The Center for Consumer Information and Insurance Oversight (CCIIO) recently released guidance on the role of Agents and Brokers on Federal Facilitated Exchanges-Health Insurance Marketplace. Essentially, CCIIO has divided the guidance into three sections: the Agent Registration, the Carrier-Agent Pathway, and the Marketplace Pathway. (http://www.cms.gov/cciio)
The process for Agent Registration will be quite different from that which Agents are accustomed to today. In order to assist individuals on the Exchange, Agents must be able to confirm their identity, complete Marketplace-specific training, complete and successfully pass an exam, and agree to all federal and state regulations. Once the registration has been completed and the Agent is approved, he/she will receive a Marketplace userid.
The Carrier-Agent Pathway is similar to that system which is in place today. Once the Agent can supply proof that he/she is licensed and has completed the Agent Registration as highlighted above, the Carrier (Issuer) may appoint the Agent to sell their product.
And finally, the Marketplace Pathway is an electronic system that helps Agents enroll qualified individuals into individual Marketplace options after helping the individual determine subsidy eligibility. The process sounds easy enough; however, as stated time and time again: “The devil is in the details!”
What does this mean to you?
Understanding the rules and regulations as they pertain to selling on the exchange is extremely important. As an Agent, it will be incumbent upon you to understand your role, comprehend the rule, and advise your clients correctly.