2025 AEP Disruptions: Updates to The Inflation Reduction Act

[Duaine]

70% of clients might want to shop and change plans in AEP.

Part D plans may go to zero commissions.

Part D plans average cost might be $65-75 per month.

 

[WiscBroker]

Of course, when will half this country learn that price controls and government mandated caps ALWAYS cause more problems than it solves.
So, if Part D plans pay zero commission, do we 1) tell our clients to do it themselves, 2) charge a consulting fee to assist them (can we?), 3) looking for ideas

 

[axeman462]

Of course, when will half this country learn that price controls and government mandated caps ALWAYS cause more problems than it solves.
So, if Part D plans pay zero commission, do we 1) tell our clients to do it themselves, 2) charge a consulting fee to assist them (can we?), 3) looking for ideas

answers to your questions:

A) never.

1) only if you want to lose your clients
2) almost positive if you're a licensed agent, you can not charge consulting fees for Medicare products
3) be more aggressive in asking for referrals, and/or cross sell

 

[WiscBroker]

Yes, axeman462, you are right. I just needed to hear it from someone wise like you.

 

[Russ]

(A)If $0 commission....Get a list of their meds. Find the best plan for them and tell them the phone number to call to get enrolled.

(B)What if some plans keep paying commission, which I assume they will........help them as best you can.

(C)What if premiums go out of sight.......good luck.

To me....C is a nightmare waiting to happen.

(D)You have 1000+ PDP members. You're likely screwed. Good luck.

 

[DonP]

As I said chaos is coming . Part of the chaos coming is few carriers will show there final plans until Sept end . Renewals will be crushed as you possibly will have to flip 1/2 your book this aep .

 

[WiscBroker]

Instead of charging a consulting fee which would run afoul of compliance, how about offering for people regardless of the insurance plan they buy to become a "PLUS" member of the agency for priority support. You know, like Walmart+, only $59 a year and with much worse benefits.

 

[InsuranceGuy29]

If you want something screwed up, MASSIVELY, just involve the modern liberal government. They’re experts at f**king things up.

 

[GoPokes]

I think if you're a seasoned agent, you do things business as usual. If PDP is zero comp, you just hustle like when you started, but now you have renewals. Tough it out for a season, and re-evaluate in 12 months from now.

If you are not a seasoned agent, it may be a tough time to jump in

 

[rmhaire]

2) almost positive if you're a licensed agent, you can not charge consulting fees for Medicare products

Don't know about Florida but in Georgia you can do one or the other but not both.

An agent can charge a fee for PDP but he would have to give up receiving a commission on the medicare supplement. The law is based on the transaction and not the policy itself.

An exception would be to go back and get his counselor's license. Then he can charge a fee and accept a commission.

But who would want to do that?