Med Supp Commission Questions

[fetam]

Question for you guys. I was just double checking my commission statement and some numbers just didn't add up for me.

I was told by Sentinel that they take my monthly premium, say $100. Times that by 12, THEN TAKE AWAY $200, then multiply by my commission rate. That is what I make on the sale.

Question is, do all companies take away that $200? No where in any of my contracts does it say anything about this.

I'm also with Gerber and MoO.

 

[Superchief]

Not really sure about the $200 but I don't write for Sentinel so I can't say.

The only deduction I am familiar with is the Part B deductible in regards to Plan F - $155.

 

[sman]

No, not all companies take away $200. MOO takes away $155 for the Part B deductible if you sell Plan F. New Era doesn't take any away. And you're correct, it is not disclosed in the contract. Sneaky, berry, berry sneaky.

 

[G.Gordon]

No, not all companies take away $200. MOO takes away $155 for the Part B deductible if you sell Plan F. New Era doesn't take any away. And you're correct, it is not disclosed in the contract. Sneaky, berry, berry sneaky.

Nope.

Read the contract again. It does say it deducts the part B deductible. It says it deducts the premium for the part B ded. which is usually more than the ded. is.

 

[sman]

Sorry, my contract doesn't state that.

 

[G.Gordon]

Care to quote your contract word for word?


What I read is: "The premium for the Medicare part B deductible is non-commissioned."


The premium for and the actual deductible are not the same numerical value.

 

[sman]

Yeah, I'll quote the ENTIRE contract gordo. Give me a break. Let me rephrase it to make you happy (or not), when an FMO sends out the appointment paperwork, that information isn't in the contract. It IS disclosed once you get everything from the carrier. Unfortunately, some FMO's don't freely give this information (i.e. - commission schedules where it is disclosed).

Care to quote your contract word for word?

 

[G.Gordon]

Yea Sman, I expected you to post the entire contract.

I said quote the contract... as in the text concerning the issue we were discussing.

Not much on following the flow.

 

[Frank Stastny]

These are the companies I offer contracts for so they are the only ones where I have the full information on.

The following information is contained at the bottom of each commission schedule I send out. I'm not sure if it is also mentioned in the contract, not time to read each individual contract. OK, I'm to lazy to.

Not all would copy and paste so I had to type some of them. The information is correct unless I made a mistake. (Haven't made one yet this year. haha)

United of Omaha
4. Medicare Part B deductible premium is not commissionable except for the state of Indiana. Commission is
not calculated on premium increases.

Mutual of Omaha
3. Medicare Part B deductible premium is not commissionable except for the state of Washington. Commission is not calculated on premium increases except for the state of Washington.

United World
3. Medicare Part B deductible premium is not commissionable except for the state of Indiana. Commission is not calculated on premium increases.

Sentinel
3. Medicare Part B deductible premium is not commissionable except for the State of Washington. Commission is not calculated on premium increases except for the State of Washington.

Woodmen/Assured
3. Medicare Part B deductible premium is not commissionable except for the State of Washington. Commission is not calculated on premium increases except for the State of Washington.

Gerber
3. Medicare Part B deductible premium is not commissionable except for the States of Indiana and Washington. Commission is not calculated on premium increases, except for the states of Indiana and Washington.

 

[fetam]

So the $155 deductible is non commissionable, what is the other $45 they take away for? I asked the lady in the commissions department at Sentinel and she said, "I really don't know. I can never get a straight answer from my boss about it". What the crap?

Not much I can do about it. Done stressing about it, just more curious now. Maybe they just send it to Frank for goat grooming fees!