It Does Not Look Good for Agents Selling Medicare Supplements.

[Russ]

Re: It Does Not Look Good for Agents Selling Medicare Supplements

Are any of you certified to sell PDP's???
If so, you already know what health insurance commissions will look like in the future.

I thought about that too. Yeah, those massive $53 true-up commissions with AARP on their PDP plans are making me think retirement.

Here's a good article from National Underwriter on the PPACA...Fitch: PPACA May Hurt Margins - Regulatory,Legislative and Tax Issues - Life and Health Insurance News

 

[Hank]

Re: It Does Not Look Good for Agents Selling Medicare Supplements

hey, they are all good games.

The big game is tomorrow.

Sorry, Orange.....

OK..... I thought I'd stop by today to eat some crow. My boys didn't play very well at all but I'm still proud of them for the season they've had.

But Kentucky sure looked good.

 

[Russ]

Re: It Does Not Look Good for Agents Selling Medicare Supplements

Now that I get to thinking about it, I bet that's what they do on med-supps...kind of like PDP's and MA's, where if it's a first-time buyer of a med-supp you get a true-up commission and if it's a replacement you just get a 2nd year commission.

 

[MrMack]

Re: It Does Not Look Good for Agents Selling Medicare Supplements

Now that I get to thinking about it, I bet that's what they do on med-supps...kind of like PDP's and MA's, where if it's a first-time buyer of a med-supp you get a true-up commission and if it's a replacement you just get a 2nd year commission.

And it will be restricted to where you can't contct them until they call you and you sign a Scope form.

 

[Russ]

Re: It Does Not Look Good for Agents Selling Medicare Supplements

And it will be restricted to where you can't contct them until they call you and you sign a Scope form.

S h * t.......I forgot about that. Oh well, then I'm really out of business.

You're probably right. I'd be put in prison for 20 to life for phone soliciting someone for a med-supp plan that paid $80 in commission.

 

[DS4]

Re: It Does Not Look Good for Agents Selling Medicare Supplements

I thought about that too. Yeah, those massive $53 true-up commissions with AARP on their PDP plans are making me think retirement.

$53 ???!!! You lucky bastard.
I make $49. $29.50 on replacement.

 

[Russ]

Re: It Does Not Look Good for Agents Selling Medicare Supplements

$53 ???!!! You lucky bastard.
I make $49. $29.50 on replacement.

I'm only making $26.50 on replacement!!!

 

[medx]

Re: It Does Not Look Good for Agents Selling Medicare Supplements

Interesting.

Medicare Insurance supplement insurance resource website and Medicare supplement Insurance Benifits website
American Seniors Insurance
www.americanseniors.com (American Seniors - Medicare Supplement Insurance Quotes)

www.AmericanSeniors.com
Medicare supplemental Insurance answers

National Medicare Supplements
medicare supplemental insurance resource
Get answers about medigap plans in your state
www.nationalmedicaresupplements.com
National Medicare Supplements

 

[azmedsupagent]

Re: It Does Not Look Good for Agents Selling Medicare Supplements

100 % correct.


Once again, I am not trying to scare anyone, and I dont sell life insurance. I sell Medicare Supplements, and love what I do. I hope this Bill does not apply to Medicare Supplement Insurance, but what I hope, and what is written in the Bill are 2 different things . As the writer above wrote, and quoted straight from the CMS Website that even CMS classifies Medicare Supplement Insurance as "private health insurance". You can also contact you State Department of Insurance, and ask them what classification does medicare Supplements fall into ? and you will be told "Health Insurance". And unless specifically exempted from the Bill, Medicare Supplement Insurance at this point, must abide to the new Law, within the time line set out by the law. And the Law says that all private Health Insurance plans must pay 80 to 85% of it collected premium straight back to medical services, and nothing else, that leaves only 20% to 15% percent for the Insurance company to keep, and pay its Bills, including Agents commissions. So if you think you will continue to get 18 % to 22 % commission, when the Insurance Company wont even be getting that much, then your head is in the sand.

The last person you should believe, is someone in your up line, that makes an override from you, as it would be in that persons best interest for you not to believe me, and to continue to make money off of you right up until the day the ship has sunk.

CMS classifies Medicare Supplement insurance as "private health Insurance"

State Insurance Boards classifies Medicare Supplement insurance as "private health Insurance"

Frank says medicare Supplements are not "private Health Insurance"..

Who do you believe ?

make no mistake, med supps are indeed private health insurance however I don't think this is what we should be arguing about. We should be looking to determine if all optional, secondary, supplemental health insurances will be effected by these mandates. Figuring out Whether or not a med supp is private health insurance will not get us the answer we want.
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Look a little more carefully at the date of your source.... things are quite different today than in November of '09. For one thing, the health exchanges go into effect in 2014, and that's just for starters.
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Getting away from this subject an onto another, consider this: All markets are to go GI by 2014... do you think that will not include Med Supps? Can you just imagine Seniors on Medicare being the only ones not allowed GI for a Med Supp?

I think the CMS Medigap program will be completely re-written in the next few years. If they do, I suspect there will be fewer plan choices along with a new alphabet, and I would expect grandfather existing plans.

Look at the mandates in addition to GI: Medicare is to begin providing Preventive benefits. To date, the only Preventive benefit Medicare has offered is the "Welcome to Medicare" PHY on aging in. This was one of the main features of Medicare Advantage plans.

It is possible that CMS will morph MAs into Med Supps, effectively eliminating the MA program.

Seniors do have GI already! Its called MEDICARE. A medicare supplement is a totally optional supplemental coverage. Why would it need to be garuntee issue? My thought is that they wouldnt.

 

[stormtracker]

Re: It Does Not Look Good for Agents Selling Medicare Supplements

Looks like the solution is simple-- either go captive with the new wave of health carriers, or shift to another product. Better yet, you could run for office and really make a go of it...