WiscBroker
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CMS Issues Proposed Rules to Promote Transparency in Air Ambulance Costs, Agent and Broker Compensation. See the link at the bottom for details.
Any thoughts? I tried reading through the whole thing but it was painful. I just don't understand how the government can just come out and demand every agent or insurer provide detailed specific compensation information to every enrollee of any health related insurance product including ACA and non-ACA products. I just shake my head in disbelief. What other industry requires this? How in the world can this be legal to demand this information be given to clients? How about our business expenses? Can we hand out a schedule of our expenses as well? The government literally expects us to distribute detailed commissions schedules including bonuses and other non-monetary compensation before the client chooses a plan so that they can "understand the compensation that their insurance agent or broker would receive and make informed purchasing decisions....and.... can evaluate whether and to what extent the advice they received from an agent or broker may be influenced by the agent's or broker's compensation arrangement with an issuer prior to finalizing the plan selection."
Can we now demand how much the surgeon makes per surgery?
Can we demand how much the pharmacist makes per hour? How about my primary care physician. He works for a large health system and told me he gets paid commission and his income varies by how many patients he has and how many come in to see him each month. Can I now know how much he's getting paid for hitting my knee with his hammer?
This is absolutely ridiculous. This will undoubtedly cause a loss in income as insurers reduce commissions, bonuses, etc to not look like they are paying us "too much". I feel like this is something that would happen in a communist country, not the land of the free and the brave.
Requirements Related to Air Ambulance Services, Agent and Broker Disclosures, and Provider Enforcement
Any thoughts? I tried reading through the whole thing but it was painful. I just don't understand how the government can just come out and demand every agent or insurer provide detailed specific compensation information to every enrollee of any health related insurance product including ACA and non-ACA products. I just shake my head in disbelief. What other industry requires this? How in the world can this be legal to demand this information be given to clients? How about our business expenses? Can we hand out a schedule of our expenses as well? The government literally expects us to distribute detailed commissions schedules including bonuses and other non-monetary compensation before the client chooses a plan so that they can "understand the compensation that their insurance agent or broker would receive and make informed purchasing decisions....and.... can evaluate whether and to what extent the advice they received from an agent or broker may be influenced by the agent's or broker's compensation arrangement with an issuer prior to finalizing the plan selection."
Can we now demand how much the surgeon makes per surgery?
Can we demand how much the pharmacist makes per hour? How about my primary care physician. He works for a large health system and told me he gets paid commission and his income varies by how many patients he has and how many come in to see him each month. Can I now know how much he's getting paid for hitting my knee with his hammer?
This is absolutely ridiculous. This will undoubtedly cause a loss in income as insurers reduce commissions, bonuses, etc to not look like they are paying us "too much". I feel like this is something that would happen in a communist country, not the land of the free and the brave.
Requirements Related to Air Ambulance Services, Agent and Broker Disclosures, and Provider Enforcement
