Media & Insights

Thanks, Congress! 2022 Launches New Era of Broker Transparency

A little known provision was tucked in the giant spending bill at the end of 2020 – a Christmas miracle! It required, starting at the end of 2021 (i.e. last week), that health insurance brokers have to disclose to their clients ALL their forms of compensation. The goal is to eliminate the hidden conflicts of interest generated by secret commissions, kickbacks, bonuses and other goodies that flow to brokers from sellers of health care services as an incentive to serve up their offerings. Many employers don’t realize that their brokers are really just the bought-and-paid-for sales force for the vendors that they recommend. While many brokers are good people, incentives matter, as has been studied over and over again.

That’s why AllBetter Health charges a flat fee to our clients, agreed upon in advance. We don’t take hidden commissions, kickbacks, bonuses or any other money on the backs of our client account. We want our clients to trust that they’re getting the absolute best advice and recommendations from us, untainted by financial incentives. We have always and will always disclose our compensation, using this template, transparently, and we will not take a penny more than our client fee, agreed in advance. That’s why we advocated for this new legal requirement, and Congress delivered. Your broker should have provided you with this compensation disclosure by the end of 2021.

Read more about the conflicts of interest that the new law is trying change.

Read more about the new law.

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