30 Second Insurance Tips©

Tip 197- Disclosure: How We Get Paid

Consumers can buy health insurance through brokers, directly from insurance companies or, for those who are subsidy eligible, at the on line “MARKETPLACE.” From all sources, premiums for comparable coverage are identical and include commissions, whether or not you use an agent. That essentially means, you get our many years of experience – not to mention the rigorous training required for MARKETPLACE ”certification” – at no direct charge. Note also that commissions are usually a flat per member per month amount (about $20); i.e., unrelated to what level of coverage is selected or, rising premiums!

Here’s an example: Shopping for coverage for her family of four on an insurer’s website, Anne was considering a $2,500 deductible “Silver” HSA Plan with a monthly premium of $1,158. She stopped at our Mequon ‘store’ to see if that was “a good deal.” After learning her household income is $69,500, we helped her find the very same plan through the Healthcare.gov website, and qualify for monthly tax credits worth $488. The result; Anne pays a monthly premium of just $670 to the insurer. The government pays the insurer the $488 balance. And finally, the insurer sends us 20 bucks.