Mark Haraway, president of the Maryland Association of Health Underwriters, told IFAwebnews.com the group, like many other agents’ organizations, is still interpreting the sweeping changes of the Patient Protection and Affordable Care Act.
The nation’s economy, or more specifically, its uncertainty, is not only affecting the insurance industry in terms of what it takes in, but also what it gives out.
As a direct result of the Patient Protection and Affordable Care Act (PPACA) – also known as ObamaCare – health insurance agent and broker commissions have been slashed by as much as 50%. Agencies have been forced to lay off employees, limit products and services, shift to other lines, and have seen significant drops in compensation.