05/12/2021
Long, but worth the read!
I spoke with a prospective client today who told me another insurance broker told him the only medical insurance option he has is with Hometown Health (for those reading this who are not local to Nevada, Hometown Health is one of several insurance companies available to residents of Nevada).
To say he was surprised when I told him he actually has five different insurance carriers (Ambetter Health, Anthem BCBS, Friday Health Plans of Nevada, Health Plan of Nevada and Hometown Health/Renown Health Plan) to choose from (he lives in Reno/Washoe county) would be an understatement.
When I obtained information about his tax filing household size and projected Modified Adjusted Gross Income for 2021 and told him he will qualify for financial assistance to help pay the monthly premium and that Hometown Health/Renown Health only offers their plans off the Exchange/Marketplace, where financial assistance is not available, he was quite upset.
When I told him how we as insurance professionals are compensated (that working with an insurance professional does not cost him anything and it doesn’t change what is available to him or the amount of financial assistance he and his family can qualify for) and that Hometown Health pays insurance agents/brokers more than any of the other carriers, he was more than upset.
Needless to say… I have a new client!
Unfortunately, not everyone behaves ethically/morally. When in doubt, most state insurance departments have information on their websites about the insurance carriers who are admitted to sell in that state… it may take a little bit of clicking but it is worth the effort to make sure you have accurate information.