If You Like Your Commissions You Can't Get Your Commissions

[houcoogster]

Who is telling their clients they have a 90 day grace period? I am certainly not. I have one's calling already asking when they are going to receive their Feb premium, I say don't worry you will have a few days grace if it is late coming to you.

Exactly, Why would anyone want to rely upon the kindness of a stranger, especially an insurance company. I tell them get that bill paid so if something happens you're covered remember.... you're dealing with an insurance company here....and they all say ohhh yeaahh.

 

[Duaine]

REGTAP update: looks like payments sent to carriers on 21-24th of each month (at least for Feb). (that means China wires the money around the 15th)

I can't download the PDF presentation.





WWW.REGTAP.INFO
2014 Payment/Collections Timeline
Date
Event
Jan. 16 – 21
Issuers and SBMs submit February and restated January production data to CMS
Jan. 23 – 27
Issuers and SBMs may resubmit February and restated January data as requested by CMS
January 27
Data certification forms are due to CMS
January 31
CMS sends January Summary Payment Report detailing program level payment amounts to issuers
Feb. 1 – 20
Accounting & processing of February payments through Treasury as required by FMFIA
Feb. 21 – 24
Treasury makes February payments to issuers
February 28
CMS sends summary February payment report
11

Here is the file now attached.

 

[houcoogster]

So it looks like Jan premiums will be paid on Feb 21. So my carrier said two months must be paid before I get paid. Therefore the second payment would be sent in on Mar 21 and I would get paid for January 1 effective business in APRIL. This is NOT COOL!

Who in the freakin world can wait 7 months to get paid?

Think about it....... work done in October paid for in April....maybe?? Something has to give here.

 

[RayNY]

Hou looks to be correct.
To clarify for those who didn't read (using language from the presentation)

"we [CMS] define the month in which payment IS MADE as the payment month"

I.E. "February Payment" is a payment made in Feb, not a payment for Feb.

Really quick rundown of the timeline they give:
Carrier supposed to submit excel sheet for payment Jan 15
Jan 16-carriers receive excel sheets
Jan 23-27-May submit February data, and re-send Jan data using the new sheet
Jan 31-CMS sends January summary payment report
Feb 1-20-Processing Period
Feb 21-24-Treasury makes payment (for business submitted Oct-Jan 15 for a 1/1/14 effective)
Feb 28-CMS Sends Feb Payment Report

Nothing indicates a payment made before 2/21, and all terminology refers to the fact that this is a payment IN Feb, not FOR Feb, implying it also includes prior month's payments.

 

[cadylou]

I definitely think location makes a difference. I wrote all OFF exchange until Monday when I had my first exchange app. Only 2 people in my current book turned out to be subsidy eligible and neither of them wanted anything to do with it. Only 4 prospects were subsidy eligible out of the swarm of phone calls. Another local agent said about 25% of his apps were exchange and the rest were OFF. A friend of mine in Washington State had far more OFF than On exchange apps.

However, some agents in the midwest recorded 4 to 5 times as many ON-exchange as OFF. They said they had loads of prospects that were subsidy eligible.

All of these are pretty high volume producers with 130 to 360 apps being produced from 10/1/2013 to 12/23/2013. Clearly, AZ has a different situation than some of those back east.

AZ has the lowest benchmark (2nd lowest cost silver) plan in the nation, which causes many to lose a subsidy. We also have lots of early retirees coming here from back east for the sunshine. They aren't poor. Even if they can show a lower income, usually one spouse has SS income to report and is on Medicare. That means the benchmark plan is calculated for only 1 of them, and there goes the subsidy. Few people in AZ live in rural areas due to lack of water, and it's the rural areas that often have a high count of subsidy eligibles. We also have a lot of people eligible for group plans here in AZ, which blocks them from a subsidy. All of those reasons result in a far lower count of subsidy eligibles here than in some states.

In the Midwest (I sell predominantly in MO & KS), the income cutoffs are very generous for the cost of living here. Many who really should not be subsidized are qualifying . . . out here in this market, a low to mid-level managerial salary can be $45,000, where on one of the coasts or in a major metropolitan area the salaries and income are much higher, so it would seem low in those markets.


I still stayed out of the exchange if at all possible. Sold quite a few 'off-exchange' and only a small handful on because they really needed help. Most of these were older people though, and even with the subsidy had fairly sizeable premium amounts left to pay. Longer term, it's not worth the headache.

 

[AllenChicago]

BCBSTX hasn't paid yet. We normally get Medicare today, then ind/group health on the 20th. Oh boy! Can't wait to see how bad it is....

KGMom, BCBS-IL put December's Under-65 premiums/commission statement online today. As expected, and as usual, no commissions on any plans that have an effective date after the 31st. (12/31/2013) Same for our sister company there in Texas I assume?

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I think the only ACA-related date that the government has been able to keep thus far has been to launch HealthCare.gov on October 1, 2013. Everything else was delayed for weeks...or months.

 

[kgmom219]

Nope. None of my 1/1 new business is there. I sold almost 100 policies off exchange. PATHETIC. Medicare was wrong, too. So glad I had a great 4th quarter!

I got an email today, stating "you have written exchange business" we need proof you took the class. I forwarded her the email that I sent to the address back in October. This is ridiculous.

 

[AllenChicago]

If you're referring to BCBS, Your 1/1/14 business will show up on the February statement. At least that's how it works here.

I got a similar e-mail, but it said that I forgot to check the box indicating the state. This was from BCBS of ILLINOIS asking me what state? All the employee had to do is check the Illinois box. duh!

Had to complete a new training verification form and fax it to them. No wonder the colored companies get along so well with the government. They're very much alike in many ways..unfortunately.

 

[tired redneck]

Does anyone know what what FL Blue is doing? They keep stalling us and giving us BS lines while CEO and staff get their salary. Does ANYONE know when and how we're getting paid? This is a scandal. BK pays better to flip burgers right now. Can't get client numbers, enrollments are lost, sick patients being delayed....and they hold my commission? CEO, pay me out of your salary! I'm starting to tell debt collector's that FL Blue refuses to pay us and they will get their money when I do. I'm not hiding anymore that they are refusing to pay us. CEO get's paid I should be able to also. I can't even get paid on Off marketplace policies. What is the reason there? Please anyone?

 

[xrac]

I feel for everyone. No one knows for sure what is going to be the final outcome. It is tragic how this law is messing with everybodies lives.