National Association of Insurance and Financial Advisors (NAIFA) CEO Kevin Mayeux, CAE, issued the following statement on the decision by some health plans to cease new and renewal commissions for Medicare prescription drug (Part D) plans and terminating existing marketing service agreements:

“NAIFA is appalled by decisions that would have a chilling effect on Medicare beneficiaries’ access to personalized assistance by licensed professionals. NAIFA will work with the Centers for Medicare and Medicaid Services (CMS) to communicate the implications of approving these prescription plans that will curtail personal service and offer solutions to protect our most vulnerable citizens.  

“There is no greater resource than a licensed agent or broker for consumers that are considering their Medicare plan options and looking for specific drugs and services to be covered. Agents and brokers educate clients on how Medicare works both broadly and in conjunction with other coverage options and research physician networks and prescription formularies for the plans to ensure a suitable health and drug plan is recommended. The CMS approvals could result in services being reduced or eliminated, harming consumers who rely on agents and brokers for their expertise and guidance, especially as service needs arise after enrollment.

“NAIFA will continue our conversations with CMS to offer solutions, and members will be urged to help educate lawmakers on the significant role agents play in helping to simplify the often-complicated decision-making process for Medicare beneficiaries while also addressing their individual concerns, making them feel valued and understood.

“For well over a century, NAIFA members have helped individuals, families, and businesses reduce risks and protect assets; fund major expenses like health and prescription coverage, college, long-term care, and retirement; plan their estates; provide employee benefits and group insurance; and reach their financial goals.  As the professional association for these dedicated men and women, NAIFA believes consumers should have unfettered access and freedom of choice in engaging competent, knowledgeable, and ethical agents. NAIFA opposes all inappropriate attempts or ill-advised proposals to create laws, regulations, rules, or policies that would effectively undermine, modify, intervene with, or otherwise, forcibly sever the nature or integrity of the agent/client relationship.”