Medicare Advantage Commissions

Dec 7, 2018 at 8:31 AM

  1. BUCKEYEBOB
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    BUCKEYEBOB New Member

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    I am a newbie with this being the first year selling Medicare Advantage Plans-can someone help me with a questions are the insurers bound by CMS guidelines on how they pay commissions-I realize for 2019 the national rate is $482, for first time enrollments and $241 for renewals. Is this commission paid out over 12 months or as one-time payment by the insurer. Again this question shows how green I am,

    Thanks
     
    BUCKEYEBOB, Dec 7, 2018 at 8:31 AM
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  2. Midlevel
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    Midlevel Guru

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    All of my MA contracts are at the level you stated. The ones I write during AEP will pay out the first couple weeks of January for the entire year. If they were on a Med Sup then it will be the $482.00 and if they were already on an MA plan it will be $241.00. I switched a bunch from one MA to another so those will all pay out the $241.00 but then obviously no renewals until January, 2020. I will get a check for around $70000.00 from one company but then won't get the renewals I was receiving this year. Will be a nice little bump again come January of 2020.
     
    Midlevel, Dec 7, 2018 at 8:44 AM
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  3. GoPokes
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    GoPokes Guru

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    If you wrote the policy during AEP, and the effective date is Jan 1 2019, it will pay out as a lump sum payment in Jan/Feb. The renewals start paying monthly in Jan 2020.
     
    GoPokes, Dec 7, 2018 at 10:58 AM
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  4. sshafran
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    sshafran Guru

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    Others have answered already... but, basically, some (potentially) big pay days Jan & Feb (with some carriers coming as late as March).

    Then, nothing, unless you keep your pipeline full and keep selling.

    2020, if they all stayed on the books, you start monthly, which is nice for steady $.
     
    sshafran, Dec 7, 2018 at 3:13 PM
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  5. Chazm
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    Chazm Guru

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    What’s even better is if you write a t65 towards the end of the year. You get paid the $482 up front and monthly starting that January. At least that’s what I’m told. I’m bad at keeping up with comm
     
    Chazm, Dec 7, 2018 at 6:31 PM
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  6. sshafran
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    sshafran Guru

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    December T65 MAPD apps are like personalized Christmas presents.
     
    sshafran, Dec 7, 2018 at 6:37 PM
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  7. Chazm
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    Chazm Guru

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    Since this thread is answered did you have issues with WellCare? I wrote about 40-50 with them and when I realized you could check enrollments (today mins you) there were 4 not on there. 3 hours of on hold later my phone decided to give up and disconnect. I tried to go to WellCare’s agent assist page and it’s a no go.
     
    Chazm, Dec 7, 2018 at 6:41 PM
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  8. Hopes
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    Hopes Super Genius

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    I'm nowhere near your numbers but for me Wellcare is running, easily, a week behind showing eapps in my portal and 9 days on paper. It got worse towards the end of AEP.
     
    Hopes, Dec 8, 2018 at 1:50 AM
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  9. sshafran
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    sshafran Guru

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    I'm not (currently) contracted with WellCare, so I don't know. Their PDP came up as pretty competitive in a number of situations this year, and I just did the cms enrollment, which is lost $ (while not much... it's still green). I plan to contract with them soon.
     
    sshafran, Dec 8, 2018 at 8:51 AM
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