Latest trends in commissions & bonuses

retread · 09-26-2007, 10:40 PM

I'm starting a new thread because of the importance of the new season approaching and consequently new contracts.

Yesterday, at a Secure Horizons pitch, the commission proposed for next year seems to be the same for a MAPD ($400 street level), but a comment was made about a $60 bonus for online submission. Apparently, so many (86% was the number given) applications have had errors or omissions, that they decided that they could cut down on them by having them screened with software at the point of submission. If you have a laptop (they are being provided company expense to captives) you can avail yourself of this. Stand by for more details as I dig into this.

Please add your discoveries as you come across them.

retread · 09-27-2007, 11:03 PM

Went to Coventry re-certification today. They disclosed 2008 products for HMO/PPO areas in W Missouri/E Kansas.

Nice additions... will be 7 counties along border in KS as well as 7 for MO, all at $0 premium, and lowered co-pays, MOOP, etc. This is gonna drive a stake in Humana, I think!

Introducing SNPs. Improving benefits in all plans....

Commissions raised to $400 street level.

C'mon guys... post your info for all to see.

Winter · 09-28-2007, 03:23 PM

Originally Posted by retread

I'm starting a new thread because of the importance of the new season approaching and consequently new contracts.

Yesterday, at a Secure Horizons pitch, the commission proposed for next year seems to be the same for a MAPD ($400 street level), but a comment was made about a $60 bonus for online submission. Apparently, so many (86% was the number given) applications have had errors or omissions, that they decided that they could cut down on them by having them screened with software at the point of submission. If you have a laptop (they are being provided company expense to captives) you can avail yourself of this. Stand by for more details as I dig into this.

Please add your discoveries as you come across them.

Are there any trailing commissions on the secure horizons MA's?

Winter

sman · 09-28-2007, 05:11 PM

Originally Posted by Winter

Are there any trailing commissions on the secure horizons MA's?

Winter

Are you sitting down? It's a whopping $5 per month.

IFS_Edge · 09-28-2007, 10:45 PM

I think I am doing fairly well for all my agents and the rates I have gotten for MA plans. Tell me what you think:

Aetna $440/425/400 GA, Special Agent, Agent
Chesapeake $350/330/300 GA, Special Agent, Agent (new company)
Cigna $365/325/300 GA, Special Agent, Agent (MA Only)
Cigna RX $60/50/40

IFS_Edge · 09-28-2007, 11:06 PM

Ooops! I accidently hit the tab button and submitted before I was finished!! To continue.

So, the Cigna total is $425 street level with Free Leads

CIP $425/400/365 GA, Special Agent, Agent (Special Needs Plan)
Coventry $425/400/370/345/320 GA, A4, A3, A2, A1
Secure Horizons $425/375/400 GA, Special Agent, Agent (Lose
$40 for paper appl, my agents are faxing to me to input)
HealthNet $450/425/400 GA, Special Agent, Agent
Texas Comm Care $600/550/500 GA, Special Agent, Agent

I also am working on getting contracts for WellCare and a few others. We are in Texas, so I am most familiar with those MA plans. But, I think these are great rates, but we had all been captive the last couple of years, so I am newer at this negotation-thing.

Talk to y'all soon.

IFS_Edge · 09-28-2007, 11:11 PM

Originally Posted by retread

I'm starting a new thread because of the importance of the new season approaching and consequently new contracts.

Yesterday, at a Secure Horizons pitch, the commission proposed for next year seems to be the same for a MAPD ($400 street level), but a comment was made about a $60 bonus for online submission. Apparently, so many (86% was the number given) applications have had errors or omissions, that they decided that they could cut down on them by having them screened with software at the point of submission. If you have a laptop (they are being provided company expense to captives) you can avail yourself of this. Stand by for more details as I dig into this.

Please add your discoveries as you come across them.

Retread, I think the correct terminology is that you will not LOSE $60 (I believe it is actually $40) for online submission. The street level commissions are $400 online and phone or $360 for paper applications in all states except California.

