If You Like Your Commissions You Can't Get Your Commissions

[AllenChicago]

I'm not sure if its my area or client base, but I had a whopping 3 people qualify for the subsidy. And for new people, if they didn't qualify, we wrote them direct with the carrier.

What would the purpose be of trying to sell on the exchange? People did that? What am I missing here? (and before anyone throws anything at me, I am really asking)

KGMom, you must live in a high-income, or a dirt poor area, if very few of your prospects are eligible for a subsidized Exchange policy. I'm running at 95% subsidized and 5% non-subsidized thus far. BTW.. BCBS-IL finally posted Over Age 65 commissions today.

 

[Ann H]

I'm not sure if its my area or client base, but I had a whopping 3 people qualify for the subsidy. And for new people, if they didn't qualify, we wrote them direct with the carrier.

What would the purpose be of trying to sell on the exchange? People did that? What am I missing here? (and before anyone throws anything at me, I am really asking)

I definitely think location makes a difference. I wrote all OFF exchange until Monday when I had my first exchange app. Only 2 people in my current book turned out to be subsidy eligible and neither of them wanted anything to do with it. Only 4 prospects were subsidy eligible out of the swarm of phone calls. Another local agent said about 25% of his apps were exchange and the rest were OFF. A friend of mine in Washington State had far more OFF than On exchange apps.

However, some agents in the midwest recorded 4 to 5 times as many ON-exchange as OFF. They said they had loads of prospects that were subsidy eligible.

All of these are pretty high volume producers with 130 to 360 apps being produced from 10/1/2013 to 12/23/2013. Clearly, AZ has a different situation than some of those back east.

AZ has the lowest benchmark (2nd lowest cost silver) plan in the nation, which causes many to lose a subsidy. We also have lots of early retirees coming here from back east for the sunshine. They aren't poor. Even if they can show a lower income, usually one spouse has SS income to report and is on Medicare. That means the benchmark plan is calculated for only 1 of them, and there goes the subsidy. Few people in AZ live in rural areas due to lack of water, and it's the rural areas that often have a high count of subsidy eligibles. We also have a lot of people eligible for group plans here in AZ, which blocks them from a subsidy. All of those reasons result in a far lower count of subsidy eligibles here than in some states.

 

[kgmom219]

OK, its my area. I'm in North Dallas. I had 3 qualify and one I spoke to today qualifies, but refuses to have anything to do with Obama. And then I got an Anti-Obama/Democrat tirade. I finally got her to hush with "I wouldn't be a good agent if I didn't give you all your options."

I saw the Over-65..which are wrong. Since I have SO much time to get on the phone and get them fixed. Thanks, Allen, for the heads up!

 

[Yagents]

REGTAP update: looks like payments sent to carriers on 21-24th of each month (at least for Feb). (that means China wires the money around the 15th)

I can't download the PDF presentation.





WWW.REGTAP.INFO
2014 Payment/Collections Timeline
Date
Event
Jan. 16 – 21
Issuers and SBMs submit February and restated January production data to CMS
Jan. 23 – 27
Issuers and SBMs may resubmit February and restated January data as requested by CMS
January 27
Data certification forms are due to CMS
January 31
CMS sends January Summary Payment Report detailing program level payment amounts to issuers
Feb. 1 – 20
Accounting & processing of February payments through Treasury as required by FMFIA
Feb. 21 – 24
Treasury makes February payments to issuers
February 28
CMS sends summary February payment report
11

 

[AllenChicago]

Thanks for that report YAgents. As we suspected, the first commissions on the subsidized portion of the premiums will not arrive in our checks until the March. I suppose that March commission payment will represent the Government Subsidy amount from the insured's January premium? In other words, we'll always be 2 months behind?


At least (thanks to you) we'll not have to wonder when insurers receive the $$$ from their pimp.
ac

 

[houcoogster]

Brother Yagents,

Now at least we know there IS a method to the madness. It's a step in the right direction. Thanks!

 

[SamIam]

KGMom, you must live in a high-income, or a dirt poor area, if very few of your prospects are eligible for a subsidized Exchange policy. I'm running at 95% subsidized and 5% non-subsidized thus far. BTW.. BCBS-IL finally posted Over Age 65 commissions today.

I'm in the same boat as Allen probably because we work the same market. Especially because most of my clients are small biz owners (mom & pop shops). With all their write offs they qualify for the subsidy & I have no choice other than to put them on the exchange. So I'm also 95% subsidized and 5% non-subsidized. I hate it but those are the cards I have.

 

[Norwayguy]

Anybody else notice the goverment is not paying the premium until 60 plus days into the new 90 day grace period.

 

[HealthGuy]

Norway why is this a big deal ?

 

[bluediamond]

Who is telling their clients they have a 90 day grace period? I am certainly not. I have one's calling already asking when they are going to receive their Feb premium, I say don't worry you will have a few days grace if it is late coming to you.