[COLOR=black]The CMS doc is out, in a nutshell you will be paid 50% of the [/COLOR]
[COLOR=black]2006 commissions for all non 1st time MA clients and 100% of the 2006 commissions for new Part C and Part D enrollee's.[/COLOR]
[COLOR=black]If you main carrier paid higher comp in 06 then you should be receiving higher comp in 09 but for anyone who is already in Part C or D you will get 50%[/COLOR]
[COLOR=black]Let's see how the carriers spin it. [/COLOR]
[COLOR=black]The CMS doc is out, in a nutshell you will be paid 50% of the [/COLOR]
[COLOR=black]2006 commissions for all non 1st time MA clients and 100% of the 2006 commissions for new Part C and Part D enrollee's.[/COLOR]
[COLOR=black]If you main carrier paid higher comp in 06 then you should be receiving higher comp in 09 but for anyone who is already in Part C or D you will get 50%[/COLOR]
[COLOR=black]Let's see how the carriers spin it. [/COLOR]
But even then I heard it's subject to CMS approval. If they don't approve, then the carrier may not use independent agents, only their captives.
Also, it's not necessarily 100% of 2006 - they will still be capped at whatever CMS says it should be. Apparently (according to what I heard), no carrier even hinted at $500 for 2008.
I've posted this before but here's my prediction. New: $325-350. Renewal $150-175.
Since PDP renewal are already about $8-10 per year, there is absolutely no financial reason to be selling Part D plans.
So much for moving your own clients into a better plan. I can't work for free.
Rick
------------------------------------ ILIAA
Training, Community, Support, and Success Independent Life Insurance Agents Assn rick@iliaa.org
You can only get food if you send a card mentioning the possibility of discussing food and they agree to see you two days later. You can only discuss one type of food and should you agree to accept food, it must not exceed gifting regulations. All of this, of course, is depending upon local and federal regulatory approval and CMS final authority. Are you still hungry?
Now I'm going to call all of my people and tell them CMS has made it impossible to provide service for Part C and D.
To hell with these plans anyways. Most of them are garbage and shouldn't have been approved by CMS to begin with. Take a guess at which company is offering garbage this year.
Requiring that renewal compensation be no more, or no less, than half of the compensation paid for that beneficiary in the initial year of the six-year compensation cycle established
In the Sept. 18 rule.
Other rules from the September 18, 2008, regulations still apply.
If you replace an existing MA MAPD or PDP you will get up to 5 years of commissions and then the client is no longer your client regardless of your services, including reviewing, and properly replacing their plan. You must read and understand this part as it spells the end of your long-term client relationship. You are a Rent-A-Agent, a term limited CMS change agent.
All under the egest of an Republican Administration.
I will continue to see the people I gave my word to see and will not throw my plan brochures in the trash until carriers make their final pitch to their boots on the ground. This does NOT look very good.
Good luck holding on for the carriers. They can come back and say they're paying $1,000/app and I wouldn't offer these plans.
It's obvious there is a certain company that knows they have horrible plans this year and they want to keep their people on the books. This company is full of greedy, evil corporate thugs who only care about the bottom line. I hope they go bankrupt.
There is duplicity involved. Why would CMS be so sub servient to them? Just consider it a pay back!
The Advantage Plans are on their way out. The carriers attached to them will suffer. The poor sales and bad press from this will end most of this ill thought program. The next president will not have to do a thing to end it. The dye is cast. Next year, this time, we will be in the True OEP (TOEP).
You can only get food if you send a card mentioning the possibility of discussing food and they agree to see you two days later. You can only discuss one type of food and should you agree to accept food, it must not exceed gifting regulations. All of this, of course, is depending upon local and federal regulatory approval and CMS final authority. Are you still hungry?
Time to shift your focus to Med Supps if you work the senior market. Luckily, that's always been one of the products I offer. Part C & D was good while it lasted (at least while it produced income for us).
Do any of you remember the first year they came out with PFFS plans? Humana was the main carrier and they paid $175 in commissions. The next year I think they went to $250 and this past year they went to $325 or $350. Of course, some carriers paid more over the last couple of years. I don't recall many people complaining when the commissions were $175. We thought, "Heck, this is an easy sell".
In reality, $400 first year with a renewal of $200 isn't bad. Compare that to what you make on a Med Supp. My issue is that they end the commissions at a future date. As do most Med Supps. But with the Med Supps, you can move them to another carrier if their premiums get too high and still earn money. I can't wait to see what happens 5 or 6 years from now with all these people who have been on an MA for 6 years and won't be able to find an agent to help them.
Time to shift your focus to Med Supps if you work the senior market. Luckily, that's always been one of the products I offer. Part C & D was good while it lasted (at least while it produced income for us).
Do any of you remember the first year they came out with PFFS plans? Humana was the main carrier and they paid $175 in commissions. The next year I think they went to $250 and this past year they went to $325 or $350. Of course, some carriers paid more over the last couple of years. I don't recall many people complaining when the commissions were $175. We thought, "Heck, this is an easy sell".
In reality, $400 first year with a renewal of $200 isn't bad. Compare that to what you make on a Med Supp. My issue is that they end the commissions at a future date. As do most Med Supps. But with the Med Supps, you can move them to another carrier if their premiums get too high and still earn money. I can't wait to see what happens 5 or 6 years from now with all these people who have been on an MA for 6 years and won't be able to find an agent to help them.
CMS is clueless!
Thank you Sman. Finally someone who appreciates where we as agents have come from. Back in the 90's we were getting paid $50 for enrolling a person into an MA. And we were ecstatic!
As for after six years all you need to do is sell your book of business and buy a new one and then you can be the servicing agent for another six years. Its a shame I know, but that is the only solutions I can think of.
2009 Pffs Commissions Are Out
Its a shame I know, but that is the only solutions I can think of.
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