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They changed it a few months ago to .75% in the states where they could. There may be some .25% out there but I'm supposedly at .75%?
What are you planning to do with all that extra money?
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They changed it a few months ago to .75% in the states where they could. There may be some .25% out there but I'm supposedly at .75%?
What are you planning to do with all that extra money?
I think you may be confused as to the difference between GI and open enrollment, hence the answers you received. They are two entirely different things.
Thanks Jimmy,...I think i see what you are saying.
Open enrollment is the 6 mth period after turning 65
Thanks Jimmy,...I think i see what you are saying.
Open enrollment is the 6 mth period after turning 65 and signing up for medicaid (nothing to do with GI). GI is addressed in the (7 conditions) where insureds qualify based on those conditions.
ANYONE outside the 6 mth window and doesn't qualify under the 7 conditions, is underwritten completely.....CORRECT?
Anyway, thanks again!
Hi Friends...Question from a Newby,
I'm Not sure if what i read was correct about comm. on Guaranteed Issue med.sups. BUT I was reading on another post, that during the GI period for Med.Sups, the comm is lower???
QUESTION(s):
- Are Med.Sup commissions "lower" during the Guaranteed Issue Period?
- If so, how much are Med.Sups comm. (in general) during the GI period?
- If i'm mistaken, are there "ever" situations when a lower commission is paid on Med.Sups?
Thanks for any constructive input you can offer...(waiting for my FMO guy to get back to me)
I assume you mean Medicare. At least I hope you do. If you are going to be selling Medicare Supplements and/or Medicare Advantage plans you really need to make sure you know the difference and use the correct terminology. Medicare and Medicaid are not the same.
In most states and with most carriers, yes, outside of OE and not meeting a GI provision they will be fully underwritten. UHC (AARP branded Med Supp) will treat someone who has been enrolled in Part B less than three years close to OE guidelines (they do have to answer a couple of health questions). This may not be the case nationwide. Only speaking of the states in which I write business.
SOME agents will go ahead and write a GI Medigap for $0 - $25. They feel they can make up for it by writing the PDP, ancillary and referrals.
That's fine if you want to handle it that way.
Others will only write the app if they are paid a "livable wage" for the app. That means they are only pitching the one that pays vs. the one that may or may not have the best rate.
Regardless of how you handle it keep in mind you have the same E&O exposure whether you are paid or not. Same amount, or possibly more, service work.
Also some carriers put you through a grind to write GI apps. Most, if not all, keep score. If your GI apps is "out of line" with T65 and underwritten apps they may terminate your contract.
To me GI is a snake pit and I avoid it. Would much rather send them to UHC (where I am not appointed) than mess with it.
Last year when Aetna was paying half comp on GI I did write a few cases but always gave the client the lower numbers from other carriers and let them choose.
Most took Aetna.
To me, Aetha was a PITA to deal with on GI business. Glad I am not writing it any more.
Yes thank you (typo error).
That United Plan sounds interesting...but what i'm hearing, they pay peanuts. I haven't heard back from my United Rep, but i hear (as was mentioned) $0-$25. I'm not sure which plan it is, but i would imagine its limited as well???
Also, just because somebody qualifies for GI, doesn't mean that you have to write it as GI. I think there are agents that don't realize that. If they can pass UW, don't write it GI...but make it clear to underwriting that the policy is to be fully underwritten. That way you get paid full commission.