Not great news, but I would hate for someone to hold out for the $360 when it may not be out there.

scottfree · 09-29-2007, 11:36 AM

Originally Posted by IFS_Edge

Ooops! I accidently hit the tab button and submitted before I was finished!! To continue.

So, the Cigna total is $425 street level with Free Leads

CIP $425/400/365 GA, Special Agent, Agent (Special Needs Plan)
Coventry $425/400/370/345/320 GA, A4, A3, A2, A1
Secure Horizons $425/375/400 GA, Special Agent, Agent (Lose
$40 for paper appl, my agents are faxing to me to input)
HealthNet $450/425/400 GA, Special Agent, Agent
Texas Comm Care $600/550/500 GA, Special Agent, Agent

I also am working on getting contracts for WellCare and a few others. We are in Texas, so I am most familiar with those MA plans. But, I think these are great rates, but we had all been captive the last couple of years, so I am newer at this negotation-thing.

Talk to y'all soon.

CIP $425/400/365 GA, Special Agent, Agent (Special Needs Plan)

Is that current? That is great for CIP, I am going to have to have a talk with my FMO! We are getting $330 and there was a bonus after 20 a month but they stopped that in Arkansas.

That is also good for Coventry, have not had a reason to sell much of it but I think it is 350.

We get $400 for Wellcare and if you add their pdp that is $50 more. Plus $15 for teleapp.

Looks like you did pretty good...Scott

retread · 09-29-2007, 11:43 AM

Originally Posted by IFS_Edge

Retread, I think the correct terminology is that you will not LOSE $60 (I believe it is actually $40) for online submission. The street level commissions are $400 online and phone or $360 for paper applications in all states except California.

Not great news, but I would hate for someone to hold out for the $360 when it may not be out there.

No, the Manager who gave the seminar said "You will get a $60 bonus for online submission", and I stand behind the street level $400 commission. I think I know where you got your data, but please do not misquote me. This is a separate offer made here in Kansas City by Secure Horizons, not an FMO. (Furthermore, I have seen offers of $390 for paper aps from other sources). Keep in mind that there are several large FMOs that have their own contract structure. That's why I started this thread. We need to know the competing offers.

retread · 09-29-2007, 11:56 AM

Scotfree... are you contracted with RBI? I have the same commission schedule as you apparently have for CIP. I have been waiting for RBI to announce the 2008 rates, but so far no info. I have been a little disappointed in the lack of website support for RBI, too. They promised it would be available to us earlier this year, but so far no improvement. I can't get them to issue me a password.... it is closely held to a select few, I am told. They have only recently been sending email commission reports. Now that Coventry is offering SNP for KC area, I may just use them instead of CIP. (Also, word is out that RBI absolutely will not release you from their contract! I don't know if this is true because I haven't asked.... yet.)

GreenSky · 09-29-2007, 03:09 PM

Originally Posted by retread

Scotfree... are you contracted with RBI? I have the same commission schedule as you apparently have for CIP. I have been waiting for RBI to announce the 2008 rates, but so far no info. I have been a little disappointed in the lack of website support for RBI, too. They promised it would be available to us earlier this year, but so far no improvement. I can't get them to issue me a password.... it is closely held to a select few, I am told. They have only recently been sending email commission reports. Now that Coventry is offering SNP for KC area, I may just use them instead of CIP. (Also, word is out that RBI absolutely will not release you from their contract! I don't know if this is true because I haven't asked.... yet.)

RBI out of Arizona would not release me from my WellCare contract even after Bob Bever stated he did not want to work with me. You should avoid this FMO like the plague.

Rick

retread · 09-29-2007, 03:50 PM

Similarly, Kevin Shields of Pinnacle Financial (PFS) refused to release me. He offered me an increased commission if I would remain, but refused to release me when I turned down his offer.

