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I'm looking for a MGA that focuses on health Insurance. Any suggestions?
MGA for Healthcare?
- Thread starter agentinsouth
- Start date
- 15,319
Brian F 11
Expert
- 92
FNG here, maybe I am missing something. I know many agents who are making 6 figures from HCR alone, some Medicare products only, some both.
I spent several years in the back office of one of the largest health insurance carriers in the country, working with gold level brokers. I moved onto another position as a captive agent for another billion dollar healthcare provider. As a captive agent, last year alone I was not far from that mark.
I decided to step out on my own this year and was looking forward to breaking that mark and beyond in the coming years. I am in the middle of Agency startup and certifications.
I am concerned when I see comments like this, makes me a little nervous.
Were you at a much higher income level than that? Are you well below that?
Sorry if that seems like too a personal a question but you kinda already put yourself out there and I am curious. I also will send you a pm, I have a little insight for you.
The Cason Group in Columbia, SC has a very good reputation. We do not have any contracts with them, but their reputation is strong in the group market. Not certain what geographical area they support.
If you are wanting to focus on self-funded programs EbenConcepts in Charlotte is impressive. We have no contracts through them, but they offer Self-Funded Certification Courses for the IHC. They definitely know their stuff.
If you are seeking contracts to sell individual, I would suggest you go direct. All of the carriers in our area offer direct contracts at or above what you can gain through a MGA or FMO.
Messer Financial is a FMO out of Charlotte. I would highly recommend treading lightly with that group. If you are on your own it may be a good fit, but our agency has constant issues, generally minor, but issues nonetheless. They seem to cover a fairly wide geographical area.
Sorry, none of those are MGA's, but they should be able to serve the same function.
That's my two cents, I'm certain there are more.
If you are wanting to focus on self-funded programs EbenConcepts in Charlotte is impressive. We have no contracts through them, but they offer Self-Funded Certification Courses for the IHC. They definitely know their stuff.
If you are seeking contracts to sell individual, I would suggest you go direct. All of the carriers in our area offer direct contracts at or above what you can gain through a MGA or FMO.
Messer Financial is a FMO out of Charlotte. I would highly recommend treading lightly with that group. If you are on your own it may be a good fit, but our agency has constant issues, generally minor, but issues nonetheless. They seem to cover a fairly wide geographical area.
Sorry, none of those are MGA's, but they should be able to serve the same function.
That's my two cents, I'm certain there are more.
- Thread starter
- #6
- 648
I have a good size personal lines P&C book and got a lot of interest from my BOB. I don't have the time or desire to get appointed directly w/ different health carriers and was just wondering if there was a MGA that might be a good option.
Brian F, my income is none of your concern. I live comfortably but I am not a "gold level" broker.
And FWIW, most brokers are not unless they have been in the business a long time and have a traditional office and staff. Something I have done before and no desire to go back.
Compensation is 20 - 25% of what it was 3 - 4 yrs ago. Carrier compression is happening right before your eyes. I catch a lot of flack for this, but I see comp going to $0 (or close to that) by 2017.
The market will be dead for a pure health insurance broker within 2 years.
A few others share this view but are unwilling to vocalize it, while others are just in denial.
And FWIW, most brokers are not unless they have been in the business a long time and have a traditional office and staff. Something I have done before and no desire to go back.
Compensation is 20 - 25% of what it was 3 - 4 yrs ago. Carrier compression is happening right before your eyes. I catch a lot of flack for this, but I see comp going to $0 (or close to that) by 2017.
The market will be dead for a pure health insurance broker within 2 years.
A few others share this view but are unwilling to vocalize it, while others are just in denial.
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While I agree 2016 will be the last big year and lowering of commission's I don't see commission's going completely to zero until 2018 when the carrier's do what they've wanted to do all a long and ax the agents for IFP.
There's still Medicare.
There's still Medicare.
BD, it's all speculation tempered with some common sense and observing what has happened in other states with GI and/or community rating.
Whether comp goes to or near 0% in 2017, 2018 or the year following doesn't matter. It will happen and if it doesn't go to near 0% many agents won't participate if it goes much lower.
Then there is the issue of earned but unpaid commissions that many of us have had where our NPN mysteriously disappears and our clients become house accounts.
Add in chasing deadbeats that don't pay their $15/mo premium and you have a business model that is virtually unworkable.
Medicare should be good for at least another 5 years, probably longer.
And there is always life insurance.
Whether comp goes to or near 0% in 2017, 2018 or the year following doesn't matter. It will happen and if it doesn't go to near 0% many agents won't participate if it goes much lower.
Then there is the issue of earned but unpaid commissions that many of us have had where our NPN mysteriously disappears and our clients become house accounts.
Add in chasing deadbeats that don't pay their $15/mo premium and you have a business model that is virtually unworkable.
Medicare should be good for at least another 5 years, probably longer.
And there is always life insurance.
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