ClaimLinx distributed its Broker Compensation Disclosure as a part of the Consolidated Appropriations Act of 2021. This is statement about the funds ClaimLinx received as a health insurance broker in 2022. You can see the general statement here. If you are a client, a detailed version of the compensation disclosure is available in the Private Portal. If you are not a client and would like to request detail on specific compensation, you may request that by contacting firstname.lastname@example.org.
What is the broker compensation disclosure requirement and what does it do?
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 Securities Act (ERISA). Before, agencies only had to release information about retirement plans. Now, insurance agencies and brokers must disclose compensation for all group plans. Lawmakers created the provision to help address the high cost of health care and health insurance by increasing transparency.
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 email@example.com with any questions about figures.
Do administrators need to do anything with the form after reviewing it?
No, there is no requirement for clients to do anything with the disclosure statement. On page 4 of the document, there is a section for Client Acknowledgement. Clients may sign and return the form through the portal. However a signature is not required.
What should clients know about ClaimLinx’s compensation from insurance plans?
ClaimLinx receives varying amounts for the insurance plans it implements for clients. But that does not include all plans. The primary factor when choosing plans is client savings so our Sales Team sometimes foregoes the opportunity for additional compensation from the insurance company so the plan cost stays low. Rest assured, savings remains the primary concern when choosing benefit plans for clients.
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 firstname.lastname@example.org or (513) 677-0217.