Getting Started in Med Supps

midwestbroker said:
Norway guy has a great point. Here is the link to Medicare.gov for publications:

There you can order the Medicare and You book and the Choosing a Medigap Policy (both are on the main page). You can download the PDF's right away and also order them in paper form for no cost (your taxes already paid for it).
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And I will second the notion of calling Rick...
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Thanks MWB & NG, I'll go ahead and download the book.

Hey Rick, I don't know if you remember The Heritage Hotel that used to be on Ventura blvd. Used to reside there when I was 18 working at a law firm a few doors down. Best commute I ever had. :D
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pcbinsurance said:
He is not only bilingual, he's probably trilingual living in CA. Some might say he's a cunning linguist.
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I really wish I were. Think I'll call Rosetta Stone...:biggrin:
 
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mikeincolumbuso said:
Just curious folks. What did Frank die from. I believe he told me he was only in his early 60s.
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Frank was about 71. Had successful intestinal surgery but developed an infection. The doctors never could knock it out. Unfortunately, that's what eventually killed him.

It's been 10 months. I miss my friend a great deal.

Rick
 
sman said:
"Decent" is a relative term. If we're talking just Medicare Supplements, it's going to be tough to have a good pay check in the first month unless you have a great source for leads. You would likely need to have your commissions advanced. Just figure in the $300 range for annual commissions for a Med Supp. Based on your definition of "decent" you can calculate how many cases you would need to close to generate the income you'd need.

As for how residuals and commissions work when contracted under an independent, I'm not sure I understand what you are asking. Are you talking about being independent or working under an independent agent? If working under someone, then it would depend on what arrangement you set up with the agent above you (whatever you do, don't assign commissions to someone else). If you are working independently, commissions are paid directly to you (or your agency if you set it up that way). With Med Supps, first year and renewal commissions are the same for 6 years in most states.

If you sold 100 Med Supps per year, then after 6 years your residual income would be $150k to $200k assuming you keep a high percentage of your clients. If you do what is best for your client and place their needs first, you won't have any problem keeping them for a long time.
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Could u elaborate more on this....im thinking of getting into the med supps game to add to my FE biz?

Thx
 
TDFnCali said:
Could u elaborate more on this....im thinking of getting into the med supps game to add to my FE biz?

Thx
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If you go to the SIMA site, they have a spread sheet that shows how ths works. Also watch 100k medicare sales Webinar, you can extrapolate from there
 
With regard to Med Supp/MA sales and taking advances, is the chance of charge back pretty low on these type of policies?

What is the typical persistency rate?
 
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