Quick Answer: Which of the following is true about agent and broker compensation in the marketplace?

Who oversees agents and brokers who participate in the marketplace?

Department of Health and Human Services (HHS) The federal agency that oversees CMS, which administers programs for protecting the health of all Americans, including Medicare, the Marketplace, Medicaid, and the Children’s Health Insurance Program (CHIP).

For which of the following purposes can an agent or broker share PII about an individual?

An agent or broker may use PII, such as information about an individual’s residency or income, only to the extent necessary to accomplish a specific authorized purpose in the Marketplace. PII may not be used for marketing or other unauthorized purposes.

Which of the following are required for an agent or broker to participate in help on demand?

To participate in Help On Demand, agents and brokers must: ✓ Complete Individual Marketplace registration and training and sign privacy and security agreements at: http://portal.cms.gov.

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What is healthcare through the marketplace?

A health insurance marketplace is a place where you can shop and sign up for affordable health insurance plans. A marketplace is sometimes called “the exchange.” Marketplaces sell health insurance policies that may be subsidized by the federal government, depending on your income and family size.

What is Molina Healthcare marketplace?

What is the Marketplace? The Health Insurance Marketplace is a website where you can compare different health plans all in one place, like you might compare different kinds of bread at the grocery store. You can search for plans by your income, family size or health care needs.

How many days does an agent or broker have to grant or deny a request for amendment correction substitution?

Provide instructions to the consumer that specify each request submitted to the agent or broker must include the information the consumer wishes to correct and the reasons for requesting such correction, along with any supporting justification or evidence. Grant or deny requests within 10 business days.

Which of the following are components of the Affordable Care Act?

A set of 10 categories of services health insurance plans must cover under the Affordable Care Act. These include doctors’ services, inpatient and outpatient hospital care, prescription drug coverage, pregnancy and childbirth, mental health services, and more. Some plans cover more services.

Who can serve as exchange navigators?

According to the ACA, Navigators may be community and consumer-focused non-profit groups; trade, industry, professional associations; commercial fishing industry organizations; ranching and farming organizations; chambers of commerce; unions; partners of the Small Business Administration (SBA); licensed insurance …

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Which of the following is not a requirement for an individual seeking coverage through the individual marketplace?

Which of the following is NOT a requirement for an individual seeking coverage through the Individual Marketplace? The individual must not have access to government-sponsored coverage or affordable employer-sponsored coverage.

What are consumer operated and oriented plans?

A Consumer Operated and Oriented Plan (CO-OP), commonly referred to as a co-op, is a nonprofit health insurance organization in which insured members also serve on the controlling board. Under the Affordable Care Act, co-ops could be established at a national, state, or local level with federal loans.

How do Marketplace brokers get paid?

Health insurance agents and brokers are paid through commissions. The insurance companies pay either a flat fee or a percentage of the monthly premium (typically between 1% and 5%) to the insurance agent for bringing them the customer and for continuing to service the client in the future.

What is insurance agent job description?

An Insurance Agent, or Insurance Account Manager, sells and manages insurance policies on behalf of an insurance company. Their duties include attracting new clients and answering their questions, helping clients choose the best policy and making sure all legal requirements are met.

How do I get a health insurance agent?

Here is what you need to become a health insurance agent:

  1. You must be over 18 years of age.
  2. You should have completed education up to at least Class 10.
  3. You need to have a valid Aadhaar Card and PAN Card.
  4. You will be then be asked to complete compulsory 15-hour training specified by IRDAI.
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