Insurance Agent Forum

[telechic]

I have been reading around on this particular forum for about a week now and I keep seeing the word override being mentioned. Can someone explain to me what in the world that means and give an example of when and how it is used please. Who can do overrides too....? Is this something that every agent does or only the company you work for only can do?

Oh yeah and I might as well ask since I am posting....
I have really been reading alot about the Senior Market and trying to understand the differences between the Medicare Supplement Plans and the Medicare Advantage plans and which one is best to sell for my area (which ones are mostly in demand). How can I find out which ones are in demand or better yet which ones are more helpful to the seniors in the Chicagoland area? I am hoping that someone will not mind discussing this with me that may have knowledge of this. I mean I have read opposing opinions overall for one as well as opposing opinions for the other but I notice of course it just depends on the area (correct me if I am wrong). When I start I really want to offer the best valued plans for people, but also want to help them truely get plans at reasonable prices. Reading all these different opinons of the different types of Medicare plans are seriously starting to confuse me. Would it be best to just try and have all the different types available to sell Med Supps, MA, and MAPDs?

I even read something about some Medicare plans paying more in commissions than others. I thought that if you sell a Medicare plan you would get paid X amount in commissions for any that you sell no matter what type it is under a company. Can someone break it down for me on how that works please? Why some types pay more than others?

[Winter]

Originally Posted by telechic

I even read something about some Medicare plans paying more in commissions than others. I thought that if you sell a Medicare plan you would get paid X amount in commissions for any that you sell no matter what type it is under a company. Can someone break it down for me on how that works please? Why some types pay more than others?

We want to be helpful but your post contains about eleven questions and would require a tour of the industry to answer. Keep reading all of the posts in the Senior section of the forum and that will help a little, if only to give an idea of where some things are clear and where there is substantial disagreement. Then maybe ask one or two questions at a time so that folks can toss out an answer or comment if they dont have time to write an essay.

To take just one question. In regard to commissions for medicare plans, "medicare plans" can include medicare supplement, medicare advantage or medicare prescription plans. Yes, commission varies considerably from company to company, and yes it often but not always varies between plans within the company. You probably won't get the same commission for high deductible Plan F as you will for the regular Plan F for example. With MA plans your commission may vary depending on the type of plan. The federal government has plans to standardize the commissions for all MA's regardless of carrier but that has not been implemented yet so that is an area where you have to stay tuned and follow it along with the rest of us.

Obviously, your commission can vary from agent to agent even with the same carrier depending on your contract, where you are in the hierarchy, your production level, bonuses, and wherther you got a good deal or got screwed, etc.

My thoughts anyway.

Winter

[Invain15]

Overrides is what happens when you have agents underneath you or a manager above you. For example. Lets say your GA makes $500 per deal and you make $350 per deal. Everytime you sell a policy he you make $350 and he makes $150.

[telechic]

Thanks for answering some of my questions. I really appreciate it. Now I will know what they are talking about when they bring that word up in posts. As

[telechic]

Thanks for answering some of my questions. I really appreciate it. Now I will know what they are talking about when they bring that word up in posts.

[theinuranceguy]

I have a couple agents in Cook county IL... They demand there is MAPD's. Its going to be very hard ONLY selling Med Sups...

ALso, Cook county is probably the best county in the country to sell Special Needs Plans... Every Carrier has one there and there are more than 300,000 Duals...

Great place to work the market, but can be dangerous at times.

[GreenSky]

An override is an underserved share of your earnings based solely upon the work you do. It's like having another wife.

Rick

[HomeService]

While people are still selling MA. And, a few years ago people sold a bunch of MA.... there is a growing concern that the MA program may be a disaster -in the near future.

[telechic]

Thanks for the input everyone. It is much appreciated.

Theinsuranceguy, when you say it can be dangerous at times are you talking about the hoods you gotta go in sometimes or something else lol?