Question About Medicare Supp Commissions

Roy2015

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Nevada
Hi everyone. I'm new here and I'm looking to get started selling medicare to seniors. I know the senior market is huge right now and will be so for the next 18 years or so. I have been talking with a FMO and they have told me that they pay 100% commissions paid. How does this work. Is this 100% of the annualized premium for a policy I write? B/c they say that if I enroll a "just turned 65" client into the program that I will get $408. That is only $33 per month and jus seems like a low premium for medicare supps. What am I missing here guys? lol. I have sold Final Expense and I know that there is your 1) commission % ... and 2) the advance %. Does medicare supps work the same way? Thanks in advance for any replies!
 
Hi everyone. I'm new here and I'm looking to get started selling medicare to seniors. I know the senior market is huge right now and will be so for the next 18 years or so. I have been talking with a FMO and they have told me that they pay 100% commissions paid. How does this work. Is this 100% of the annualized premium for a policy I write? B/c they say that if I enroll a "just turned 65" client into the program that I will get $408. That is only $33 per month and jus seems like a low premium for medicare supps. What am I missing here guys? lol. I have sold Final Expense and I know that there is your 1) commission % ... and 2) the advance %. Does medicare supps work the same way? Thanks in advance for any replies!

Most Med Sups pay the agent between 18% on the low end up to around 23% on the higher end. They usually advance 100% of your 1st year. They pay the same amount as renewals for six years.

There is also a completely different Medicare Insurance system called Medicare Advantage that pays around $400 for new enrollments and $200 renewals. It's not based on premiums. Many are zero premium plans.

I would subscribe to Medicare 101 or Chris Westfall's training site before you sign up with anyone.
 
Thanks Newby! Yea they must be talking about the Medicare Advantage plans. I have ran across medicare 101 and chris westfall's site before. I will most likely subscribe to one of them soon. Thanks a bunch for your time!
 
Thanks Newby! Yea they must be talking about the Medicare Advantage plans. I have ran across medicare 101 and chris westfall's site before. I will most likely subscribe to one of them soon. Thanks a bunch for your time!

Good Advice by Newby also I would be a little cautious about the wording 100% commissions paid. May mean nothing However I know the are some FMO's that are offering good 1st year comish and free leads However there is No Renewals
 
I have heard stories from other agents who say an FMO offered them 100% commission, and it turned out to be 100% of the 22% commission. Sneaky
 
I would start with only supplements in the beginning. The marketing restrictions for MA/PDP make it tough for someone just starting out, unless you've got a large marketing budget or are skilled at networking.

With supps, (excluding UHC) you can just pick up the phone and start dialing to find someone looking to save money on their premiums. To be effective though, you need to know what areas to market in. Chris can help you with that!
 
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