Medicare Supps Vs Medicare Advantage

ghealthplus

Expert
74
Hi All,

Can anyone tell me what the difference is between Medicare Advantage and Medicare Supps when it comes to Commissions? How much do you make selling a Medicare Advantage? And How much do you make selling a Medicare Supp? Thank you very much and All replys welcomed.
 
The above is an incredibly self-serving and incorrect answer. I certainly sell my share of med supps, but of us (including me) make a great living selling MA plans. I understand that within a few years our clients may lose their plans. It will then be time to move them into a med supp. and make another commission. But in the meantime, they benefit with a zero premium plan with low copays (at least in my area).

Ghealth, you asked for an answer and got an opinion. I'm happy to help you clarify things if you send me an email with your phone number. It's much easier to do this over the phone than via posts. Althought I can help people contract with two companies, I am primarily an insurance agent so can give you unbiased information.

Rick
 
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Commissions with Med Supps are going to vary from state to state and from FMO to FMO. Some pay higher commissions than others. You should not settle for a commission that is below street level.

Typically Med Supp companies pay first year commission for the first six years. (Florida is first year commission for the first six years.) Your average commission in Florida is going to be around $400 per year for six years.

I believe that MA plan commissions are now dictated by CMS. The most an agent can receive is $403 for the first year on someone new to MA plans and $202 for years 2 to 6. If they currently have an MA plan and the agent moves them to another MA plan the max commission they can receive is $202 for years 1 to 5.

Be cautious of anyone who wants you to assign your commissions to them. Don't do it.
 
Commissions with Med Supps are going to vary from state to state and from FMO to FMO. Some pay higher commissions than others. You should not settle for a commission that is below street level.

Typically Med Supp companies pay first year commission for the first six years. (Florida is first year commission for the first six years.) Your average commission in Florida is going to be around $400 per year for six years.

I believe that MA plan commissions are now dictated by CMS. The most an agent can receive is $403 for the first year on someone new to MA plans and $202 for years 2 to 6. If they currently have an MA plan and the agent moves them to another MA plan the max commission they can receive is $202 for years 1 to 5.

Be cautious of anyone who wants you to assign your commissions to them. Don't do it.

Hi Frank..Thanks for the info..Regarding assign your commissions do you mean being a Captive Agent? Please clarify. Thanks
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Hi Frank..Thanks for your info below. I need some clarification please. Regarding street level comm. what would that be? They vary from FMO to FMO..Who would you recommend in FL or is it better to go with IMO and what is the difference between IMO and FMO? Also regarding assigning comm. are you meaning being a Captive Agent?

Thank you very much. And Thank you to all other replies on this post.





Originally Posted by Frank Stastny
Commissions with Med Supps are going to vary from state to state and from FMO to FMO. Some pay higher commissions than others. You should not settle for a commission that is below street level.

Typically Med Supp companies pay first year commission for the first six years. (Florida is first year commission for the first six years.) Your average commission in Florida is going to be around $400 per year for six years.

I believe that MA plan commissions are now dictated by CMS. The most an agent can receive is $403 for the first year on someone new to MA plans and $202 for years 2 to 6. If they currently have an MA plan and the agent moves them to another MA plan the max commission they can receive is $202 for years 1 to 5.

Be cautious of anyone who wants you to assign your commissions to them. Don't do it.
 
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Hi Frank..Thanks for the info..Regarding assign your commissions do you mean being a Captive Agent? Please clarify. Thanks
- - - - - - - - - - - - - - - - - -
Hi Frank..Thanks for your info below. I need some clarification please. Regarding street level comm. what would that be? They vary from FMO to FMO..Who would you recommend in FL or is it better to go with IMO and what is the difference between IMO and FMO? Also regarding assigning comm. are you meaning being a Captive Agent?

Thank you very much. And Thank you to all other replies on this post.

It is going to be a lot easier to discuss and explain if you will give me a call. The best number to reach me on right now is my cell, 573.544.4091.
 
It is going to be a lot easier to discuss and explain if you will give me a call. The best number to reach me on right now is my cell, 573.544.4091.

Frank, you gave me a diffrent number to call. All I hear when it answers is heavy breathing and it costs me $2 a minute.

Are you sure that's the number I need to use?

Rick
 
Commissions with Med Supps are going to vary from state to state and from FMO to FMO. Some pay higher commissions than others. You should not settle for a commission that is below street level.

Typically Med Supp companies pay first year commission for the first six years. (Florida is first year commission for the first six years.) Your average commission in Florida is going to be around $400 per year for six years.

I believe that MA plan commissions are now dictated by CMS. The most an agent can receive is $403 for the first year on someone new to MA plans and $202 for years 2 to 6. If they currently have an MA plan and the agent moves them to another MA plan the max commission they can receive is $202 for years 1 to 5.

Be cautious of anyone who wants you to assign your commissions to them. Don't do it.
$400 first year would be like $185 per month times 18%. Med supp rates must be high in FL.
 
$400 first year would be like $185 per month times 18%. Med supp rates must be high in FL.

If you call I can give you more information about rates and commissions.
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Frank, you gave me a diffrent number to call. All I hear when it answers is heavy breathing and it costs me $2 a minute.

Are you sure that's the number I need to use?

Rick

The "other" number must be the barn number. You probably got one of the goats.
 
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If you call I can give you more information about rates and commissions.
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The "other" number must be the barn number. You probably got one of the goats.

Man Frank you are an expert at making money...You've got the Goats on a Goat for sex line....man what will you think about next...Maybe you can send me some info...My father In Law has a really nasty goat in his barn maybe I can set him up to be a Goat Pimp too..
 
Man Frank you are an expert at making money...You've got the Goats on a Goat for sex line....man what will you think about next...Maybe you can send me some info...My father In Law has a really nasty goat in his barn maybe I can set him up to be a Goat Pimp too..

Tell him to look for my ad on craigslist under Goats/Porn/Pimps. :D
 

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