Getting paid one month commission on med supp?

[jack3454]

I put in a Med supp app for Aetna, for dec 1 effective, new to medicare and I got paid for one month (December). Is this how it works with Med Supp? When I did the calculation it should have been 20% of the annual premium which was $390. Any ideas?

 

[axeman462]

is your contract set up to be paid "as earned"?

 

[jack3454]

is your contract set up to be paid "as earned"?

Ohh good question...I'll have to inquire about this.

Barring that being true, is there any other reason why I should have only gotten one month payment?

 

[axeman462]

Ohh good question...I'll have to inquire about this.

Barring that being true, is there any other reason why I should have only gotten one month payment?

I can't think of any other reason, unless Aetna just doesn't pay advances on that particular policy. Either way, the answer should be in your contract/commission schedule with Aetna.

 

[goillini52]

Ohh good question...I'll have to inquire about this.

Barring that being true, is there any other reason why I should have only gotten one month payment?

Check with your FMO to see if you 're as earned or advanced.

 

[rmhaire]

Check with your FMO to see if you 're as earned or advanced.

That plus the fact that most supp companies only advance nine months with the other three held back and paid as earned.

I think ACE advances 12 months but don't hold me to it. I'm on as earned with all of mine.

 

[goillini52]

That plus the fact that most supp companies only advance nine months with the other three held back and paid as earned.

I think ACE advances 12 months but don't hold me to it. I'm on as earned with all of mine.

Yes, ACE is 12 months.

 

[GoPokes]

Sounds like you are new to this. I mean this in a supportive way, but get your hands on your commission schedule, and get familiar with it. I know agents who take one look at the schedule, and put it back down, because it looks confusing.... find your state, find the plan and the age, and see what it pays.

Also, look at the agent contract you filled out. Next time you do one, use CTRL+F, and search for "advance" or "as earned" and find out what youre singing up for.

You will get paid what the contract says you will get paid.

 

[Fisher]

Make it a goal to get all commission as-earned as soon as you can. I know newbie agents need the cash flow of advances (I sure as hell did) but as-earned is a beautiful salary.

Not to mention that some companies charge a percentage to advance. Medico/Wellabe does this. Or at least they used to. That doesn't make them a bad company, you just have to read your contract like GoPokes said. ^^^