NY Broker Commissions
- Thread starter pahealthquotes
- Start date
- 4,096
I think its good news
It's better news than them disallowing commissions. We've been hearing rumors that this was the plan from day 1, it's nice to finally see it in writing from the officials.
Damn near every carrier has cut their commissions this year...Quite a few products in the Indiv/SoleProp market don't have any commission whatsoever anymore.
Does "dedicated broker portal" scare anyone else? I get the feeling that if something is going to miss the deadlines, this is it.
Damn near every carrier has cut their commissions this year...Quite a few products in the Indiv/SoleProp market don't have any commission whatsoever anymore.
Does "dedicated broker portal" scare anyone else? I get the feeling that if something is going to miss the deadlines, this is it.
That is great news for NY. Recently news was released saying that rates may decrease due to PPACA in NY and MA for the individual/family market. Well, that means those states have had high rates for years! I didn't know that there were any health insurance brokers left in those states!
The Exchanges will probably be bare-bones for a while, and I'll bet the "dedicated broker portal" won't be high priority.
I think the states & the Federal exchange realize by now that they can't build enrollment without the help of agents. How long that lasts anybody's guess, but most agents on this forum give it 3-5 years at max.
The Exchanges will probably be bare-bones for a while, and I'll bet the "dedicated broker portal" won't be high priority.
I think the states & the Federal exchange realize by now that they can't build enrollment without the help of agents. How long that lasts anybody's guess, but most agents on this forum give it 3-5 years at max.
Brokers are alive and well here, and in MA. There are certainly less floating around than the 90's (when there was also 10-20 times as many products available, all with much higher commissions) but the industry is still alive. PPACA will have a smaller effect here than anywhere else for consumers, most of what they are proposing we've already had for years (and in some cases, above and beyond).
Our fear here is that the broker portal will never come to be, and carriers will set commissions at a level that makes it impractical to serve our clients. As an office, we field 400-500 calls daily, that's not feasible on a $2 override and a $5 commission PCPM. We already have those rates (or lower, depending on the plan) and we see little hope of going back to even 3%.
While it's great they left room for us, we still don't know if it's a viable option until a commission schedule comes out.
Our fear here is that the broker portal will never come to be, and carriers will set commissions at a level that makes it impractical to serve our clients. As an office, we field 400-500 calls daily, that's not feasible on a $2 override and a $5 commission PCPM. We already have those rates (or lower, depending on the plan) and we see little hope of going back to even 3%.
While it's great they left room for us, we still don't know if it's a viable option until a commission schedule comes out.
