How does Broker’s Health Exchange simplify the underwriting process for alternative funded health plans?
While group health underwriting is no longer necessary based on community rating with fully-insured health plans, many alternative funded ERISA plans still require individual health questionnaires in order to obtain firm rates in the absence of prior year claims experience. Broker’s Health Exchange utilizes an innovative technology that provides employees with a single online, universal health application that is completed once and then data mapped to carrier-specific health application forms, providing a one-stop-shop for employers who are evaluating alternative funded health plans. In addition, each secure employee application is archived for review and updating during the upcoming renewal year. Simultaneously, carrier proposals are received using this underwriting process and provided to each employer for review and future reference. The hassles of completing multiple carrier applications to obtain firm rate quotes are eliminated with this streamlined solution year after year.
Is Broker’s Health Exchange secure?
Yes, the information that you provide as part of the universal health application is secure and remains private at all times. Our security measures help ensure that your data is secured and encrypted, so that others cannot access it while in transit. We protect the confidentiality of your information through the use of industry-recognized safeguards, coupled with detailed internal security procedures. We limit access to our servers and require our employees to adhere to high standards of ethics and integrity in performing their jobs. Only you, your broker, and the carrier underwriters will have access to your data. Employer HR personnel do not have access to your private health information (PHI) in compliance with HIPAA.
How is the data used?
In order to receive firm rate quotes, most alternative funded health insurance carrier requires the completion of a company-specific health application form in the absence of prior year claims data. Your personal health information is used for only one purpose – to facilitate this process of obtaining a firm rate group health quote. Your health data is not sold or used for any other purpose.
Will I need to provide my Social Security number as a part of the process?
All medical carriers currently require Social Security numbers (SSNs) to write a new group medical insurance policy. With Broker’s Health Exchange, you now have a way to bypass the hassles of preliminary rate quoting straight for firm rate quotes upfront. Since many medical carriers require SSNs to provide firm rate proposals, Broker’s Health Exchange requires this information as part of the universal health application process. Having SSNs initially allows us to provide you with medically underwritten rates up front and also streamlines the enrollment process for your new group medical policy.
How much does Broker’s Health Exchange cost?
The Broker’s Health Exchange is an online underwriting and enrollment platform designed to save time and money for agents, employers, professional employer organizations and associations. Each authorized organization can then decide to absorb or pass on the cost of the employer underwriting process through Broker’s Health Exchange. If you are an employer with an interest in direct access to our online quoting and underwriting system please contact us to obtain pricing information based upon your needs and anticipated usage.
How do I create an account?
Once an employer account has been established, your broker or employer will provide you with a secure username / password for signing onto your account. If you are having issues with your log in, please contact us for assistance.