Commissions for Medicare Sales

[vindem]

Hi,

I have been in the insurance business for about 5 years selling medicare insurance. I wanted to hire agents but not sure what the pay schedule is. Can anyone give me advice on what to pay for initial commission and or residual commission?

Thanks

 

[Glen Shelton]

Hi,

I have been in the insurance business for about 5 years selling medicare insurance. I wanted to hire agents but not sure what the pay schedule is. Can anyone give me advice on what to pay for initial commission and or residual commission?

Thanks

This will vary from carrier to carrier (or if you are contracting with an IMO/FMO). State to state commission levels can vary as well.

Medicare Supplement street level commission is in the 18% - 22% range and typically pays renewals for 6 years.

 

[GreenSky]

This will vary from carrier to carrier (or if you are contracting with an IMO/FMO). State to state commission levels can vary as well.

Medicare Supplement street level commission is in the 18% - 22% range and typically pays renewals for 6 years.

Actually, the renewals are for 5 years. The first year is not a renewal.

You're welcome.

Rick

 

[GoPokes]

Actually, the renewals are for 5 years. The first year is not a renewal.

You're welcome.

Rick

Well, technically, the renewals continue beyond year 5, but just at a lower rate....

 

[vindem]

I know what the commission schedule is for supp and MA but I know there are some companies that pay their agents a piece of the full commission. I heard of some companies giving a $100 per MA plan and no residuals but the appointments are given to the sales person.

 

[GoPokes]

I know what the commission schedule is for supp and MA but I know there are some companies that pay their agents a piece of the full commission. I heard of some companies giving a $100 per MA plan and no residuals but the appointments are given to the sales person.

I dont know anything about that arrangement. I guess if you appointed LOA agents under you, you could create that kind of schedule.

 

[ARios]

Hi,

I have been in the insurance business for about 5 years selling medicare insurance. I wanted to hire agents but not sure what the pay schedule is. Can anyone give me advice on what to pay for initial commission and or residual commission?

Thanks

Big Brokers around here Split the commission.
Standard is 70/30, 70 to agent, 30 to agency.
But it's hard for Rookie agents to survive on 70% paid as paid in so you might have to advance or set them up on a draw.

 

[Glen Shelton]

Actually, the renewals are for 5 years. The first year is not a renewal.

You're welcome.

Rick

Typo on my part. You are right - 6 years of possible commission, 5 years of renewals.

 

[vic120]

The OP is looking for advise on a workable pay schedule to hire agents, Should there be a salary, what kind of split, what about renewals

I have thought about these same questions and will look for any good reply's myself

one thing that should be added to the equation though, Are you supplying lead's ? what kind of leads and quality?

are the agents going to be in your office using your computer's phones CRM or will they be remote?

 

[jdeasy]

I know what the commission schedule is for supp and MA but I know there are some companies that pay their agents a piece of the full commission. I heard of some companies giving a $100 per MA plan and no residuals but the appointments are given to the sales person.

What's the name of your IMO?