NAIFA Offers Solutions to Protect Consumer Access to Informed Medicare Assistance

[Northeast Agent]

NAIFA Offers Solutions to Protect Consumer Access to Informed Medicare Assistance

NAIFA addresses concerns regarding agent compensation and consumer access to informed Medicare assistance, advocating for licensed professionals and offering solutions to protect vulnerable citizens.

advocacy.naifa.org

National Association of Insurance and Financial Advisors (NAIFA) CEO Kevin Mayeux, CAE, issued the following statement on the decision by some health plans to cease new and renewal commissions for Medicare prescription drug (Part D) plans and terminating existing marketing service agreements:

“NAIFA is appalled by decisions that would have a chilling effect on Medicare beneficiaries’ access to personalized assistance by licensed professionals. NAIFA will work with the Centers for Medicare and Medicaid Services (CMS) to communicate the implications of approving these prescription plans that will curtail personal service and offer solutions to protect our most vulnerable citizens."

 

[DonP]

NAIFA Offers Solutions to Protect Consumer Access to Informed Medicare Assistance

NAIFA addresses concerns regarding agent compensation and consumer access to informed Medicare assistance, advocating for licensed professionals and offering solutions to protect vulnerable citizens.

advocacy.naifa.org

National Association of Insurance and Financial Advisors (NAIFA) CEO Kevin Mayeux, CAE, issued the following statement on the decision by some health plans to cease new and renewal commissions for Medicare prescription drug (Part D) plans and terminating existing marketing service agreements:

“NAIFA is appalled by decisions that would have a chilling effect on Medicare beneficiaries’ access to personalized assistance by licensed professionals. NAIFA will work with the Centers for Medicare and Medicaid Services (CMS) to communicate the implications of approving these prescription plans that will curtail personal service and offer solutions to protect our most vulnerable citizens."

I saw you posted this on Medicare monsters . Why doesn’t Naifa speak of greedy fmo’s that threw agents under the bus and stole their $50/$100 extra comp to save their fat $250 plus overrides ? Something that makes no sense to me .How can carriers justify the continuation of these outrageous overrides when they cut some agents commissions and cut mb’s plans big ? Believe me this fight is not about some piddly $55 comp . The fear is this is the start of carriers digging into the fat commission and override stricture of mapd . The start of more of a direct business model .Just like they finally brought down the powerful Nar in real estate about commissions . It’s coming to insurance eventually.

 

[DHK]

I saw you posted this on Medicare monsters . Why doesn’t Naifa speak of greedy fmo’s that threw agents under the bus and stole their $50/$100 extra comp to save their fat $250 plus overrides ? Something that makes no sense to me .How can carriers justify the continuation of these outrageous overrides when they cut some agents commissions and cut mb’s plans big ? Believe me this fight is not about some piddly $55 comp . The fear is this is the start of carriers digging into the fat commission and override stricture of mapd . The start of more of a direct business model .Just like they finally brought down the powerful Nar in real estate about commissions . It’s coming to insurance eventually.

Easy. One is a business arrangement between the contracting organization and the agent... and the other is government interference.

NAIFA doesn't regulate its members (or potential members) contracting and override activities.

NAIFA does advocate for the insurance industry and its agents against government interference where ever possible.

 

[DHK]

Just like they finally brought down the powerful Nar in real estate about commissions . It’s coming to insurance eventually.

The DOL has tried unsuccessfully 3x.

The fiduciary lobbyists keep talking about "best interest" standard, but that's not what a fiduciary is all about.

Fiduciary is about duty of loyalty defined by the source of compensation. Any compensation outside of that definition, must be disclosed as a conflict of interest. (That's why it's called a PTE or Prohibited Transaction Exception form to disclose your commission, trips, merch, etc.)

I believe that it should be based on financial outcomes as best as can be established for the client, not based on compensation sources.

Of course, insurance compensation is NOT netted out of the insurance product like it is for real estate. It is an expense paid by the carrier and recouped over time. That fundamental difference is huge that the lobbyists for and against fiduciary standards don't seem to realize.