Which Med Supp companies ADVANCE Commissions?

[wehotex]

I’m not a big Med Supp writer,but I’ve been asking them how they pay. I’m “as earned” since I’m not in immediate need of the $ and prefer not to have a load of chargebacks that I would owe the company in case the members cancel too soon.
Is there a general preference for ADVANCES or “as earned”? Apparently, Aetna gives me the OPTION- nice.

 

[sshafran]

I’m not a big Med Supp writer,but I’ve been asking them how they pay. I’m “as earned” since I’m not in immediate need of the $ and prefer not to have a load of chargebacks that I would owe the company in case the members cancel too soon.
Is there a general preference for ADVANCES or “as earned”? Apparently, Aetna gives me the OPTION- nice.

Med Supp business is pretty sticky. Will some cancel? Yes, but at a low, low % rate. Like, some people don't believe it low. Therefore, taking the advance will leave you very little risk of chargeback.

Plus, the advance won't be huge. We're not talking a $75/mo FE policy advancing $775 @ 115% and 9-mo. We're more talking a $110/mo Med Supp policy advancing $237 @ 20% and 9-mo.

Not too hard to pay back if you aren't consistently writing business...

 

[sshafran]

So, sorry for almost completely ignoring the ? in the thread title:
"Which Med Supp companies ADVANCE Commissions?"

The answer is almost all of them. A better question may be, which ones do not (very, very few).

 

[somarco]

If you don't need them (advances), don't take them. Just complicates the issue IMHO.

I used to be @ $23/mo on average, now $26+. Not much, but adds up when you get multiples of 100 clients . . . . 100 = $2300 . . . . 200 = $4600 and so forther.

Depending on your monthly nut, a couple of hundred clients residual income is decent enough to pay your rent (unless you live in the high rent district).

I built slowly. Took me a bit over 3 yrs to get to a comfortable residual level. Took 5 to get where I needed to be.

Not everyone has the luxury of waiting. They need $$$ right now.

If that is your situation, Medigap is probably not for you.

 

[joe92275]

they all do, but some charge interest. So if you are ok financially, take the ones who charge interest as earned, but advance the ones who don't charge interest....its a 0% loan.