Compensation plan for Medicare agents
- Thread starter Satchmo
- Start date
Are they going to be loa agents? If so you can pay them what you want . Are they getting paid directly from the carrier ? If so then they’ll get full street level commissions . If thats the case you have to work out an override agreement with the fmo directly . Thos are called admin fees . Depending on your agencys vol those can be anywhere from $50 to $175 an app . Then you got marketing money that’s negotiable . Before attempting to open an agency you should have known all this info
- Thread starter
- #3
You may already know this but in case others who read this thread don't: Make sure the business form you are taking for your agency is appropriate and protects the shirt off your back and familys' backs in case you get sued or, for some reason, go bankrupt. Yes professional liability insurance for lawsuits helps but having more protection than that makes sense when your business incorporation form means just your business assets are at risk (so their assets are not commingled with yours) and you don't lose all of yours too. Sole proprietor is NOT it (assets are commingled). Your local Small Business Administration can help you with that and answer questions.
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I'm kinda curious on how you are doing this with no experience? There is compliance, conduct, trainings; lots of things to be done. Contracts, negotiations, (omg...the list is endless). You see, that's the problem. New agencies all over the place, calling themselves FMOs when they are not.
Look, I'm not being mean & I hope you succeed. But even relationships with Carriers cultivate; and I'm retirement mode....so I'm being honest.
Here is my 'advice:' Interview uplines and read about them online. Get a good one with tons of support. Make sure you have a "local" person. Like, they are your freakin' 911. Then start developing. These guys want you to grow. They will tell you everything you need to do. Get a 'bad' one...you will fail.
Good luck.
Look, I'm not being mean & I hope you succeed. But even relationships with Carriers cultivate; and I'm retirement mode....so I'm being honest.
Here is my 'advice:' Interview uplines and read about them online. Get a good one with tons of support. Make sure you have a "local" person. Like, they are your freakin' 911. Then start developing. These guys want you to grow. They will tell you everything you need to do. Get a 'bad' one...you will fail.
Good luck.
I love this game . On the way to 450-500 enrollments 240 being new with 5 different carriers . My preparation starting in early September with 13-15 hr days 7 days allowed me to get ahead of the curve and get my clients out of the way fast doing 30-40 enrollments a day . Referrals are off the hook at 4-5 a day as termed plans everywhere . If you believe you can achieve
Attachments
All our downlines (while they have higher numbers than you), and ducking their heads this year. They are mainly doing roll-overs, and moving on. Why? They want CMS to get rid of the bad agents.
Keep up good work! I see you have value. The question is...where is your value coming from, and how? And today real FMO's are even asking.
Keep up good work! I see you have value. The question is...where is your value coming from, and how? And today real FMO's are even asking.
And here is my final point. You stated, "I love this game."
You are playing with a cancer patient life, an immigrant and more. You throw numbers at me like it's candy.
And, you didn't really care. And you want to start an agency: which will breed your continency.
Well, God will watch what you do for the $30.00 comms.
I do wish you luck. But my Firm takes ethical Brokers & downlines. When you reach that point in life...you are more than welcome to fill out an app.
You are playing with a cancer patient life, an immigrant and more. You throw numbers at me like it's candy.
And, you didn't really care. And you want to start an agency: which will breed your continency.
Well, God will watch what you do for the $30.00 comms.
I do wish you luck. But my Firm takes ethical Brokers & downlines. When you reach that point in life...you are more than welcome to fill out an app.
You got me confused with the orginal poster . I’m not building a downline . I was giving the op advice . I’m a single agent . Few agents face to face in the country put up #’s like me . It’s because my clients know I care .
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