Email I Recieved

[SamIam]

This email was from MIBS who I place my Blue cross & Humana biz with. It mentioned Illinois Market. They had commission rates in their email based on 10%. Where did they get this info from. I left a message.

DID YOU KNOW.....?

AGENTS CAN SELL IN THE PUBLIC EXCHANGE!

We have had a lot of agents ask us about their ability to sell a subsidized individual product come 2014.

Agents WILL have the ability to sell in and out of the private exchange or marketplace come open enrollment, October 2013 AND get paid commission on the ENTIRE premium amount, including the government subsidized portion.

 

[stuy119]

Sam, was that group or individual? Or both?

 

[SamIam]

this was focused on Individual policies,

 

[stuy119]

If that's the case, it means that BCBS and Humana won't be changing comp structure here in IL - good news. I'm also assuming that means renewals will be 5%.

If it covers the entire premium amount (both subsidy and individual responsibility), life will be good. I'm curious if they will attempt to make a change to group.

 

[SamIam]

My issue is where did they find this info I've never seen anything announced about IL about comp & if we get paid on the whole premium & whether we can sell in and out of the exchange.

 

[HealthGuy]

Wheres the 10%....still need confirmation!

 

[Yagents]

Who is MIBS?

Men In Black?
Medical Information Bureau?
More Idiotic Bullsheet?

 

[stuy119]

My issue is where did they find this info I've never seen anything announced about IL about comp & if we get paid on the whole premium & whether we can sell in and out of the exchange.

I can virtually guarantee that the carriers know their comp numbers already. Maybe someone is in the know and breaking info ....

 

[SamIam]

MIBS is Midwest Insurance Brokerage Services. I've been placing my Blue Cross & Humana for about 10 years. They are pretty big here in the Chicago area.

 

[AllenChicago]

MIBS is Midwest Insurance Brokerage Services. I've been placing my Blue Cross & Humana for about 10 years. They are pretty big here in the Chicago area.

Yes, I believe MIBS and the one I use, EBRM (Employee Benefit Risk Management, Inc.) are two of the few authorized BCBS-Illinois brokerages. In Illinois, you cannot license with Blue Cross directly. You have to go through one of the big outlets.

I'm surprised that BCBS-IL wouldn't let us know directly. The company sends out weekly status updates like clockwork.

Since the MIBS didn't word the e-mail as a veiled attempt to attempt to make you "Sell Now!..Before the ObamaCare Premium Increases Arrive!", like other brokerages are doing, that 10% number might be accurate insider information. Also, Blue Cross does not tolerate unauthorized leaks, so it's unlikely that MIBS is just spouting off because they have nothing else to do. Right now, 10% is the going street level commission and it increases to 15% once 25 IFP policies are sold. Keeping this structure in tact would be wonderful.

But until we hear it from BCBS-IL directly, it should be treated as just another rumor, IMO.
-ac