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Good piece in The Connecticut Mirror today about brokers leaving the Connecticut exchange because commissions are being eliminated or reduced. Course we all know this, but nice to have a piece informing consumers.
Mary Jennings, a health insurance broker in Westport, CT, testified at a public hearing last week. Here are some excerpts from the article (link below):
Jennings is one of more than 250 brokers certified to help customers navigate the state exchange, Access Health CT, and find the plan that best fits their needs. But next year, she said, she won’t be helping customers anymore if the health insurers on the exchange decide to eliminate the already-low commissions they pay to brokers like her.
As state regulators consider rate proposals for next year, both of the carriers set to remain on Connecticut's exchange – Anthem and ConnectiCare – could eliminate their commissions for brokers in 2017, creating uncertainty as brokers and customers plan for the coming year. Anthem said earlier this year it would eliminate broker commissions while ConnectiCare has yet to decide.
Since brokers are involved in about 40 percent of the plans sold on the exchange, according to officials at Access Health, their exit could have a significant impact on enrollment next year. The situation is “difficult,” Access Health CEO Jim Wadleigh said, adding that there would be consequences if broker commissions are taken away.
“We will lose a well-functioning process to assist residents of Connecticut in the selection of health plans,” Wadleigh said. “There’s confusion and uncertainty with (brokers). We’re really not sure how to proceed at this point.”
“Every independent broker in the state would no longer write a policy – period,” Jennings said. “They might help select individuals if they are also providing other insurance brokership for that individual or family. Many of my colleagues have already positioned themselves to exit.”
Jennings said she and other brokers expect ConnectiCare to follow Anthem’s lead, either eliminating commissions or offering nominal ones. A final decision will not come until state regulators complete their review of the rate requests in September.
Health insurance brokers set to exit exchange if commissions go | The CT Mirror
Mary Jennings, a health insurance broker in Westport, CT, testified at a public hearing last week. Here are some excerpts from the article (link below):
Jennings is one of more than 250 brokers certified to help customers navigate the state exchange, Access Health CT, and find the plan that best fits their needs. But next year, she said, she won’t be helping customers anymore if the health insurers on the exchange decide to eliminate the already-low commissions they pay to brokers like her.
As state regulators consider rate proposals for next year, both of the carriers set to remain on Connecticut's exchange – Anthem and ConnectiCare – could eliminate their commissions for brokers in 2017, creating uncertainty as brokers and customers plan for the coming year. Anthem said earlier this year it would eliminate broker commissions while ConnectiCare has yet to decide.
Since brokers are involved in about 40 percent of the plans sold on the exchange, according to officials at Access Health, their exit could have a significant impact on enrollment next year. The situation is “difficult,” Access Health CEO Jim Wadleigh said, adding that there would be consequences if broker commissions are taken away.
“We will lose a well-functioning process to assist residents of Connecticut in the selection of health plans,” Wadleigh said. “There’s confusion and uncertainty with (brokers). We’re really not sure how to proceed at this point.”
“Every independent broker in the state would no longer write a policy – period,” Jennings said. “They might help select individuals if they are also providing other insurance brokership for that individual or family. Many of my colleagues have already positioned themselves to exit.”
Jennings said she and other brokers expect ConnectiCare to follow Anthem’s lead, either eliminating commissions or offering nominal ones. A final decision will not come until state regulators complete their review of the rate requests in September.
Health insurance brokers set to exit exchange if commissions go | The CT Mirror
You actually do try to add value and post on other relevant topics outside of the other forum!
