"social Selling For Profitable Insurance Agents: Leveraging Social Networks"
"social Selling For Profitable Insurance Agents: Leveraging Social Networks" - Roxanne Anderson is an Editor/Editor at Ritter Insurance Marketing. She has written and edited The Agents Survival Guide since its inception in 2016! Shortly before joining Ritter, Roxanne earned a BA in English with a concentration in professional writing from Elizabethtown College. Outside of work, she enjoys spending time with her husband and two sons, vacationing at the beach and playing volleyball or in Catania!
If you are considering selling Medicare, you probably want to know how much you can get out of it. We cover the basics, including how working with an FMO can affect your commission, to give you a good idea!
"social Selling For Profitable Insurance Agents: Leveraging Social Networks"
As Medicare Advantage enrollment continues to grow, 2024 is shaping up to be another great year for record sales, which is great news for agents looking to earn more commissions! Let's get straight to the facts and figures.
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Generally, agents receive two types of commissions for selling Medicare plans: a flat fee per claim (Medicare Advantage and prescription drugs) or a percentage of the premium sold (Medicare Supplements).
Agents who sell Medicare Advantage and Part D plans receive a flat commission per application. This comes to them in the form of an initial commission and a renewal commission. Carriers pay an upfront commission when an agent makes a new sale or when a beneficiary signs up for a new "different" plan (different type). Each year thereafter, insurers pay renewal fees to the agent if the beneficiary remains enrolled in the plan or enrolls in a new "similar" (identical) plan.
For 2024, the maximum national brokerage fees for sales in MA are $611 for initial sales and $306 for renewals. The maximum domestic PDP brokerage fees for 2024 are $100 for initial sales and $50 for renewals.
Keep in mind that if you sell a Medicare MSA plan, you may receive a commission for both plan types, MA and PDP! (Medicare MSAs do not include prescription drugs, so you can sell PDPs with these MA plans.)
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The Centers for Medicare & Medicaid Services (CMS) sets maximum annual broker fees for Medicare Advantage and Medicare Part D; however, insurance companies are not obliged to pay these amounts. What you get for Medicare Advantage and PDP sales may be less depending on the carrier and your contract with them.
When selling Medicare supplements, agents earn a percentage of the premiums on the policies they sell. Unlike Medicare Advantage and Part D, CMS does not set maximum referral fees for Medicare Supplements. These fees also vary from carrier to carrier and from contract to contract.
Our team of experts has developed a potential Medicare commission calculator for 2024 maximum MAPD and PDP commission, Medicare MSA and Medicare Supplement brokers for street-level agents in all states except CT, PA, DC, CA, NJ and PR. It also includes potential income from cross-selling. If you have never sold Medicare products before, this is a great way for you to immediately see the opportunity you would have to offer Medicare plans to your existing book of business! You can also calculate the potential residual of your MAPD fees to get an idea of their lifetime value.
Note: Fees, especially Medicare supplement fees, have many variables, such as provider, plan, state, and other enrollment information. This calculator is only intended to give agents an idea of their earning potential.
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Carriers pay agents for the trades they write, even if that commission goes through the FMO first (scroll down to Assigned Commission vs. Direct Commission). It is important for agents to know that carriers pay agents and FMOs separately. Your relationship with FMO is similar to your customers' relationship with you. You pay nothing to FMO, just as your clients pay nothing to you. You earn a carrier's commission, just as the FMO earns its carrier's premium.
So what you earn working with FMO is nothing less than what you would earn if you didn't. In fact, we believe you have the potential to earn more commissions with FMO! There is great value in the training and management support an FMO can provide agents with licensing, contracts, purchasing, marketing partnerships, sales tools, records, supplies, commission tracking software, and more. This extra support can lead to more sales. Additionally, many FMOs can usually offer agencies higher commissions than the street level!
FMOs can offer two different types of contracts (depending on how they concluded the contract with the carrier): direct assignment and proxy assignment. Often, an agent working with an FMO receives a commission directly from the carrier. In some cases, the FMO may want agents to 'contribute' their commission to this (for example, if they provide the agent with leads, advances, etc.). In other cases, the carrier may require agents to allocate their commissions to their FMO (eg, the carrier only pays direct contracts).
When you assign your commission to the FMO, it means that the carrier pays the FMO, which you then pay. Agents who sign an agency contract should be careful because according to their contract, their upline can keep their renewal if they choose to leave. Having a vesting plan in the contract affects the amount of renewal an agent retains if they choose to leave their upline.
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Note: In the event that you are required to sign an agency agreement with Ritter, it is an immediate earned agreement, meaning that any money you receive is yours!
Most agents prefer direct contracts, but some carriers do not offer them. Smaller airlines in particular use commission allocation configurations because they often do not have the administrative infrastructure to support paying commissions to multiple agents. Agents who can only receive assignments from commission contracts should carefully review the contractual terms of the contract.
Product type and contract aren't the only factors that affect Medicare agent fees. Whether the contract is direct or commission-based, the street-level agent receives a commission from the carrier (directly from the carrier or paid through the FMO) at an agreed rate. As the agent moves up or down the hierarchy, commission amounts change.
If an agent signs up with a sub level agency, it means that their direct upline will receive a portion of the agent's commission (in exchange for services), so the agent will receive less than the industry standard fee. The higher the agent's rank, the higher his commission.
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At the bottom of the hierarchy is the LOA, which allocates its entire commission to its immediate upstream. How the upline pays the LOA for their work depends on the agreement between the LOA and the upline. Maybe they get a percentage of the commission. Perhaps they receive hourly wages and benefits as a W-4 employee.
, to read more information about points and commissions and many examples to help you get a better idea of what you might get!
Here we want to highlight one of the advantages offered by Ritter, because we are convinced that it can help you earn more, and we think it deserves a discussion. Medicareful is Ritter's exclusive CMS-enabled quoting and enrollment software that is free and easy to install and use. Streamline your Medicare Advantage and Part D enrollment by collecting eScopes, comparing plans side-by-side, and sending pre-filled FastTrack applications to clients. Instead of submitting claims through various online platforms, simplify your process and maximize your revenue with Medicareful.
In addition to making enrollment easier and smoother, Medicareful can be a powerful marketing tool that generates more leads and therefore more sales. When you get your own Medicareful site, you'll get a personalized URL that you can distribute on printed marketing materials. For example, if your name is Susan Jones, your URL might look like www.medicareful.com/susanjones. Your Medicareful page will have your name and contact information. Not only do we provide you with a Medicareful URL, but we can also print custom Medicareful marketing materials for you, saving you time that could be used to increase sales. Go to the store and check it out!
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Do you want to generate traffic to your site and be at the forefront of your customers? Link and share regularly updated Ritter Medicareful Living blog content through your website, email and social media. When you follow the instructions on Ritter Docs, everything you share through the blog will link to your Medicareful page.
Medicareful also facilitates lead generation through affinity partnerships. Your partners will appreciate that Medicareful is CMS-compliant and out-of-the-box, meaning they don't have to keep any records or documents on their end. All they have to do is show you your Medicareful documents so their clients can apply.
Note: To access the instructions in this section, you must be a registered Ritter agent. Sign up for free today!
Overall, Medicareful will make your life easier and your business will run smoother. You can save time (and gas!) by scheduling an appointment remotely. You save time by submitting pre-filled applications and enrolling your Medicare Advantage and Part D clients through one platform. And time saving means
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