Best video I’ve seen from medicarians on the cms new rules

[hockeyday]

Were you getting overrides on the regional carriers? I’m in the same shoes as you but only with the nationals. If I add in the regionals 100/50, I think this will be better overall. Our regional carrier like BCBS was actually not even paying us FMV. I’m hoping that changes. I did see this video as well and feel they weren’t beating around the bush like some of the others. My regional business will make this a wash for me.

I get more way more fron the regional player in my State

 

[wehotex]

These guys got big agency and had 30 meetings each with carriers and other fmos . There basically laughing at fmo’s running around shouting “ are overrides are safe “‘ because it says so on page 972 . There saying everything and they mean everythings up in air . Carriers are all banding together with counsel and asking cms for further clarification on tons of stuff . Nobody’s knows final outcome but there saying massive changes coming . Most people in industry agree they say a huge shift toward loa’s coming . So the days of an Indy just jumping in and getting marketing help are over basically .

I personally would have never jumped 90% into Medicare if my leads weren’t paid for . Due to saturation of Medicare advertising both in social media and direct mail it’s caused direct mail Medicare mailers response rates to fall . Mailers can range from $60 to $100 a lead depending . Selling in June when you make $150 (prorated ) you can’t pay $100 for a lead . With mass chaos coming you might not retain that client into the new yr . You haven’t had enough time to form a relationship with a lead . That’s why the loa model will be dominant .The person your under Will “front “ your pay and they’ll hopefully make there profit in the renewal yrs . Big change coming for all

Are they saying that FCC will not be able to regulate the e-telemarketers with the re-selling of leads and other facets because they are OFFSHORED?

 

[kgmom219]

Welp im throwing in the towel. Nice knowing yall. Take care.

That better be sarcasm!

 

[DonP]

Are they saying that FCC will not be able to regulate the e-telemarketers with the re-selling of leads and other facets because they are OFFSHORED?

No I believe the compensation cap doesn’t apply to them what there saying . Not really understanding why

 

[Jim Wright]

I’m pretty sure if there are overrides for fmo’s it’ll be much smaller than before . Plus unless the fmo compensates the agent out of his “overrides “ there’s zero incentive for me to be with that fmo . Regardless of how the carriers structure “ overrides “ if it happens it will be based on hush hus enrollments . The fmo will still be making his fee on how much business and money he makes the carrier . If cms doesn’t punish the fmo in some way all they did is punish the agent big . And the $100 extra is double bs . 90% of mapd sales are mapd to mapd which beams the agent gets a lousy $50 . I was getting about $175 to $200 an app marketing , good persistency money .

I think this is where some of the disconnect happens between agents and FMO's. In the video, I really liked how they explained the "supply chain" between carriers and agents. I think most agents think of FMO's as working for the agent. While they do provide services to the agent to help them sell, they 100% work for the carrier. The carrier is paying the FMO to do the administration for selling agents. Same way that CMS pays carriers to administrate MA because they can't/don't want to.

Does it mean the system is perfect and fair? No. But, that's how it's structured. Saying that an FMO's value is solely in their override share is outside of the reality of what an FMO is. I love to share overrides with my agents because to me, they are the ones making me successful. But if you ask a carrier who is doing the work they are paying for, it's the operations of the FMO.

 

[DonP]

I think this is where some of the disconnect happens between agents and FMO's. In the video, I really liked how they explained the "supply chain" between carriers and agents. I think most agents think of FMO's as working for the agent. While they do provide services to the agent to help them sell, they 100% work for the carrier. The carrier is paying the FMO to do the administration for selling agents. Same way that CMS pays carriers to administrate MA because they can't/don't want to.

Does it mean the system is perfect and fair? No. But, that's how it's structured. Saying that an FMO's value is solely in their override share is outside of the reality of what an FMO is. I love to share overrides with my agents because to me, they are the ones making me successful. But if you ask a carrier who is doing the work they are paying for, it's the operations of the FMO.

I got a great fmo and very very occasionally I use them for something. But a great majority of agents haven’t talked to there fmo in a yr or yrs and get nothing but the free enrollment software . But I agree with your analogy that the carrier relies on the fmo for some things like licensing and such forth . As far as product training all carriers have regional people on the ground for . For new agents many are loa and that’s nothing to do with the carrier . My thesis is without Fmo’s and agents enrollment in Medicare plans will basically be the same . The jello in the bowel might be rejiggered some

 

[Jim Wright]

I got a great fmo and very very occasionally I use them for something. But a great majority of agents haven’t talked to there fmo in a yr or yrs and get nothing but the free enrollment software . But I agree with your analogy that the carrier relies on the fmo for some things like licensing and such forth . As far as product training all carriers have regional people on the ground for . For new agents many are loa and that’s nothing to do with the carrier . My thesis is without Fmo’s and agents enrollment in Medicare plans will basically be the same . The jello in the bowel might be rejiggered some

Totally agree with all of that. Outside of the basic structure, not every FMO is going to be worth their weight to an agent.

We offer a lot more than ORs and enrollment software. We tend to work more as a consultant for managing/growing business organically. We have some lead gen relationships but don't offer that stuff because the feedback we get from our agents is typically negative.

I have a broker that recently got hit with a Maximus hearing from one of his clients and we were able to get him a consultation with the ERISA attorney we have on retainer.

We do trips that don't have meetings attached to them and tons of free time, we try to stay in touch and check in with people in person as much as we can. I know some of those things may not be important to a lot of people but we don't want to be an appointment monger. We want to have relationships and we want to serve.

I didn't mean for that to sound like a sales pitch. I know there are entities out there that want to be good stewards of the carrier funds they're given and others just want to collect and get fat.

 

[rmhaire]

We offer a lot more than ORs and enrollment software. We tend to work more as a consultant for managing/growing business organically.

So are you an FMO, IMO, MGA or what?

Doesn't matter. I'm pretty sure you'll be the only butt nekked opera singing FMO on here ..... Hell yeah, I'm in.

 

[Jim Wright]

So are you an FMO, IMO, MGA or what?

Doesn't matter. I'm pretty sure you'll be the only butt nekked opera singing FMO on here ..... Hell yeah, I'm in.

Haha I've tried to stop selling my body for a buck (not that anyone would buy these days)

I guess technically we are an FMO because we are direct with all of our carriers with an exception or 2. The majority of our business is Group GA services and we have a pretty big Financial Services division as well

 

[Tahoe Ray]

So are you an FMO, IMO, MGA or what?

Doesn't matter. I'm pretty sure you'll be the only butt nekked opera singing FMO on here ..... Hell yeah, I'm in.

I offer nothing as an IMO/MGA but contracts however I will promise not to get naked.