforce may require special coverage. Identifying these early on can ensure the health insurance quote you provide addresses all specific needs.

How to Help: Encourage clients to conduct anonymous surveys or gather employee feedback to identify common health concerns.

Partner With BBSI For More Comprehensive Health Insurance Quotes

Finding the right health insurance quotes for clients goes beyond simply opting for the cheapest plans. You’ll need a complete understanding of comprehensive protection options, employee needs, and long-term financial goals. By asking the right questions, insurance brokers can uncover suitable health insurance options that go beyond cost alone.

Partnering with a PEO like BBSI can help you access a broader range of health insurance options for your clients at competitive prices.

Interested in learning more about our wide-ranging healthcare coverage options? Contact BBSI today and ask about forming a partnership for growth.