Over 80% of Companies Don’t Get a Second Opinion for Group Health Insurance—Here’s Why They Should

A woman is sitting at a table with a laptop in front of her, contemplating group health insurance options.

At Primary Care Insurance Solutions, we’re always on the lookout for new ways to help our clients maximize their group health insurance coverage in Houston. But to provide the best service, we have to know what is on our client’s minds.

One consistent issue we find with business owners and administrators is they are unwilling to look at a second opinion for coverage.

In one recent survey we asked that very question, “would you be willing to investigate an alternative group health insurance option?”

The result? Over 80% said no, they wouldn’t.

A better question might be, why wouldn’t they? What keeps businesses and administrators stuck in an endless loop of mediocre customer service and coverage options?

That’s what we wanted to discover. So, we interviewed these same businesses and owners to dig deeper into understanding what makes them stay where they are.

Here are a few ways business owners responded when we pushed further to understand their reasoning and a few questions we had for them.

“Our Broker does a good job, and we’ve used them for years.”

Brand loyalty is strong. It can prevent you from reaching out for better opportunities to keep your employees healthy and happy.

Additionally, if you’re not comparing the services you’ve received to other options on the market, how do you really know if your Broker is doing a good job?

Metrics determine whether or not your Broker is doing all they can for you. And if you have not double checked or compared those metrics, chances are you are not getting the absolute best service you could be getting.

Is your Broker leaving money on the table for you? Are you overspending on benefits your employees don’t even use? How would you know either way?

Exploring other avenues for group health insurance coverage empowers you to save money and maximize your benefits. After all, your Broker doesn’t benefit if you save money.

“But don’t you shop around for car insurance? Wouldn’t you want to do the same for your employees and business?”

This was our response to the idea that their Broker does a “good job.” Your car insurance only affects you personally, it doesn’t affect employees or your business. But what group health insurance policy you carry does.

If you are willing to shop around for car insurance, wouldn’t you want to shop around for insurance coverage that benefits your business? A second opinion is at least warranted in this scenario. You cannot know if you are getting the best if you simply rely on one Broker to handle all your health insurance needs for decades.

What about your employees? How would they feel if they knew you used the same Broker for years, never investigating other options that could potentially save them money?

If they knew, we imagine they might not be very happy. After all, you represent them in the battle to find consistent and affordable health insurance coverage.

By simply searching for a second opinion you can keep your employees happy and reduce the likelihood that they’ll pay more out of pocket than they have to. Even investigating just one second opinion can give your employees the leverage they need to make a better decision for their health.

“When you do get a second opinion, you should do thorough research.”

This is a piece of advice to administrators and business owners who do reach out to get a second opinion. Often, these administrators only look at one option and it proves to be more expensive than their current plans, and they give up.

However, as health insurance brokers with over twenty years of experience, we can assure you that it takes more than one option to find a superior solution.

In fact, it takes a thorough understanding of your employee’s benefit plans and what your employees want. After all, 83% of employees say health insurance is very or extremely important when deciding whether they should change jobs or stay where they are, according to the Employee Benefit Research Institute.

So, what do your employees think of your current group health insurance options? Are they satisfied? How would you know if you aren’t refining your plan each year, and instead trusting one Broker to handle it all?

We recommend if you get a second opinion, give it a good healthy go. Be thorough and give your second opinions a fair shot in defining your group health insurance.

“What value are you gaining by staying with the same carrier, 10% or 5%?”

This is a tough question to answer, but an important one. If you’re determined to stay with the same carrier no matter what, another question to ask is how is that valuable to you? In financial terms, are you enjoying a value of 5 or 10 percent more than you would if you changed carriers?

That’s a question you can only ask if you investigate your current group health insurance plans and carriers.

“We can save you 30% or more on your group health insurance than you currently pay.”

At Primary Care Insurance Solutions, we have happily helped one-time prospects save over 40% on their current group health insurance plans. But we could only do that if they gave us a chance to show them that a second opinion can be beneficial to them.

Saving our client’s, a huge amount on their group health insurance coverage brings us joy, and we are thankful when we are given the opportunity to show businesses that second opinion can help.

This also proves that there are many Brokers and companies out there are not providing all the benefits they could and ought to be if we can save them 40%. Which is why we implore you to consider getting a second opinion on your coverage options.

“Did you know that many Brokers don’t shop renewals for their clients unless asked?”

That’s right, your Broker might not be doing their job. Shopping for renewals is an important part of our job as health insurance brokers. That’s why we shop every group every year as if they were a new business for us. That enables us to find the best plan options and benefits available at the lowest prices possible.

We believe we have to earn your business each year, we don’t assume we have it no matter what. Our job is to have your business’s best interest in mind.

The question is, does your current Broker share that outlook? Are they working tirelessly each year to shop renewals to guarantee you have the best possible deal? If they aren’t, it might be time to contact Primary Care Insurance Solutions.

Frequently Asked Questions

Why do many business owners and administrators hesitate to explore alternative group health insurance options?

Many business owners and administrators hesitate due to strong brand loyalty and a lack of comparison between their current broker’s services and other options on the market.

How can exploring alternative group health insurance options benefit businesses and their employees

Exploring alternatives empowers businesses to save money, maximize benefits, and provide better coverage for their employees. It ensures that they’re not overspending on unused benefits and that their broker is truly delivering the best service.

Why should business owners consider seeking a second opinion for their group health insurance coverage?

Just as you shop around for car insurance, considering a second opinion for health insurance allows you to make informed decisions that benefit both your business and employees. It ensures you’re not missing out on better coverage or cost savings.

What’s the significance of thorough research when seeking a second opinion for group health insurance?

Thorough research is vital because it takes more than one option to find the best solution. Administrators should understand their employees’ benefit plans and preferences to make an informed decision. This approach helps refine the plan each year to meet employees’ needs effectively.

Why is it important to assess the value gained from staying with the same health insurance carrier?

Assessing the value gained from staying with the same carrier, whether it’s 5% or 10%, helps you make a financially informed decision. Exploring your current group health insurance plans and carriers allows you to gauge whether staying is truly beneficial.

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