Medicare Supplement Commission

[springbokhouston]

Hi Guys,

I'm focusing on FE but would like to do some supps on the side. Right now I am working on getting some pricing for my parents changing their HDF in for a lower rate. Can someone explain to me how the commission works.

Thanks again for any help.

 

[GoPokes]

Hi Guys, I'm focusing on FE but would like to do some supps on the side. Right now I am working on getting some pricing for my parents changing their HDF in for a lower rate. Can someone explain to me how the commission works. Thanks again for any help.

Can you be more specific in you question?

The commission is usually a percentage of the premium....but different with some companies

 

[springbokhouston]

Thanks Gopokes,

It's more a general question. Is there a standard commission on supps or is every carrier different? Do they pay an advance or monthly? If it's a general percentage of premium what is the average and what is the renewal?

The first policy that I will do will be for my parents, so it's not about the money, just making sure that they get the best possible deal. The HDF plan they are looking at in Texas is already going to save them over $100/month compared to what they were paying, that's more than enough "commission" for me.


Thanks,

 

[Newby]

Thanks Gopokes, It's more a general question. Is there a standard commission on supps or is every carrier different? Do they pay an advance or monthly? If it's a general percentage of premium what is the average and what is the renewal? The first policy that I will do will be for my parents, so it's not about the money, just making sure that they get the best possible deal. The HDF plan they are looking at in Texas is already going to save them over $100/month compared to what they were paying, that's more than enough "commission" for me. Thanks,

Usually pays between 19-22% of premium for years 1-6.

Make sure your parents understand what hi-deductible means. They might be more comfortable with Plan N.

 

[Glen Shelton]

Usually pays between 19-22% of premium for years 1-6. Make sure your parents understand what hi-deductible means. They might be more comfortable with Plan N.

^^^
This is spot on. Also be careful depending on the state, some carriers offer lower commissions.

The nice part with Medicare Supps is if you maintain your book of business, you can potentially rewrite your clients prior to year 6, save them money, and continue your renewal income!

 

[springbokhouston]

Thanks guys. My parents clearly understand the high deductible and are willing to kick in if needed. I really appreciate the help