IBC Commission Rates

[sjac]

Platinum, Gold, Silver 3.4% yr 1
Bronze, Catastrophic 1.7% yr 1
Year 2 commission structures have not yet
been determined.

IBC reserves the right to change the commission
schedule or discontinue the commission program
at any time.

To tell you the truth I feel a little violated
I am not going to go out of my way to sell these plans but will sell if they come to me

 

[aheff]

Renewal rate for IBC?
Aetna 1st year and renewal rate?
Thanks

 

[pahealthquotes]

IBX kicked us in the nuts. Apparently they don't value us so guess what we're
going to sell elsewhere. We will service our current book but will slow down our marketing efforts for IBX in the 5 county Phila area. Only way they can make it worth our time is to offer some sort of bonus structure.. 100 per app is what I told the new director. We'll see how it plays out. I'm spending more time with each client and getting paid less. what a joke

 

[aheff]

YA-
Confused at your response. IBX 1st year 3.4%. At a $700/month premium, that is $24/month commission. Agree, low, but doable as a business model, assuming you write enough of them and also assuming not getting too screwed on renewals.
Do you know what the IBX renewal is? Do you know Aetna 1st year and renewal?

Many mind boggling things about ACA, one of them is if they didn't screw agents and paid us fairly, agents would solve this entire enrollment mess.
Thanks.

 

[pahealthquotes]

Alan,

IBX @ 3.4 % is a joke and what will you tell someone who wants
a bronze plan at 1.7 %. 300 premium x 1.7 % that's 5 dollars a month. A lead
cost 12.00, mail the packet is 2.75 and were already 15 bucks in the red. Our time is worth much more than that.

IBX hasn't released 2nd year

Aetna year 1
20 single


30 Parent and Child


40 Couple


50 family.


Aetna year two and beyond is 50% of 1st year

 

[aheff]

So what's the business model in this significantly lower commission environment? This is a work in progress, but for me, market smart. Have a prospecting system where they call you. Have a sales system where it is turnkey, spending as little time as possible per app. It is a numbers game, and spending too much time prospecting, opening and closing does not cut it. Just my two cents. I've been wrong many times before.

 

[pahealthquotes]

more prospects and guarantee issue are the positives moving forward. With all of the new plans and subsidies its going to take more time with each client to seal the deal. Why should we as agents settle for less compensation? I will focus selling products the compensate us fairly for our time. If you compare what IBX is offering to what other Blues are offering its a huge slap in the face. Its the lowest commission I've seen from any Blue nationwide. They can make up the difference with a bonus structure. Award those who continue to produce at high levels..

Best Wishes
Joe

 

[Jwalker56]

IBC individual rates are approximately 16.5%-20% lower than Aetna's rates. So everyone one in Southeastern PA will flock to IBC. I figured out that you'll make about $13 PHPM in commission. So you'll have to make it up on high volume. That volume will come from your past medically underwritten declines and small groups that decide to drop their group plan and send them to the Exchange or Private Plans. If there is any savings by small employers, they could still offer group employer paid dental, life, disability and voluntary hospital indemnity, maybe you can make up another $20 PHPM commission and that gets you up to $33 PHPM. The small group IBC commissions are $37 PHPM for both Keystone & Personal Choice.

 

[pahealthquotes]

IBC individual rates are approximately 16.5%-20% lower than Aetna's rates. So everyone one in Southeastern PA will flock to IBC. I figured out that you'll make about $13 PHPM in commission. So you'll have to make it up on high volume. That volume will come from your past medically underwritten declines and small groups that decide to drop their group plan and send them to the Exchange or Private Plans. If there is any savings by small employers, they could still offer group employer paid dental, life, disability and voluntary hospital indemnity, maybe you can make up another $20 PHPM commission and that gets you up to $33 PHPM. The small group IBC commissions are $37 PHPM for both Keystone & Personal Choice.

problem is only so much time in a given day to help people. We plan to focus more on early retirees ,60-62 market and grab them again when they turn 65. We don't see volume making up for such a poor commission structure. IBX will need to award those agents and brokers who produce consistently at high levels or face loosing them to other markets. JMO

Cheers