What's Better ? FMO or SGA or MGA

[jbryce]

I am new in the insurance business and wish to remain as independent as possible. I am confused as to the benefits of partnering with an FMO or an SGA or an MGA. I plan to focus on senior health insurance and do not understand how the system works. Which entity is best ?

 

[JimmyUt]

I am new in the insurance business and wish to remain as independent as possible. I am confused as to the benefits of partnering with an FMO or an SGA or an MGA. I plan to focus on senior health insurance and do not understand how the system works. Which entity is best ?

If you are doing Medicare Advantage, the commissions will be the same with any of these organizations unless you intend to recruit other agents. You are paid by the carrier and the base commission is the same at the bottom for everyone. If that is not on your radar, don't worry about it. If it is, make sure you go as high as possible on the food chain (FMO). DO NOT assign commission at any point, no matter what rainbows and unicorns are being sold to you.

 

[jbryce]

Thank you.. I sell med supps now and am planning to do advantage plans. I have a meeting set with an MGA and as far as I know their override on the advantage plans should not effect me. What do you think ?

 

[JimmyUt]

Thank you.. I sell med supps now and am planning to do advantage plans. I have a meeting set with an MGA and as far as I know their override on the advantage plans should not effect me. What do you think ?

It should not effect you, but make sure you ask them. RItter insurance marketing here on the forum is good to deal with, or I can recommend others.

 

[kascey]

As i personal Mga i know personally that our overrides will not affect your commission. I know that it is that way at my company at least.