Brokers and Agents Shouldn’t worry in the Exchange Ecosystem

However, most of these apprehensions are misplaced. The exchange marketplace doesn’t discriminate against the brokers or agents. In fact, it offers them the opportunity to redefine their presence in a more organized manner. For starters, the exchanges don’t prohibit the brokers and agents from selling outside the realm of the exchanges. The creation of state exchanges doesn’t mean that people are forced into buying from the exchange. It simply means a better, more compelling alternative.

Brokers who are participating in the Exchange can continue their activities outside the realm of the exchange. When plying on the exchange, the brokers and agents need to follow the rules that govern the manner in which the QHPs are sold. Some of the states have emphasized on a training program that the brokers and agents need to attend to qualify for participating on the exchanges. This includes the federal and state exchanges. The training cum educational programs are such that they help the brokers and agents get acquainted with the working of the health care enrollment conditions at the exchanges, requirements related to handling the prospective insurance shoppers and how the QHPs are structured.

Brokers and agents can be enrolled at the exchanges as navigator or assisters. For being an assister, being a licensed financial professional, like a broker or an agent, is necessary in some of the states. For being a navigator, being brokers or an agent is not mandatory. As a navigator or an assister, the broker should be able to explain the coverage, including out of pocket expenses that tend to vary across the various metal plans. Once enrolled for work with the exchanges, brokers and agents cannot work in a biased manner and promote their own clients. They are expected to maintain the sanctity of the exchange where there is no discrimination against any of the participating insurers.

The role of the bigger brokers and agents is also headed for a change as the health insurance marketplace witnesses the emergence of exchange. With this format, having a web based presence and that too, in a manner similar to that of the exchanges is being felt as the common requirement across the payers and intermediaries. Thus, some of the brokers and agents are developing their own portals in a manner similar to the private exchanges. These portals will be run via some of the latest insurance broker software solutions that will offer the latest in insurance agency management capabilities.