New Senate report on agent commissions

[MedicareWAA]

Senate Finance Committee dropped another report about agent commissions, overrides, and other payments to brokers. Not a good look. At least they finally seem to grasp that commissions aren't the same as overrides.

You can read it here:

https://www.finance.senate.gov/imo/media/doc/pushing_medicare_advantage_on_seniors_unraveling_the_complex_network_of_marketing_middlemen_-_32425docx.pdf

 

[Duaine]

A fixed fee should be established for all MA plan enrollments. This fee should be indexed to inflation, not Medicare program enrollment growth and determined through aCMS-led study to examine the fair market value for MA plan commissions and related administration and service fees. This fee should be provided for all MA plans enrollments to compensate agents and brokers for their time.

Administrative fees should similarly be determined by CMS to ensure that agents, brokers, and the administrative apparatus that supports them is free from financial influence when presenting plan options to consumers. Based upon the Committee's report, administrative fees are generally between $150-$200, but could be less if required to be paid for all available MA plans.

MA plans should be prohibited from providing or creating additional service fees to TPMOs or other marketing firms to end-run around the fixed fee requirements..

 

[DonP]

Very detailed report . The # that stuck out to me is carriers spend $7 billion in commissions ,overrides and marketing money . They rightfully said that its taxpayer money . What also stuck out is fees above agent comp can be $1000 an app. That's insane . What product pays an override of 100-300%. They need to cap overrides at $100 an app total

 

[Duaine]

Apparently we agents are PUSHING MEDICARE ADVANTAGE PLANS ON POOR UNSUSPECTING SENIORS..
SHAME ON US...!!!

https://www.finance.senate.gov/imo/...etwork_of_marketing_middlemen_-_32425docx.pdf

 

[axeman462]

it should be noted that the report was put together by Senator Ronald Wyden... a Democrat. Which means even talking about this "report" is a waste of time. His party is in the minority, will be for the foreseeable future and has no power.

Go to the back of the bus, sit down, and shut up. You lost. Deal with it.

 

[Special Agent]

it should be noted that the report was put together by Senator Ronald Wyden... a Democrat. Which means even talking about this "report" is a waste of time. His party is in the minority, will be for the foreseeable future and has no power.

Go to the back of the bus, sit down, and shut up. You lost. Deal with it.

DOGE don't need no stinking badges to make cuts!

 

[DonP]

it should be noted that the report was put together by Senator Ronald Wyden... a Democrat. Which means even talking about this "report" is a waste of time. His party is in the minority, will be for the foreseeable future and has no power.

Go to the back of the bus, sit down, and shut up. You lost. Deal with it.

Trump's administration pursuing cms lawsuit to cut overrides . Also to think doge laying off potentially millions of federal workers and carriers and agents won't be touched is laughable

 

[axeman462]

Trump's administration pursuing cms lawsuit to cut overrides . Also to think doge laying off potentially millions of federal workers and carriers and agents won't be touched is laughable

*Gasp* you unblocked me!?!?

 

[MedicareWAA]

Very detailed report . The # that stuck out to me is carriers spend $7 billion in commissions ,overrides and marketing money . They rightfully said that its taxpayer money . What also stuck out is fees above agent comp can be $1000 an app. That's insane . What product pays an override of 100-300%. They need to cap overrides at $100 an app total

Suddenly the monster sales numbers you brag about don't look so monster. Whatever you're getting for your volume is a fraction of what the big boys get.

 

[MedicareWAA]

it should be noted that the report was put together by Senator Ronald Wyden... a Democrat. Which means even talking about this "report" is a waste of time. His party is in the minority, will be for the foreseeable future and has no power.

Go to the back of the bus, sit down, and shut up. You lost. Deal with it.

Well, Biden proposed giant changes to agent comp, it was blocked in court, and the current administration is still out there fighting for it …….