Medicare Supplement Commissions
You might be wondering how much Medicare Supplement Commissions are. This is a very difficult question to put a dollar amount to. There are several variables when it comes to Med Sup Commissions.
Medicare Supplement Commissions – What dose a Medicare Supplement/Medigap plan cover
A Med Sup/Medigap plan is private health insurance that clients purchase to pay for the part of Medical expenses left over after Medicare A&B have covered their portion of the medical expenses . These policies help cover out-of-pocket costs such as deductibles, co-payments and co-insurance.
Medicare Supplement Commissions – agents receive payments in different ways:
Because the CMS does not govern Med Sup commissions the way they do Medicare Advantage plans, each carrier has it’s own way of paying out Med Sup commissions. Some carriers pay commissions “as earned”. This means exactly what it sounds like. Other carriers offer brokers/agents a 9 month advanced payment.
Medicare Supplement Commissions – how do you calculate them:
This is another time when calculations vary by carrier. Some carriers pay a percentage based on the plan cost, while others offer a set rate based on the plan. For example, the premium on a HDF (High Deductible F) plan is low therefore, the commission tends to be low. That being said, this varies by carrier like all Med Sup plans. Surprisingly, the United American HDF plan provides agents with a unique, high commission level and clients with a competitive plan.
Each state has different Medicare Supplement carriers that are competitive in their area. Use our quote engine to see which plans have the most competitive rates in your state
Medicare Supplement Commissions – Commission levels
Commission levels on supplements range from sub street level contracts to SGA level contracts. Most agent are set at the “street” level which is the most the carrier would give them on a direct contract. Crowe and Associates always sets agents up at street level or higher with agents being paid directly by the carrier. If you want to know how much a given carrier pays for commission, please call our office at 203-796-5403
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