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Maryland Health Insurance....
Old 02-09-2007, 10:30 AM   #1
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Maryland Health Insurance....

For those of you who live in Maryland....I just found out that some new laws were passed recently forbidding brokers to earn commissions on individual health insurance policies...(this was through heresay at a symposium I recently attended, so not completely sure of the validity) But, if you are trying to find a broker to help you in that State, good luck! They will likely refer you directly to the insurance carrier.

I question how this will help reduce the administrative burden? Now the health insurance carriers will have to take on that burden, and I am sure it will be much less efficient than if an independent broker were to compare rates side by side for a client. It will now be much more cumbersome and time consuming for consumers to shop for individual coverage, and I am sure the ultimate result will be higher premiums due to the additional overhead the insurance carriers will have to take on.

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Re: Maryland Health Insurance....
Old 02-09-2007, 10:46 AM   #2
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Re: Maryland Health Insurance....

That is interesting. We just had a poster who was looking for health insurance in Maryland and I suggested he work with a broker. He couldn't find one. This would explain the problem. Definitely makes it harder to shop and an individual just is not in a position to know what company might be the best for them.


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Re: Maryland Health Insurance....
Old 02-09-2007, 11:09 AM   #3
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Re: Maryland Health Insurance....

As one who just finished shopping for individual health insurance with a broker, I am amazed at how short sighted this new law is in MD. Even with a broker, this process was time consuming, very stressful, and also confusing. My broker helped me tremendously throughout the process.
What a shame! I hope other states do not go that route.
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Re: Maryland Health Insurance....
Old 02-09-2007, 05:03 PM   #4
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Re: Maryland Health Insurance....

I also used a broker, and would recommend that to anyone. Dumb law in Maryland -but at least it illustrates the "Law of unintended consequences".

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Re: Maryland Health Insurance....
Old 02-09-2007, 05:17 PM   #5
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Re: Maryland Health Insurance....

I would like to see a link to an explanation of the actual legislation, because as it has been stated here, it makes little sense. In my state, the premium is the same whether you go through an independent broker or directly to the insurance company. So the commission is either paid by the insurance company to the independent broker who handles the application or to it's own internal sales people. The cost of the insurance to the consumer is the same in either case.
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Re: Maryland Health Insurance....
Old 02-09-2007, 06:47 PM   #6
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Re: Maryland Health Insurance....

Well, that would be me. Now I understand why I am having such a problem finding a broker. I called several, but they all referred me to the individual insurance companies. It just wasn't adding up with what I was reading here on the board. So, since I don't know what it would actually cost for us without applying, I would have to apply to different companies to compare rates. I got the forms from BC/BS today, but I'm not happy about this situation.

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