Medicare Supplement Commissions?

[FRJ]

MOO, Aetna, Cigna, New Era...1%?

Aetna charges you 1% per month. Don't know about the other three.

 

[entrep1776]

Aetna charges you 1% per month. Don't know about the other three.

12% annual interest is pretty rough.

 

[Bevo]

Aetna charges you 1% per month. Don't know about the other three.

I don't pay this so must be case by case.

Good luck.

 

[Todd King]

I don't pay this so must be case by case.

Good luck.

You may want to check that again. Here's a line from Medico's advance agreement as one example:

3. Distributor will be indebted to Medico and/or Medico Corp by receiving advance commission under this Addendum. Any
indebtedness will be legal debt that will be due on demand. Medico and/or Medico Corp will retain a first lien on all sums due for
the satisfaction of the debt and is not limited to this means of collection. The advance debit balance shall accrue interest at a rate
of 1% per month (12.7 APR).

 

[Bevo]

You may want to check that again. Here's a line from Medico's advance agreement as one example:

3. Distributor will be indebted to Medico and/or Medico Corp by receiving advance commission under this Addendum. Any
indebtedness will be legal debt that will be due on demand. Medico and/or Medico Corp will retain a first lien on all sums due for
the satisfaction of the debt and is not limited to this means of collection. The advance debit balance shall accrue interest at a rate
of 1% per month (12.7 APR).

I don't believe I ever mentioned Medico Todd.

 

[Glen Shelton]

You may want to check that again. Here's a line from Medico's advance agreement as one example:

3. Distributor will be indebted to Medico and/or Medico Corp by receiving advance commission under this Addendum. Any
indebtedness will be legal debt that will be due on demand. Medico and/or Medico Corp will retain a first lien on all sums due for
the satisfaction of the debt and is not limited to this means of collection. The advance debit balance shall accrue interest at a rate
of 1% per month (12.7 APR).

I just spoke to a Med Supp agency that is not taking advances because of this.

They are 100% as earned with all of the carriers they write with.

Yes, I get it, 1% interest per month can add up. **BUT** Taking advances to invest and grow your business is a "no-brainier" in my opinion. I believe there are some carriers that don't even charge interest on advances ...

 

[Todd King]

I don't believe I ever mentioned Medico Todd.

In post #10 you said; "I get 100% up front from the companies I mentioned. UHC gives 9 mo. as does Medico and a few others."

I was just using them as an example anyway. I get the feeling you're being charged the interest rates by more companies than you realize. That's my whole point.

 

[holdenc85]

speaking of UHC, my first 2 commissions were with them,

one was an MA ( $150 ) with an effective date of June 1st and the other was a Supp($180) with an efective date of Sept 1st, still have not figured out how renewal rates work.

 

[Chazm]

speaking of UHC, my first 2 commissions were with them,

one was an MA ( $150 ) with an effective date of June 1st and the other was a Supp($180) with an efective date of Sept 1st, still have not figured out how renewal rates work.

I'm not sure of your upline and if they are taking a cut but usually UHC will pay their portion in a few weeks and then when Medicare approves the mapd you get the remainder.

Now on the med supp, they pay 9 month advance. No interest. So on month 10 you will get around $20 per person per month.