Aetna commission disclosure

[TXINSURANCE]

Does the car dealership show you what they make on a sale?

What about a builder when you buy a new home?

Some things are anti capitalist and this is one of them.

 

[Sam]

On our groups of 100+ the carriers always disclose the commission on the 5500 Schedule A. 50-100 is usually disclosed during the initial sale, when they sign the general app. On small group, we are frequently asked about it, but I don't know that we are required to disclose it.

In group sales, it is generally a wash, every once in a while someone gets pissed, but most don't care and every once in a while it lets us dispel their notions that they pay extra for a broker.

 

[somarco]

Bob, what if I'm goin' commando today?

TMI

 

[J.R.]

To my knowledge, there are no disclosure requirements for individual plans, only group plans & most ERISA plans. If the carrier really expected agents to disclose commissions, there would be a form for the consumer to sign acknowledging such.

Take your panties out of your crack.

Would you like them back? You told me that I could have them...

 

[CHUMPS FROM OXFORD]

I'm used to those disclosure forms. You see it more in life,equities etc...

"$10,000 in commission off that $100,000 sale." By the way...Usually the commish is between 3k-7k, depending on the company.

 

[TXINSURANCE]

If I have to disclose commissions then I am going to disclose my expenses also...

-Lead cost of generating or buying leads to get 85% answering machines each day of my life.
-Hourly cost of my employees
-Commission cost to my employees
-Benefits cost to my employees
-Payroll Taxes
-My real estate taxes and government fees
-Income Taxes

I would need a vary long piece of paper...

Yes sir on your $150/mo Health Insurance plan (that you are going to keep for 6 months) I will make $30/mo at 20%, which is a total of $180 over the 6 month life of your policy.

My acquisition costs totaled above are $400. Therefore I will be negative $220, but I truly appreciate your business.

I can't stress how much I am against disclosure in a market where the commissions have no direct bearing on the price (i.e. they go to another agent or direct and pay the same price). Obviously they have a bearing on the price, that is not where I am going with it.

Marketing is marketing - either pay me 10 to 30% to gather up the heard , or go run millions in ads on t.v. and radio that yield no results. It is FAR cheaper to give me a cut then the carrier to market direct, which historically they have done a crummy job doing. (or we would have no uninsured).

I just see these commissions going down the toilet or "flat fee" per sign up like MA, or some group commissions "per head".

 

[arnguy]

Somarco, what means TMI? I'm pretty sure you don't mean Three Mile Island.

 

[GreenSky]

Somarco, what means TMI? I'm pretty sure you don't mean Three Mile Island.

Even an old guy like me knows that means "Too Much Information."

Rick

 

[arnguy]

Thanks, Rick.

 

[TonyC]

That's good Al....i like your approach.

I always tell people what my commission is. It ALWAYS works to my advantage. It is part of my overall sales presentation.

"By the way Susan, clients always wonder what I get paid. I believe in total and complete transparancy with my victims... opps I mean clients (we both laugh). Here is how it works. Blue Cross pays me 20% of the first year premium... but only by month. So when you pay your $200 I get $40... and this goes on for 12 months. So you can see I'm not making a huge commission. After 12 months I get a tiny renewal. Of course you know that I cost you nothing. You can go direct to Blue Cross, but you won't save any money or get a different rate or get a discount... and you
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