Here’s what I’m hearing:
It seemed last week it was extremely likely that we were looking at a hard cap on independent agent’s commissions. I was expecting something by late last Wednesday night to that effect. It now appears that that might not happen.
It seems that the White House has given some input. They do not seem to favor a regulatory mandate which caps broker’s commissions. This makes some sense as to why the process was extended into this week. The discussions between CMS, the White House and OMB should result in a final decision soon (if it hasn’t already happened).
Regarding the timing of an announcement, I hear that we should not expect anything from CMS until perhaps late Thursday. Obviously, there is some pre-occupation with the election happening today which could slow things down even further.
One thing I think we can expect is that it will take some time for the companies to digest the new guidance, formally implement their commission structures and operationalize and test their commission paying computer systems to conform to the new commission structures. Based on this, I can see some delays in the initial payments since we are just 11 days from the official start of AEP where enrollments can be taken.
I won’t post more until I have the final word, unless I have big news.
Anonoymous,
C’mon. We are all in it ultimately for the money. Who would sift through all these plans if we were not well compensated. Stop apologizing for making a living. We help these seniors sift through all the different plans as brokers and recommend a plan for them based on their needs and budget. We deserve to make above average incomes for this. No benefits. straight commission, no 401 K etc. We deserve $500 an app for 5 years. Most people can’t do what we do.
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