Selling in multiple states and taxes

[Tahoe Ray]

The license is perpetual, but I guess it's an "appointment" fee that I'm speaking about.
It's $6 per county, but somehow UHC charges me $300 year for the whole state.

More info here:
https://myfloridacfo.com/division/agents/licensing/agents-and-adjusters/fees

The county thing (at least for the state, not talking about a carrier) is only for an office in FL or where you're physically meeting with clients.

Not saying you're wrong, but I've been non-res (phone only) in FL for over a decade and it's one of the few states that doesn't steal from me every year or two with dumb fees.

 

[Yagents]

All I know is I pay the fees, in past some of my fmo's paid the fees. I'm the same, non rez FL for over a decade. Maybe I'm getting screwed.

 

[Tahoe Ray]

Maybe I'm getting screwed.

Maybe, or maybe I'm not compliant in some way.

No idea.

I did just get paid on a case last week in FL so I'll ride the wave for now.

 

[KandKsmommy]

I spoke with my general agent and she said for us every carrier except UHC pays the appointment fees. So I am going to give it a shot. I am still doing primarily face to face so it will be a bit of a change but I am up for the task.

For those of you who do AEP and are registered in multiple states how do you handle your client load? I mean Med Supp is mostly set it and forget it but MAPD and PDP are annual checks.

Can Admin staff mail out a scope form with the pre-AEP letter? Do you use Admin staff to do the pre-check on their med lists and plan comparisons? How long are your typical appointment times?

I mean there are only so many hours in a day. I don't really want my boss to have to bring on a second Medicare Agent because I get creamed so I need to find out how to maximize my time. This past year was my first AEP as an agent, I had been a SHIP prior to this so I am still learning the ropes.

I am just trying to figure out what tasks I can delegate so that I am going into the conversation with the client pre-prepped. I used the generic pre-AEP letters last year from SMS since most of my clients had seen me as a SHIP and it had been almost a year since they saw me but that just prompted a call.

Any advice is much appreciated!

 

[scagnt83]

The whole requirement of a "non-resident" license is nothing but a money making scheme imo.

If Im an RIA in the investment world, I dont have to register to do business out of state until I have 5 clients in that state. So I can take over $5m in someones retirement assets with just the trust of my home states regulatory system. But to sell a life insurance policy to that person, I not only have to pay fees... but I also have to be "approved" because somehow other states cant be trusted to license agents properly... yet other states can do it fine with Investment Advisors?

Its all about the money.

 

[ehall2]

An LLC with sub s? A sub S is for corporations. An LLC isn't taxed as a corp.

 

[Tahoe Ray]

An LLC with sub s? A sub S is for corporations. An LLC isn't taxed as a corp.

I don't know of many LLCs that DON'T file as a sub-S. That's a major reason for getting one...

 

[ehall2]

I am a C Corporation with a sub s. The reason for a sub S is so that the profit or loss passes to the individual. Without sub s the corporation would pay taxes and then the stockholder would pay taxes also. I thought the purpose of an LLC is that there isn't double taxation as there would be in a C corporation and you didn't file a sub s for the LLC.

 

[Tahoe Ray]

I am a C Corporation with a sub s. The reason for a sub S is so that the profit or loss passes to the individual. Without sub s the corporation would pay taxes and then the stockholder would pay taxes also. I thought the purpose of an LLC is that there isn't double taxation as there would be in a C corporation and you didn't file a sub s for the LLC.

An LLC can file multiple ways. Sub-S is what I have mainly seen in my experience but they can also file as a sole prop, partnership, and probably other options.

I am not an accountant but I do work with a lot of business owners (seeing their tax returns) and LLC filing as an S is by far the most predominant.

 

[Yagents]

Turns out UHC will pay your appointment fee in FL if you're an "Elite" agent status. Didn't get charged this year.