It does not look good for Insurance Agents selling Health Insurance (including Medicare Supplements)
Was told that when all is said and done, Medicare Supplement commissions will be 3% to 5%.at most.
I have now talked to 2 people that have said the same thing, one is a Senior V.P of a Major Insurance Company, and the other is a good friend of mine who is retired, but was in the Insurance business for over 30 years, including being a State Insurance Commissioner for part of that time. Both have basically told me the following:
Medicare Supplement commissions will eventually be 3 to 5 % max, as Medicare Supplements will be required to be guaranteed issue, and will have to abide to the 80% to 85% rule in the new Health Reform just passed (85% of the premiums collected must be paid back to actual claims). That leaves just 15% profit for the Insurance Company, so at most 3% to 5 % will be passed along to the Agent..
They both told me that while I still have renewals coming in from previous sales,(before they are cut) that now is the time to find a new line of Insurance to sell, or a new line of work,
Was told that when all is said and done, Medicare Supplement commissions will be 3% to 5%.at most.
I have now talked to 2 people that have said the same thing, one is a Senior V.P of a Major Insurance Company, and the other is a good friend of mine who is retired, but was in the Insurance business for over 30 years, including being a State Insurance Commissioner for part of that time. Both have basically told me the following:
Medicare Supplement commissions will eventually be 3 to 5 % max, as Medicare Supplements will be required to be guaranteed issue, and will have to abide to the 80% to 85% rule in the new Health Reform just passed (85% of the premiums collected must be paid back to actual claims). That leaves just 15% profit for the Insurance Company, so at most 3% to 5 % will be passed along to the Agent..
They both told me that while I still have renewals coming in from previous sales,(before they are cut) that now is the time to find a new line of Insurance to sell, or a new line of work,
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