Referral Fees-Medicare

[mpedwards]

May I give referral fees to licensed agents for Medicare supplements, Medicare Advantage Plans, and Part D drug plans? If so, what is the standard fee?

 

[Josh]

With Medicare Advantage the most accurate short answer is no. There aren't really any standards for situations like these. It's not uncommon for agents to split the FYC as a referral fee (provided both agents are licensed for the product(s) being sold) or a flat fee. In general it's not very common though. Either an agent is just going to give a referral to make sure the client is taken care of or if they end up getting enough volume they'll just get licensed for the product(s) they're referring out.

 

[mpedwards]

Thank you Josh! What about the Part D drug plans? Are they restricted as well?

 

[DS4]

Thank you Josh! What about the Part D drug plans? Are they restricted as well?

I would pay someone not to refer Part D to me.

 

[Josh]

Thank you Josh! What about the Part D drug plans? Are they restricted as well?

Super restrictive.

.

 

[abcsales]

not enough commission in part D to split anyways

 

[Stephen]

I believe with MA and part D you can send a non cash redeemable gift under a certain amount once per year, but you can't promise it in advance, so it has to be a surprise.