GR 2011 Commission Going Live Today

[Paradigm]

health agents need to learn a simple fact. "Its a big license" you can sell life, annuities, di, medicare supps, ma, critical illness, accident and even limited benefit plans. Realize you have a lot of arrows in your quiver.

 

[YouGotMyMoney]

I hope they do away with advances, personally. I haven't taken an advance since my 2nd month in the business, when I saw what chargebacks do to your income and how long it can take to recoup.

What does taking an advance have to do with chargebacks?

Without advances most agents would never make it.

And even if your bringing in 5k a month in renewals, I'd still want the ins carrier to advance me as much as I can get as long as I am not paying interest.

Give me a 10-15% first year followed by 8-10% after that for individual, and something around $30-45 PEPM or 6% on group and I'll be happy and able to thrive.

Yes, but who is paying 18-25% over two years for indy health?

UHC will be 10% for most agents fyc plus 4% renewal, that's 14% over two years.
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Also since Bonus structures will also be put in place, a producer could actually do better.

Bonuses will not make up for a 40-50% reduction in comp.

 

[Ann H]

I would love to know what states have the highest premiums.

IRS has released a state-by-state table of average health insurance premiums for the small group market for the 2010 tax year (Rev. Rul. 2010-13). The table is needed to calculate this year's Code Sec. 45R small employer health insurance credit, which was created by the Patient Protection and Affordable Care Act. It can be found at irs.gov/pub/irs-drop/rr-10-13.pdf.

ANSWER - Alaska due to the high cost of living, followed by all of the states that already have universal healthcare or mandated guarantee issue.

To know which states have the highest IFP premiums, go to healthcare.gov, and enter a census for a typical family, using zip codes in different states. It takes a little work, but you'd be surprised to find the answers. (The answer is still Alaska followed by all the states that already have universal healthcare or mandated GI.)

Nice of the government to funnel that info to us, huh?
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[ins.dave]

John Boehner | Fighting for Freedom. Making a Difference. | JohnBoehner.com

We went to this site and explained how our income is to be cut in half while our operating expenses have not been. More economic "stimulus" I guess ...
Who and what is next?
Time to get "united"as ins. brokers?

We asked them directly whether or not MLR would be repealed along with the rest of this legislation as he said they would do. There are hundreds of thousands of ins. brokers nationwide; let's let the G.O.P hear from us all?
While we are contemplating and commiserating; could we maybe come together on this in the best interest of all of us?

 

[somarco]

The answer is still Alaska followed by all the states that already have universal healthcare or mandated GI

Shocking!

I often make the analogy between health insurance and loans. If the govt required lenders to make loans to everyone, regardless of credit history or ability to pay we would have a big mess.

Oh wait, we already tried that . . .

But take it a step further.

Say that in addition to requiring lenders to give money to anyone regardless of credit they had to charge everyone the same rate of interest.

And . . .

The govt also set a maximum rate they could charge

And . . .

The limited the amount that could be charged for overhead.

What would happen to the loan market?

It would collapse.

Health insurance and all the stupid rules we have (and are about to receive) is no different.

 

[seller]

"Problem is, how many agents can single handedly process 40 apps a month? Seriously, its tough.

Thats 2 per working day, 5 days a week, 20 days a month.

On top of that, you are working 40 new leads a day, plus following up on previous leads."


Acutally, I do around 40 deals a month now. I am not advertising, but you can do it if you use a really good CRM tool like IDA (go to idaassistant or do a search on Google for IDA Assistant or Insurance Digital Assistant). There are others, but that is the one I use. I tried using Broker Office, but while it is good at quoting, it does not work as well for staying on top of the leads.

 

[somarco]

One other thing about the GR commission scale . . .

Business written from Sept 2009 forward will revert to the lower commission as of 1/1/11. To compensate for lost commission, GR will pay you $100 per app written during that time frame.

 

[YouGotMyMoney]

One other thing about the GR commission scale . . .

Business written from Sept 2009 forward will revert to the lower commission as of 1/1/11. To compensate for lost commission, GR will pay you $100 per app written during that time frame.

That's all your getting? They offered me $291.50.

 

[somarco]

They offered me $291.50.

They offered $1000 per app if I would keep my mouth shut. I couldn't let you guys down.