ClaimLinx has distributed its Broker Compensation Disclosure as a part of the Consolidated Appropriations Act of 2021. This statement provides information about the funds ClaimLinx is receiving as a health insurance broker in 2024. You can view the general statement here. A detailed version of the compensation disclosure is available on the private portal if you are a client. If you are not a client and would like to request details on specific compensation, please contact commissions_admin@claimlinx.com.
Where can employers find the ClaimLinx Compensation Disclosure?
ClaimLinx posted its basic compensation disclosure statement on the website. The detailed Broker Compensation statement is available on the private portal under the ClaimLinx Resource Documents folder. There, clients can review specific compensation from insurance companies. You may contact commissions_admin@claimlinx.com with any questions about figures.
Do administrators need to do anything with the form after reviewing it?
Clients are not required to take any action based on the disclosure statement. On page 4, there is a section for Client Acknowledgement. Clients have the choice to sign and return the form through the portal, but a signature is not compulsory.
What should clients know about ClaimLinx’s compensation from insurance plans?
ClaimLinx receives different amounts for the insurance plans it offers to clients, although this does not apply to all plans. The main consideration when selecting plans is the client’s savings, so our Sales Team may at times choose not to receive extra compensation from the insurance company to keep the plan costs low. Please be assured that client savings are the most important factor when selecting benefit plans for clients.
Why did ClaimLinx release this statement?
The Consolidated Appropriations Act (CAA) of 2021 was a spending and relief package for the Coronavirus, but it also included an expansion of existing disclosure requirements through the Employee Retirement Income Security Act (ERISA). Previously, agencies only had to release information about retirement plans. Now, insurance agencies and brokers must disclose compensation for all group plans. Lawmakers created this provision to address the high cost of health care and health insurance by increasing transparency.
Who do I contact with questions about the disclosure?
If you have any questions, you can always start a Live Chat with a team member. Or contact the Service Team at service@claimlinx.com or (513) 677-0217.