IFS_Edge · 09-29-2007, 08:40 PM

Scott~
Thanks. I thought I did well. CIP is not letting any of us certify until October 15th, but we have all filled-out the paperwork so we can get that rate for 2008 season.
My concern/complaint/arguement/disgruntle is that it is a SNP and we should be able to begin selling for 2007 as well, but all the offers we were given were for 2008 only.
Retread, not mis-quoting you, just offering an interpretation of what I have seen so far.
I am being made these offers as MGA over a small group of ten agents, and I am not interested in making too much on my agents, so I think that may have a lot to do with the rates I have gotten and can offer my guys on CIP and Coventry.
I have another post that I placed where I found that the MAs for WellCare have been increased to $400 (but I do not know whether that includes RX or not). I am difficulty finding info on that company, but I finally found some. I am not too thrilled about the two-attempts only for taking the certifications.
When I attended the Secure Horizons seminar on Monday, I was told that a lot of companies are doing this, only allowing the agents to attempt the online course twice. Because they are "weeding out" the agents that may not be working with seniors all the time.
Thanks for all the information guys. I like this forum thing.
If I can get the commission rate in writing, I am not having any difficulty with my FMO matching or beating the rates I am finding. So, if anyone else has the same rate as retread, PM me and I would love to have it sent to me.

retread · 09-30-2007, 06:04 PM

Two attempts to certify is not the end of the game. After 2nd failure online, you must take a proctored exam. There is nothing I have seen that limits the total number of attempts to pass the exam, however, you MUST pass with 80% to certify. This is not new. It was this way last year, too. Beyond that, I don't know... perhaps someone else can offer more info.

Caution: This statement applies to Coventry. Other carriers have different rules regarding passing score and re-takes. See next post below....

retread · 10-01-2007, 06:18 PM

Update on CIP: Registered on new website for RBI. (RB Insurance Group LLC - Home) Took re-certification course and exam, although it appears to be 2007, and not 2008. Still no info on 2008 rates. I take it that the 2008 certification will be available later.... (10/15 ???) It was a good practice, though.

What I want to point out is, they say over and over throughout the training course that you must pass with 70% or else have to take the tests over until you score 70% or better. No penalty for failure, just take it over. (However, the scores are being reported) There must be quite a bit of latitude from CMS on this point, because some carriers require a proctored exam upon failure of online test, others make you wait 30 days to re-take, etc.

retread · 10-01-2007, 06:33 PM

Received Today's Options 2008 commission table today... (I don't know why I am always at the end of the line!!!) Anyway, GA level is not changed from 2007 for MA only ($330), but added to mine was $355 for MA-PD. I take it this confirms what others have reported.

retread · 10-03-2007, 03:48 PM

Update: I owe an apology to IFS_Edge concerning the $60 bonus from Secure Horizons for e-enrollment. I went to the FMO presentation today, and they said it was as IFS reported. Your paper application is enhanced by a predetermined amount the FMO may determine should you use the e-enrollment choice.

As I reported in my original post, the presentation I first heard of this was at a captive presentation. Under the captive solicitation, they provide you with a laptop AND give you a $60 bonus. This apparently does NOT apply to the FMO channel.

The issue reduces to how much the Independent Captive Agent (ICA) gets, and should not be compared to your FMO commission rate or else you will be comparing apples to oranges.

In other news: The AARP/Secure Horizons FMO presentation was very good, considering it is their first pitch. They need to smooth out a few rough spots, but on the whole, found it very impressive. The info they presented in PPP condensed about 3 weeks of intense study on my part. I had already developed "cheat sheets" that emphasized selling points, only to see theirs was similar to mine, (and done better). Oh, well. It was a good review! And I got to take home a nice binder with it all neatly organized!!

I like the fact that they offer both Med Sups as well as MAs, not to mention a product for the 50-65 market. This is what I am doing already, but I like the seamless opportunity AND the AARP branding!! The KC area SOB looks competitive with Coventry's, and leaves Humana in the dust. I will make my decision before the end of today.

You guys probably can figure out from this post what I left out that will be the determining factor in my decision. I am not giving you everything!!