This Just In ...
Agent commissions are now more transparent.
The federal budget act, the Consolidated Appropriations Act of 2021, features a section requiring health insurance agents and brokers to detail their services to ERISA-covered group health plans, including their direct and indirect commissions if they are expected to total $1,000 or more. This portion of the law went into effect December 27, 2021 and pertains to employer-sponsored health plans as well as enrollees in short-term medical plans. The law does not apply to welfare plans that don’t provide health care, such as life and disability plans.
Agents must provide employer groups with a fully documented description of the services they provide, although the exact method of reporting this information or the types of forms to be used have not been determined by the Department of Labor.
Your agent must alert you to any change in compensation no later than 60 days after identifying the change and within 90 days upon receiving a written request for plan information.
Health insurers offering individual and short-term health insurance coverage are required to disclose to enrollees and to the HHS all compensation provided to agents and brokers associated with plan selection and enrolment.
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