Which Kind of Perks Do FMOs Give to Agents?

[wehotex]

It is sad how much of a haircut good agents take from all the middlemen that don't provide anywhere near the value of their overwrite. I lose sleep thinking about. I'd bet there is close to $800 for a new to Medicare on MAPD in total commission. An agent will see around half of that if they are lucky.

Truth. $204 a pop doesn't really get me as enthusiastic to sell this crap anymore. These FMOs could at least offer cash incentives or marketing/retention money to agents with all of the bloated comp that they get. I don't know why any newby would start selling MA plans these days.

 

[Norwayguy]

Top producers only. Sorry.

Rick

That's not what your post said...You said it was top producers and you.

 

[sman]

It is sad how much of a haircut good agents take from all the middlemen that don't provide anywhere near the value of their overwrite. I lose sleep thinking about. I'd bet there is close to $800 for a new to Medicare on MAPD in total commission. An agent will see around half of that if they are lucky.

Does anybody know the real number that FMO's get? Level 4 is street level. That's the $408/$204 number (in most states). I have a few level 6 contracts which this year is $483/$279 with one carrier and $458/$229 with another carrier (at least that's what I was paid on the most recent commission statements.

I would be curious to know the actual pay out on MAPD's. I don't mind an FMO making some money assuming they either add value or give higher contracts. If they can do both that's great. There are definitely some FMO's who aren't worth the money they receive off the effort of agents. And that's where a place like this forum can be of benefit by making other agents aware of the bad players out there.

 

[kstein]

We had an fmo contract with a regional carrier for a few years and the new to Medicare payment was like $760. Renewal was $363 approximately. We lost the fmo and they reduced all renewal commissions to the street level (including the Ines done in previous years). I didn't think that was possible or fair but that's what happened.

The big players are harder to get top deals with and I'm not as familiar with them.

 

[wehotex]

Does anybody know the real number that FMO's get? Level 4 is street level. That's the $408/$204 number (in most states). I have a few level 6 contracts which this year is $483/$279 with one carrier and $458/$229 with another carrier (at least that's what I was paid on the most recent commission statements.

I would be curious to know the actual pay out on MAPD's. I don't mind an FMO making some money assuming they either add value or give higher contracts. If they can do both that's great. There are definitely some FMO's who aren't worth the money they receive off the effort of agents. And that's where a place like this forum can be of benefit by making other agents aware of the bad players out there.

Well, I can tell you of one that I truly appreciate. It is Advocate Health out of Florida. They do mostly Humana. There is always someone there in that office who takes care of commission issues, audits, general questions, etc. they even paid for a mail drop for me during AEP. They are extremely professional and do due diligence with everything that I present to them. My area agent rep seldom knows the answers to many things, but has a good heart and ALWAYS answers his phone.

Golden Outlook is one that I'm undecided about. I brought nearly 100 contracts to them during AEP, but don't really see too much reciprocation so far. It's like they hog all of the marketing money and use it to pay bloated salaries of their multitude of managers, owners, directors and VPs.

AHIA based out of San Antonio is owned by crooks. They'll take "marketing money" from the carriers, but won't use it for that purpose. Their "managers" are also in competition with the agents, since they are also selling against you. Best not share any lead sources with them. They're liable to beat you to the punch with all of their" marketing dollars" enticement.

Copeland FMO pretty much hung me out to hang when I needed them and didn't pay commission for a year after I left after my constant phone calls to them. After many phone calls. There's a new spinoff called Premier Insurance- which is run by the same gossiping queens.
It's another one who used "marketing dollars" to pay for renovations to their senior center.

I was with Applied General Agency (Anaheim, Calif)?back in the early days. They also treated me well and got me access to a medical group. Unfortunately, I left So Cal soon after and didn't stick with it- BIG MISTAKE. I understand that they've exploded in growth, so can't speak much for the way they are now.

I've seen some newbies do very well, like recently. One example is when an MA plan also has a medicaid plan in their area for elderly/disabled. since they are existing members, MA agents are able to prospect for Dual (medicare-medicaid) members from those medicaid lists. Some have profited greatly, though the lists are sometimes overworked.

 

[DS4]

My FMO sends me a birthday card.

 

[GreenSky]

I was with Applied General Agency (Anaheim, Calif)?back in the early days. They also treated me well and got me access to a medical group. Unfortunately, I left So Cal soon after and didn't stick with it- BIG MISTAKE. I understand that they've exploded in growth, so can't speak much for the way they are now.

I can. They didn't release agents 10 years ago and still won't. While this is simply my opinion, the owner is a control freak. They generally recruit new agents who don't know any better.

It was only after I left them did I learn about the 6 month wait to recontract. Since many of the other contracts I had required assignment of commission, guess how much they paid me for renewal? I figure they cheated me out of at least $5,000.

Along with several other FMOs they are bottom of the barrel.

Rick

 

[TwiLight]

I was told Twilight gives all his agents back rubs.

Only when I wipe my hands off from the Molasses you had me use on your backrub...

 

[Newby]

Only when I wipe my hands off from the Molasses you had me use on your backrub...

That wasn't molasses. That was my Botox beauty cream.

 

[axeman462]

If any. I'm not sure if they legally can because of CMS. For example, let's assume that an agent has written a ton of apps and paid the piddly $204 per app. Can the FMO compensate beyond that? One of the carriers is providing a dinner for us. I'm not all that impressed, to be honest.
One year, another also provided a dinner, but I didn't attend. I had to hem and haw for one of them to give me some leads during the AEP. Are they hogging all of the $$? A friend of mine told me that the FMO makes $200 per app, which is as much as I make. Yet, they do nothing to help. Their various VPs, sales managers and directors are wined and dined, given junket trips from the carriers and make as much or much more than me, yet receive bonuses I'm certain.
I'm a bit jaded. I worked for companies that gave all expense paid trips to top producers and their lucky managers.
So, which "incentives" can the FMOs give, if any?

Mine promises me high contracts and no spam.