Md. health insurance brokers account for 50,000 jobs
A report released Tuesday estimates the economic impact of the health insurance brokerage and underwriting industry, saying it accounts for between 44,000 and 51,000 jobs in the state.
With federal health care reform requiring states to set up new insurance exchanges, insurance brokers have been concerned that the exchanges will compete with them for customers. If individuals and small businesses can go to the exchange to purchase insurance, brokers have argued that their jobs will dry up.
The report, by the Baltimore-based economic consulting firm Sage Policy Group, found that the state’s broker industry has made an estimated $150 million investment in Maryland.
If the state’s new insurance exchange is able to work with existing brokers, the report says the state will be able to save tens of millions of dollars in things like customer service, infrastructure and equipment.
The report was commissioned by the Health Insurance Buyers and Brokers Coalition of Maryland.
