Insurance brokers already are feeling a pinch in their paychecks because of health care reform, Christine Vestal reports at Stateline.org, and many are uncertain about their futures.
State officials say insurance agents will continue to play an important role, but just what that role will be is unclear. And whatever it is, it will come with smaller commissions as a result of federal mandates that insurers cut overhead costs.
Las Vegas brokerage owner Larry Harrison says the smaller commissions mean he can’t hire agents to answer all the questions surrounding reform.
“At a time when there’s more confusion and more people signing up, brokers aren’t available,” Harrison says. “There’s no young people coming into the industry and more and more veterans are getting out of the business.”