knowledge

Senate Finance Committee members from both parties took aim Wednesday at insurance brokers that sell plans for large Medicare Advantage insurers.

Older adults at times have more than 100 plan options, and brokers help them choose the right one. But brokers can be incentivized by large insurance companies to aggressively sell plans that are a poor fit for the Medicare beneficiaries they’re supposed to help. Brokers also sometimes collect private information that they sell to multiple insurance companies. Those brokers tend to have a national scope, just like the large insurers they represent, compared to the independent, local brokers.

advertisement

“They are big private marketing companies in the middle between seniors and their coverage,” Chairman Ron Wyden (D-Ore.) said.

Get unlimited access to award-winning journalism and exclusive events.