Medicare insurance jobs pros and cons

[Wendy Forward]

Medicare insurance jobs pros and cons

I am looking for a Medicare insurance job. There are a few types out there, and I’m wondering if any of you can advise. The one I’m looking at gives you free leads, it’s a 1099 and has an LOA program. But the downside seems to be in the long run. Because, you get to keep your residuals but they are paid to you from the company itself, in other words from the FMO. Could this be a sticky issue years down the road when my residuals have built up to a large amount? I’m wondering if it would be fairly easy for this company to keep part of my residuals and hide it somehow . As opposed to being paid your residuals directly from the carriers. Aren’t the carriers a lot more regulated by the government so that they could not hide any fraud like that? So what they’re giving you for that looks like it’s just free leads. Free leads sounds good to me now because I’m just starting out and I’m working to get money not to pay money out if you know what I mean. The name of the FMO is called Agent Boost. Please reply as soon as you can because I have to make my decision soon, I am unemployed at the present. Thank you
PS, there are other FMO’s that are W-2 but you don’t get any residuals with them at all.

 

[Travis Price]

If you're an LOA, they aren't your residuals or clients. You leave, you lose everything. You've assigned them to the company/agent.

There is absolutely zero reason to assign your commissions if there's no salary. Even if you get free leads (which are almost always trash) they could just reduce your commission by a few percentage points, but not have you assign.

If you want to be in insurance as an LOA, just go work for a call center.

Leave the commissioned FMOs alone.Your goal is to have a job, not run a business. You need a company that does LOA with a salary, benefits, and hopefully a bonus structure.

 

[Wendy Forward]

Medicare insurance jobs pros and cons

I am looking for a Medicare insurance job. There are a few types out there, and I’m wondering if any of you can advise. The one I’m looking at gives you free leads, it’s a 1099 and has an LOA program. But the downside seems to be in the long run. Because, you get to keep your residuals but they are paid to you from the company itself, in other words from the FMO. Could this be a sticky issue years down the road when my residuals have built up to a large amount? I’m wondering if it would be fairly easy for this company to keep part of my residuals and hide it somehow . As opposed to being paid your residuals directly from the carriers. Aren’t the carriers a lot more regulated by the government so that they could not hide any fraud like that? So what they’re giving you for that looks like it’s just free leads. Free leads sounds good to me now because I’m just starting out and I’m working to get money not to pay money out if you know what I mean. The name of the FMO is called Agent Boost. Please reply as soon as you can because I have to make my decision soon, I am unemployed at the present. Thank you
PS, there are other FMO’s that are W-2 but you don’t get any residuals with them at all.

 

[Wendy Forward]

Travis come, I’m new to this and I don’t even know what LOA stands for. What does it stand for? And what do you mean assign my commissions? Or “There is zero reason to assign your commissions if there’s no salary”?

i’m new to this Travis and I’m just trying to understand. After you explain that, can you tell me about a company that pays a salary? The only one I know of is W-2 and it is insurance IQ. But they don’t pay any residuals at all. So what company do you suggest that pays a salary? Thanks

 

[Travis Price]

Travis come, I’m new to this and I don’t even know what LOA stands for. What does it stand for? And what do you mean assign my commissions? Or “There is zero reason to assign your commissions if there’s no salary”?

i’m new to this Travis and I’m just trying to understand. After you explain that, can you tell me about a company that pays a salary? The only one I know of is W-2 and it is insurance IQ. But they don’t pay any residuals at all. So what company do you suggest that pays a salary? Thanks

Why did you say LOA if you don't know what it means?

LOA is a Licensed Only Agent. It means you have the authority to write for the company, but you do not own the client's or commission. The company that you sign up with does.

So, let's say you sign up with Bob's insurance agency as an LOA. Bob's offers United Heathcare and Mutual of Omaha. When you write business, you don't own the book of customers or commission, Bob's does. This is assigning your commission (which is what an LOA does.)

You leave, Bob's keeps your book. If you're willing to give up residuals for free leads, I'll sign you up myself, because you're ripping yourself off.

There is no reason to be an LOA if you're going straight commission. There's zero benefit to you. The free leads are kinda a scam. If you're not getting a salary, benefits and free leads, the FMO that you're handing your commissions to is taking advantage of you.

As for call centers, search Indeed. There are a ton of them begging agents to come on board for 17$ an hour + benefits.

 

[Newby]

Travis come, I’m new to this and I don’t even know what LOA stands for. What does it stand for? And what do you mean assign my commissions? Or “There is zero reason to assign your commissions if there’s no salary”?

i’m new to this Travis and I’m just trying to understand. After you explain that, can you tell me about a company that pays a salary? The only one I know of is W-2 and it is insurance IQ. But they don’t pay any residuals at all. So what company do you suggest that pays a salary? Thanks

The easiest way that new agents get ripped off really badly is to sign you commissions away (LOA). There is only ONE reason an Upline would want you to do that. So they have 100% control and you have ZERO rights if they ever decide for ANY reason to not pay you any more.

ABY thing they are doing for you they can do the exact same with you being paid directly from the carrier. BUT they can’t control you as easily that way. So they have to actually work to keep you happy.

 

[DonP]

The easiest way that new agents get ripped off really badly is to sign you commissions away (LOA). There is only ONE reason an Upline would want you to do that. So they have 100% control and you have ZERO rights if they ever decide for ANY reason to not pay you any more.

ABY thing they are doing for you they can do the exact same with you being paid directly from the carrier. BUT they can’t control you as easily that way. So they have to actually work to keep you happy.

I used to think like you about loa . I think I see you on Justin Brocks Facebook . After really looking into it more I don’t think a loa agent is bad starting out the first 1-2 years to really deal with the incredible learning curve of Medicare . Brock says he has many loa’s agents making over $200 k a yr . But I’d do an loa with a base salary of $40 k plus , commissions and free leads .Most people that come new into Medicare are going to be in the mapd mkt . I honestly think very very few people can come right into Medicare and make a living from day one . The lead costs will eat you alive as commissions from July to sept are falling .Chargebacks are also hitting you . Also if Wendy starts now she won’t get any commission from oct 1 until Jan 5 th when aep commissions are paid . That’s 3 months with zero income . Medicare is a long term game . If you bust your butt the real money is the 3 rd year in the the business and 3 rd Jan . But it sure ain’t easy money in the mapd mkt . I got 5 calls yesterday . I avg 5-7 calls a week from clients .

 

[Chazm]

When I was new I was LOA and was promised free leads, training, and vesting after 3 years.
Turns out, free leads meant a list of about 5k random names and numbers to cold call. I couldn’t even get t65 cold call numbers.

Pro tip, ask them what they consider a lead.

 

[Travis Price]

Chargebacks are also hitting you .

If you have chargebacks selling Medicare, you're doing it really, really wrong.

If you're running the 65+, non-DSNP crowd, you won't have them unless someone dies.

Non-DSNP Medicare is one of the stickiest businesses in all insurance.

As for commissions, you're probably right... but the op is looking for a job, not a business. Which means she absolutely should do a commission only LOA just for free leads.

I appreciate that you support LOAs with leads, commission, and salary. I think that's the only way anyone should ever consider LOA.

Benefits would be nice, but that's just another word for money.

 

[sman]

Chargebacks are also hitting you .

You're speaking from your personal experience in the DSNP market. Non-DSNP and Med Supp market has almost no chargebacks outside of deaths and moving out of the area. But if you have a good rapport with your client base, they call you to help them when they know they'll be moving. So even if there is a chargeback on the MAPD or PDP, if you are licensed where they are moving, you get it back.