Will You Write Plans at 0% Commission?
- Thread starter AgentStone
- Start date
wellll..... sorta legal. I am a health insurance agent, Group 1. Cant do it. Will not get that counselors license.
- 3,863
Broooo mail me $50 and I'll get you in the Texas High Risk Pool....
Reduced amount on what???
We are getting 5% on rates that went up 55%.
We are getting either 6 or 4 on everyhting we wrote prior to 4/1.
What the heck are you looking for?
may not be at the 5% elite level.... remember, its 3% then 4% with production retirements to get the 5%
Even at 3%, with a 50% increase, they should be close to pre-4/16. Its not reduced much.
And I do NOT want to hear any TX agent complaining. We have plans to offer. We are getting paid. That's better than most of the other 50 states.
(And while I am sure there are lots of good agents at 4%, most of the ones at 3% and less than 25 active policies in 2015 have probably already dropped out of Indy, if not the entire business)
I fell into the last category. So I'm getting 3% new and 1.5% thereafter. Not worth my time.
Sticking to P&C this year and servicing my existing book that's still paying 4%.
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I guess I'm not following. I thought we could charge fees even without a counselors license?
Per IIAT on fees:
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Do I need a Life & Health Insurance Counselor license to charge fees related to servicing group or individual health insurance?
The Life & Health Insurance Counselor license is needed by a person who
examines a life, accident or health insurance policy, a health benefit plan, or annuity or pure endowment contract for a fee or commission, and
gives advice and recommendations concerning the term, conditions, benefits, coverage or premium.
The law and rules permitting agents to charge fees applies to agents with General Lines Life, Accident, Health and HMO licenses. A person with that license who also has a Life & Health Insurance Counselor license is not permitted to receive a fee as well as a commission if he or she performs the services of an agent to the same client. In other words, if you charge a fee and receive a commission on a health insurance client, you can't be charging the fee under your Life & Health Insurance Counselor license.
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So the way I read it, you are able to charge a fee in addition to commission, you just can't also charge a separate fee under your counselor license. Am I reading that correctly?
Sticking to P&C this year and servicing my existing book that's still paying 4%.
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I guess I'm not following. I thought we could charge fees even without a counselors license?
Per IIAT on fees:
**
Do I need a Life & Health Insurance Counselor license to charge fees related to servicing group or individual health insurance?
The Life & Health Insurance Counselor license is needed by a person who
examines a life, accident or health insurance policy, a health benefit plan, or annuity or pure endowment contract for a fee or commission, and
gives advice and recommendations concerning the term, conditions, benefits, coverage or premium.
The law and rules permitting agents to charge fees applies to agents with General Lines Life, Accident, Health and HMO licenses. A person with that license who also has a Life & Health Insurance Counselor license is not permitted to receive a fee as well as a commission if he or she performs the services of an agent to the same client. In other words, if you charge a fee and receive a commission on a health insurance client, you can't be charging the fee under your Life & Health Insurance Counselor license.
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So the way I read it, you are able to charge a fee in addition to commission, you just can't also charge a separate fee under your counselor license. Am I reading that correctly?
I actually called, walked this through with TDI and this is where the statute is grey:
A person with that license who also has a Life & Health Insurance Counselor license is not permitted to receive a fee as well as a commission if he or she performs the services of an agent to the same client
Example: You sell health and charge $250 as a counselor. But you also sell dental at 6% commission.
What happens then???
There isn't a clear answer and I am not going to be the one who takes it to court to get a definitive resolution.
Pass.
AND.... if you are appointed to get that dental commission you will be getting the indy comp too.... very very grey and i can't risk it on a hope.... but you all are welcome to go bust a nutz doing it
So far following the letter we sent out not disclosing any fees, the call ins have been 100% positive. My fees have been anywhere from $50 for a single applicant to $200 for a typically complicated case and not one has balked. One did ask, what if I try it myself and then come to you? "The fee is double if I can get to you at all." I'm not about to start fixing other's mistakes when they tried to work around my fee.
Full disclosure has notified them this only includes the application to the marketplace, explanation of the tax credit, assistance in plan choice and payment set up. No service after that included, but a separate fee can be discussed at that time. Calls to the marketplace start at $1/min and the clock is running when I start dialing.
Full disclosure has notified them this only includes the application to the marketplace, explanation of the tax credit, assistance in plan choice and payment set up. No service after that included, but a separate fee can be discussed at that time. Calls to the marketplace start at $1/min and the clock is running when I start dialing.
