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For starters, one "Big Deal" is this...Insurance companies must accept all forms of payment but can't pass along any transaction fees charged by the financial institutions. For example, VISA / MasterCard charge the insurance company 2% to 3% of the transaction. For a $600 premium placed on a Visa/MC, the insurance company has to pay Visa/MC $12 to $18 EVERY month.
Ten years ago, most health insurers accepted Credit Cards for premium payments. But as the premiums increased and the fee percentages increased, most stopped accepting this form of payment. Now, Exchange Insurers will have to accept the cards and also add more transaction software and options on their enrollment forums. CMS/HHS had better stop spitting out these last-minute rules, or it will be impossible for insurers to get the online and paper applications ready in time for October 1st.
Also, each regulation that increase insurance company admin expenses is likely reducing our commissions, which is why insurance companies are waiting until the last minute to tell us (in writing) what we'll be paid. It will depend on how many crumbs are left on the plate after all the mandate, fee and tax costs are calculated and balanced against the desired premium to be charged. The way things are going, I think we'll be paid much better for selling non-Exchange QHPs vs Exchange QHPs.
-ac
Ten years ago, most health insurers accepted Credit Cards for premium payments. But as the premiums increased and the fee percentages increased, most stopped accepting this form of payment. Now, Exchange Insurers will have to accept the cards and also add more transaction software and options on their enrollment forums. CMS/HHS had better stop spitting out these last-minute rules, or it will be impossible for insurers to get the online and paper applications ready in time for October 1st.
Also, each regulation that increase insurance company admin expenses is likely reducing our commissions, which is why insurance companies are waiting until the last minute to tell us (in writing) what we'll be paid. It will depend on how many crumbs are left on the plate after all the mandate, fee and tax costs are calculated and balanced against the desired premium to be charged. The way things are going, I think we'll be paid much better for selling non-Exchange QHPs vs Exchange QHPs.
-ac
