In their song “Mammas Don't Let Your Babies Grow Up To Be Cowboys,” which topped the charts back in 1978, Willie Nelson and Waylon Jennings advise moms everywhere not to let their children grow up to be cowboys, encouraging them instead to “let them be doctors and lawyers and such.” After all, those are the two professions parents dream about for their children, aren't they? The funny thing is, as insurance agents, we're a little of both—half doctor, half lawyer. Our parents should be proud.
But most health insurance agents don't go to medical school; in fact, no higher education is required to obtain a license. Nonetheless, brokers spend all day talking with clients about medical issues. Our job is to help Americans finance their health care expenses, and that's impossible to do without having a few conversations about health care.
With no formal training, a lot of agents just wing it. We stumble a little at first, but over time we learn which medical conditions scare insurance companies the most, which lifestyle choices cause these conditions, and what medications are most-often prescribed to treat them. We advise people to go to an urgent care center rather than the ER if it's not a life-threatening emergency, take generics rather than brand names because they're “chemically and therapeutically equivalent,” and get an annual physical so they can catch conditions early.
And on top of all the free medical advice, most agents also provide a number of legal services for their clients. We dive head-first into matters like ERISA, COBRA, HIPAA and all sorts of tax issues. Sure, we throw out the disclaimer that people should consult with their lawyer or tax adviser, but most of our clients just do what we say without seeking professional help.
Until now, for the most part, brokers have done OK. We've guided people through the medical system and held their hand through some complex compliance issues, but I'm wondering if it might be time for brokers to take a step back and let those with more formal training do the job.
A broker, by definition, is someone who acts as an intermediary between a buyer and a seller, usually charging a commission. Brokers don't perform the service themselves; they find the service for their clients. So why do so many agents feel the need to get in the weeds and solve all of their clients' problems?
On the medical side, a number of new companies are emerging to help people navigate the health care system. “With the growth of consumer-directed plans like health savings accounts, which ask people to take more responsibility for their health care decisions, this is especially important,” explains Dr. Eric Bricker, co-founder of Compass Professional Health Services in Dallas. “Consumers need to be able to compare cost and quality, and having someone who can negotiate with providers on their behalf is essential.” Employees can access the services that Compass provides for a low monthly fee. And best of all, if the broker delivers this solution to his clients, he doesn't have to perform the service himself.
Brokers may also want to team up with someone who can help their clients with legal matters, especially as the health reform law makes things more complex for both brokers and clients. According to Quitman Stephens, an attorney and partner at Cantey Hanger in Fort Worth, Texas, the ACA has created a number of new requirements that brokers may not want to tackle on their own.
Stephens says it's his job as a lawyer to ensure that his clients are in compliance with the law “in a way that avoids them being subject to any penalties and achieves great results.” And Stephens and attorneys like him are partnering with brokers to make sure everything goes as planned.
Going forward, our clients will need someone to answer their medical questions. And they'll need someone to answer their legal questions. And they'll need all sorts of other experts. And to find all of these solutions, they'll need a broker. If we spend all of our time trying to be the expert, rather than focusing our efforts on finding the expert, we're not really doing our job as a broker and we're probably doing our clients a disservice.
Eric Johnson can be reached at 817-366-7536 or [email protected].
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