5 min read
One Big Beautiful Bill becomes law: What it means for health insurance agents
On July 4, the president signed the One Big Beautiful Bill Act into law. And, with that stroke of a pen, the health insurance market was re-shaped in...
What happened: On June 7, the Centers for Medicare and Medicaid Services (CMS) released a memo titled Frequently Asked Questions on Agent/Broker Compensation and Guaranteed Availability of Coverage.
Why it matters: The memo clarifies that carriers must compensate agent and brokers at the same rate for all enrollments that occur during a benefit year, regardless of whether the enrollment happened during the Open Enrollment Period (OEP) or a Special Enrollment Period (SEP).
CMS became aware that some carriers are compensating agents and brokers at lower rates for SEP enrollments than OEP enrollments. The agency finds this practice to be in violation of guaranteed issue protections that consumers are entitled to under the Affordable Care Act, as compensation structures may influence the marketing, enrollment and retention of individual market consumers. In short, more equitable commissions structures for agents and brokers contribute to more equitable access to coverage for consumers.
What agents and brokers should do: Read the full memo. If you have been working under a commissions structure that pays differently for OEP and SEP enrollments, contact the Michigan Department of Insurance and Financial Services or CMS at marketconduct@cms.hhs.gov. Be prepared to submit documentation of the commissions structure in question.
5 min read
On July 4, the president signed the One Big Beautiful Bill Act into law. And, with that stroke of a pen, the health insurance market was re-shaped in...
1 min read
The state of Michigan’s Department of Insurance and Financial Services (DIFS) clarified rules on transitioning from Medicaid to Medicare for those...
2 min read
Official estimates report nearly 25% of Michigan’s population is receiving Medicaid or CHIP benefits. The recently passed federal budget legislation...