Random Thoughts, Ramblings, Ideas, Questions, Etc..
- Thread starter AllenChicago
- Start date
We have bonus programs out the wazoo in NY.
Oscar gives $50 per contract that signs up with ACH payments by Feb. No limit, one time fee. (Raised comp across the board too!)
Emblem gives $30 per contract on SG with 11/1 or 12/1 effective dates retained for a quarter. No limit, one time fee.
Health Republic gives .5% bonus at 100 contracts, and 1.0% bonus at 200 contracts for SG business 1-1. No limit, recurs monthly on all in-force SG business so long as your book doesn't drop below the limits.
NSLIJ/CareConnect has a bonus for 12/1 effective small groups. $75/contract at 20 subscribers, $100 per contract at 50+ counted in Feb. No limit, one time fee.
Oxford/United/GR isn't offering anything, but hey, they tripled their commission so I can't exactly complain. Not big on Aetna, so I'm not sure what they're offering. The Blues aren't offering a bonus either, but they offer a whopping $16 per insured bellybutton on individuals, and $18 per contract on group, so no complaints there (more than TRIPLE what they paid pre-ACA).
If you told me I'd be looking at even the possibility of higher compensation in 2015 than I did in 2014 or 2013, I would have called you a liar. I didn't see this coming, but it's certainly welcome.
Oscar gives $50 per contract that signs up with ACH payments by Feb. No limit, one time fee. (Raised comp across the board too!)
Emblem gives $30 per contract on SG with 11/1 or 12/1 effective dates retained for a quarter. No limit, one time fee.
Health Republic gives .5% bonus at 100 contracts, and 1.0% bonus at 200 contracts for SG business 1-1. No limit, recurs monthly on all in-force SG business so long as your book doesn't drop below the limits.
NSLIJ/CareConnect has a bonus for 12/1 effective small groups. $75/contract at 20 subscribers, $100 per contract at 50+ counted in Feb. No limit, one time fee.
Oxford/United/GR isn't offering anything, but hey, they tripled their commission so I can't exactly complain. Not big on Aetna, so I'm not sure what they're offering. The Blues aren't offering a bonus either, but they offer a whopping $16 per insured bellybutton on individuals, and $18 per contract on group, so no complaints there (more than TRIPLE what they paid pre-ACA).
If you told me I'd be looking at even the possibility of higher compensation in 2015 than I did in 2014 or 2013, I would have called you a liar. I didn't see this coming, but it's certainly welcome.
- 2,170
What's a bonus? Allen I don't know my commission schedule either, but I do know FB has released it.
- 2,170
That may be what they're planning.
- Thread starter
- #86
- 8,448
Now that all the rate increase letters are arriving, I've been comparing what clients tell me, compared to carrier rate increase filings for 2015.
The carriers are butt kissing HHS, by hiding a key element in their rate increase data. Example for Illinois Metallic plans purchased in 2014:
195,000 I.F. Plans get a 24% increase.
17,000 I.F. Plans get a 9% decrease.
24%-9%/2 = 7.5% Average Rate Increase by this carrier. Carrier reports 7.5% average to HHS and the State. The news media broadcasts the "good news".
Unfortunately, most of the plans are in the +24% range, and they're all calling in super angry as the letters arrive. The pre-2014 plans are getting even larger increases.
I'm considering changing my Avatar. The "This is going to hurt!" is too tame of a description for what the majority of Individual plan policyholders are going through. Better keep it PG-13 though. Lots of Govt and Industry officials visit this forum every day.
The carriers are butt kissing HHS, by hiding a key element in their rate increase data. Example for Illinois Metallic plans purchased in 2014:
195,000 I.F. Plans get a 24% increase.
17,000 I.F. Plans get a 9% decrease.
24%-9%/2 = 7.5% Average Rate Increase by this carrier. Carrier reports 7.5% average to HHS and the State. The news media broadcasts the "good news".
Unfortunately, most of the plans are in the +24% range, and they're all calling in super angry as the letters arrive. The pre-2014 plans are getting even larger increases.
I'm considering changing my Avatar. The "This is going to hurt!" is too tame of a description for what the majority of Individual plan policyholders are going through. Better keep it PG-13 though. Lots of Govt and Industry officials visit this forum every day.
- 599
Now that all the rate increase letters are arriving, I've been comparing what clients tell me, compared to carrier rate increase filings for 2015.
The carriers are butt kissing HHS, by hiding a key element in their rate increase data. Example for Illinois Metallic plans purchased in 2014:
195,000 I.F. Plans get a 24% increase.
17,000 I.F. Plans get a 9% decrease.
24%-9%/2 = 7.5% Average Rate Increase by this carrier. Carrier reports 7.5% average to HHS and the State. The news media broadcasts the "good news".
Unfortunately, most of the plans are in the +24% range, and they're all calling in super angry as the letters arrive. The pre-2014 plans are getting even larger increases.
I'm considering changing my Avatar. The "This is going to hurt!" is too tame of a description for what the majority of Individual plan policyholders are going through. Better keep it PG-13 though. Lots of Govt and Industry officials visit this forum every day.
If they want to be accurate, they really need to do a weighted average...
(195/212)*24% + (17/212)*-9% = 21% increase
I knew my degree in mathematics would come in useful sometime.
Wait a second, Unic, you mean that a 10% decrease on 10,000 people, and a 20% increase on a million people, isn't an average 5% increase, but something more like 19.7%?
I'm not sure if you're right, I saw a guy wearing a tie on TV tell me different. Are you even on TV? Do you even wear a tie?
(Sarcasm... I wish the real, weighted, figures were what's quoted on TV and news. Their simple averages make me want to bang my head on a wall.)
I'm not sure if you're right, I saw a guy wearing a tie on TV tell me different. Are you even on TV? Do you even wear a tie?
(Sarcasm... I wish the real, weighted, figures were what's quoted on TV and news. Their simple averages make me want to bang my head on a wall.)
- 599
That's true...I'm not paid big bucks to spout misinforming rhetoric. If I could lie better, I'd be a lot richer.
Similar threads
