Beginning this fall, brokers may have the opportunity to enroll more consumers more effortlessly on the health insurance marketplace through their own websites. This could be of great benefit to the exchange, consumers and insurance brokers by leading to a higher enrollment percentage. As a broker, this means more revenue opportunities for you – all done online with little overhead…a win-win.
New marketplace enrollment rule may make it easier for all parties in the process.
On May 17, the Centers for Medicare and Medicaid Services (CMS) released new federal rules for how enrollment in the health insurance marketplace can be handled. Beginning as early as this fall, consumers may be able to complete the entire enrollment process from start to finish on one website, which can be a broker’s, without having to jump to healthcare.gov. This allows insurance brokers to sell directly to exchange shoppers.
Previously, consumers could begin the online enrollment process with a broker or insurer, but then had to move to the federal or state marketplace website to verify if they were eligible for tax credits. The consumer could then return to the broker or insurer site to complete the enrollment process. However, more often than not, consumers would remain on the healthcare.gov site to finish their enrollment, costing brokers the sale.
These new rules will apply to straightforward enrollments, occurring during the November 1 to December 15 ACA Open Enrollment dates. Special Enrollment and more complex cases will still need to go through healthcare.gov.
New Rules. New Challenges.
Currently, federal rules require brokers to show at least basic information about all the available plans on their websites, even if they don’t sell them. They must also provide a disclaimer stating that the information on their site may not be complete and give a link to healthcare.gov.
Some analysts have voiced concerns that comprehensive information about plans that offer commission would be highlighted over those that do not. To eliminate confusion and neutralize this concern, CMS suggests that brokers display their plans in a way that does not encourage consumers to choose one plan over another. They suggest that they illustrate all plans equally.
Furthermore, there is concern that consumers who do not sign up through healthcare.gov will not receive important notices about their coverage that could impact their finances, or worse, cause them to lose coverage altogether. Brokers can mitigate this concern by communicating with their clients about important changes or upcoming enrollment dates.
A big opportunity awaits both the federal exchange and insurance brokers.
With a smaller Open Enrollment timeframe this year (November 1 to December 15), it is even more vital that insurance brokers take on a larger role in helping consumers find the right health and dental plans within the marketplace. Insurance brokers may just be the key to keeping the market stable and, ultimately, ensuring the exchange remains successful all while increasing their sales in the process.
Any questions about your current Solstice products? Login to your portal on https://www.solsticemarketplace.com/
Want to start selling Solstice? Give us a call at 877-760-2247 or email us at sales@solsticebenefits.com