NABIP final rule
Many Medicare agents, brokers and agencies are concerned about the NABIP final rule. This is due to the huge impact on the way they do business moving forward. The CMS proposed rule we are talking about is CMS-4205-P. If this rule goes through as it was originally written, there will be many changes to the landscape of the insurance industry. As many of you know NABIP has been a huge supporter of agents and agencies by lobbying on our behalf to make sure we are able to stay in business and continue to provide essential help to our clients.
Who is NABIP
NABIP stands for the National Association of Benefits and Insurance Professionals. They represent over 100,000 licensed health insurance agents, brokers, general agents, consultants and professionals. They have over 200 chapters throughout America. Members of NABIP provide help to millions of clients ensuring they understand their health coverage options and that they can afford the coverage they need. They also provide help with claims issues and coverage questions.
Click here to learn more about NABIP
What is the final rule we are talking about
As we mentioned earlier, the proposed rule we are all so concerned about is CMS -4205-P. Although there are several good policies included in the 486 page document, there are a few things that concern us. You can find this This information on pages 236-248 and they apply to agent/broker compensation. Unfortunately, independent agents are being lumped into the TPMO category. In many instances these organizations do business in a very different way than independent agents do.
Watch a YouTube video on the CMS proposed rule
Access the entire 486 page document by clicking here
Once you are on the page, just enter the document number,CMS-4205-P, in the search bar. Remember to read pages 236-248 to see the proposed changes to compensation.
We have attached a copy of the document produced by NABIP’s PR team to hand out a their Capitol conference. The document explains how agents/agencies use the administrative fees in question as well as what Medicare agents do and what their FMOs provide. In other words, they explain the value of agents and FMOs to make a clear distinction of the importance of the services we all provide. This is extremely important so that people in the government have a clear understanding of how our industry as a whole functions and makes use of the money we receive from the carriers.
Click here to view the NABIP flyer
What NABIP provides it’s members
Members are eligible for many educational opportunities including: advanced designation programs,, CE classes and online learning, conferences and networking opportunities. NABIP also offers members access to it’s publications and business development tools.
As we all see by their recent efforts, they advocate on the state and federal levels to advance the best interests of health insurance professionals.