How an Insurance Broker Gets Paid

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The Early Days For a New Broker

When insurance brokers receive their state health and life insurance license, they become popular people. Every single day I am contacted by a vendor (in my case an insurance vendor) eager to partner with me to deliver “value” to my clients. I’ve recently been offered: Caribbean vacations, piles of gift cards, motor scooters, and most tempting…cold hard cash. Early on I wondered if HR managers, CFOs, and Business owners knew how their broker gets paid? Now, ...

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My Past, My Present, and My Evolving Perceptions

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Who I Am

My name is Angel Seri.  I’m an Account Services Representative at mueller QAAS.  I’d like to introduce myself, and share some of what I’ve learned along the way.

My Experience

My industry experience began several years ago, as a Certified Medical Reimbursement Specialist (CMRS) at a small medical billing company.  I was responsible for ensuring claims and payments were processed efficiently.  I have firsthand knowledge of getting around the “red tape” within an insurance company to get results.  Within a ...

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Senate Report Examines Exploding Drug Prices

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Recent headlines on the exploding cost of prescription drugs have not gone unnoticed by Washington D.C. lawmakers.  The United States Senate Special Committee on Aging has issued a 130 page report examining the cost increases to previously affordable drugs that were acquired by pharmaceutical companies off patent.

Traditionally, the prescription drug industry recouped the cost of research and development by holding a new drug’s patent and being the sole manufacturer for a period of years before generic production was allowed ...

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QSEHRA Revives Employer Payment Plans For 2017

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On December 13, 2016, President Obama signed the 21st Century Cures Act into law. Called “the most important bill of the year,” the bipartisan Act makes changes to a wide range of healthcare issues. These include allocating billions for cancer research, easing the FDA drug approval process, and allowing doctors to test medical devices without a patient’s informed consent in certain situations. One item that will be of interest to finance and human resource professionals at small employers ...

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Milwaukee health rank drops, still compares favorably

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The Commonwealth Fund’s 2016 Scorecard on Local Health System Performance is out, and it gives interesting perspective on the state of healthcare in the U.S. Wisconsin and the Upper Midwest scored well overall, while most Southern states did not. Milwaukee’s ranking dropped 17 spots from the 2012, the year the first edition of the Scorecard was released, yet it still compares favorably to other major cities.

The latest Scorecard measured changes in the country’s 306 ...

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Madison area providers explore partnerships

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Two health systems and their affiliated insurance companies are exploring a strategic partnership in Wisconsin. This is yet another example of the trend of consolidation among health care providers and insurance companies.

UW Health and UnityPoint Health announced two non-binding letters of intent regarding a future joint operating agreement last month. One letter describes a plan to “create an integrated clinical enterprise with a shared strategic direction.” The second letter describes a possible combination of ...

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DOL proposes changes to Form 5500

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The U.S. Department of Labor plans to revise Form 5500 to require insurers and health plans to report more information. The proposed changes focus on five broad goals: modernizing financial reporting, providing greater information regarding group health plans, enhancing data mineability, improving service provider fee information, and enhancing compliance with ERISA and the tax code. One element that is sure to attract the attention of smaller employers is a proposal to eliminate the exemption ...

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Carrier megamerger now in doubt

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Eleven months ago four of the country’s largest health insurance companies announced two merger plans to consolidate in what would be among the largest transactions in U.S. history. In early July 2015, Aetna agreed to purchase Humana for more than $37 billion. Later that month, Anthem agreed to purchase Cigna for more than $54 billion.

The merger agreements must be approved by state insurance officials and federal anti-trust regulators. ...

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SHRM releases 20th annual employee benefits survey

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The Society for Human Resource Management (SHRM) released the 20th anniversary edition of its annual benefits survey on June 20th at the SHRM 2016 Annual Conference and Exposition in Washington, D.C. The survey looks at the popularity of various benefits and highlights statistically significant differences between the results of this year’s survey and results from last year, five years ago, and the initial 1996 survey.

Methods

This year’s survey comes from the responses of HR professionals ...

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