hiring an assistant during AEP

[sbg_ben]

Hello,

I've been building up a decent book of business and I'm about to acquire an extra 100 clients or so. The way that I am buying the book of business will leave a positive monthly cash flow. I'm thinking about using this extra money to hire an assistant for 20 hours a week from a few weeks before AEP for training to the end of AEP. This would be a total of about 13 weeks. If I paid the assistant $11 per hour that would only cost about $2,860. The extra profit from the new book will net a higher amount than this. Also, if this person helping me allows me to have higher customer service and retain 10 more clients than I would have, then it would pay for itself in that scenario as well. Or if the time would free me up to make enough extra appointments to get 10 more MAPD clients renewals. I am also thinking that if I can train this assistant well and they like the business, they could potentially come on as a full time assistant one day or maybe as another agent.

My question is this: has anyone done something like this and how did it work out? It seems like a small price to pay to have someone help me out during that time of year. I am trying to think this out before bringing it up to my boss/soon to be business partner. I think this is pretty much a no brainer, but I have never hired or trained anyone in my life and never had any administrative support for my book of business.

Thanks

 

[Rossat]

Not answering your question directly but giving you somethings to consider...

What is this assistant doing for you exactly? They aren't licensed so are they just your appointment setter / SOA collector? If so, it will save tedious time on the phone with individuals, but you are giving someone else access to coordinate your schedule. That part can sometimes be challenging.

While your math is correct on $2,860, you also have to account for taxes. If you are truly hiring them, you as the employer are responsible for paying certain takes that will up this costs. Additionally, if you are hiring them and have certain self-investment vehicles (like SEP IRA) you must now contribute that to them as well.

Think about you who you'll attract for $11/hour, especially only for 13 weeks. Either individuals who are desperate (perhaps can't hold a job?) or someone who's elderly who may just need some side income. Not saying just these two types of people, but you get what I mean.

Getting help will never not be helpful (typically). If you can afford it then go for it. IDK you own book size but it's not uncommon for agents to do this solo with 300-500 book of business size. It's a PIA, but can be done.

So if you really think someone would be so helpful that they are practically paying for themselves to be there, I'd ask you why not just bring them on FT and/or increase the amount you are paying. That'll give them a bigger interest in the industry. However, as you can see in other posts, just don't expect to be the upline to this person for CMS regulated products (unless LOA).

 

[MedicareAgent]

I am hiring an assistant to do the back office bs that I don't have time to do, I hired someone two yrs ago for the season and did not hire someone this past season, big difference !! I'm hiring someone again, It's much nicer to be in front doing sales and making money than doing busy office work and wasting time. It's well worth the $15.00 an hour to me, 20 hours a week.

 

[sbg_ben]

Not answering your question directly but giving you somethings to consider...

What is this assistant doing for you exactly? They aren't licensed so are they just your appointment setter / SOA collector? If so, it will save tedious time on the phone with individuals, but you are giving someone else access to coordinate your schedule. That part can sometimes be challenging.

While your math is correct on $2,860, you also have to account for taxes. If you are truly hiring them, you as the employer are responsible for paying certain takes that will up this costs. Additionally, if you are hiring them and have certain self-investment vehicles (like SEP IRA) you must now contribute that to them as well.

Think about you who you'll attract for $11/hour, especially only for 13 weeks. Either individuals who are desperate (perhaps can't hold a job?) or someone who's elderly who may just need some side income. Not saying just these two types of people, but you get what I mean.

Getting help will never not be helpful (typically). If you can afford it then go for it. IDK you own book size but it's not uncommon for agents to do this solo with 300-500 book of business size. It's a PIA, but can be done.

So if you really think someone would be so helpful that they are practically paying for themselves to be there, I'd ask you why not just bring them on FT and/or increase the amount you are paying. That'll give them a bigger interest in the industry. However, as you can see in other posts, just don't expect to be the upline to this person for CMS regulated products (unless LOA).

I made a list this morning of all the things they could help me with, it was a big list lol. A lot of CRM data entry, follow up calls, things of that nature. Basically helping me to avoid mistakes and getting behind to the point where I am overwhelmed.

I see your point, I think that you are right regarding attracting the right people. I think I will need to pay a higher rate to get the people I want. To answer your question about book of business, including the new clients we are acquiring I am around 600 at this point. Maybe closer to 650/700 depending on how you count life insurance, dental, small groups etc. It's very manageable in the off season, but during AEP it's getting hard to get new business and keep all the current clients happy. I'd much rather keep my clients that get new ones, which is why I may need some help.

 

[sbg_ben]

I am hiring an assistant to do the back office bs that I don't have time to do, I hired someone two yrs ago for the season and did not hire someone this past season, big difference !! I'm hiring someone again, It's much nicer to be in front doing sales and making money than doing busy office work and wasting time. It's well worth the $15.00 an hour to me, 20 hours a week.

Thank you for sharing. 20 hours a week was actually the exact number I was thinking of, bringing the payment up to $15 per hour is reasonable considering it's such a short amount of time and the help would be so valuable to me.

 

[Rossat]

Out of curiosity do you have a place of business or do you just work from home?

 

[sbg_ben]

Out of curiosity do you have a place of business or do you just work from home?

We have an office. Right now there is an empty receptionist desk and an empty office where we keep the extra medicare supplies. Plenty of room to grow!

 

[kgmom219]

Best thing I ever did.

I have 2 of them now. One for paper and managing me, one for phones/calendar.

Both are virtual.

Both are paid an annual salary, based on X dollars per hour, 20 hours a week. Phone girl is probably working 3-4 hours a week right now. I don't care. I need 40 hours+ from 10/1 to 12/15. I am not dealing with micro managing hours worked.


You don't have time to train after Labor Day. You need to hire now.

 

[sbg_ben]

Best thing I ever did.

I have 2 of them now. One for paper and managing me, one for phones/calendar.

Both are virtual.

Both are paid an annual salary, based on X dollars per hour, 20 hours a week. Phone girl is probably working 3-4 hours a week right now. I don't care. I need 40 hours+ from 10/1 to 12/15. I am not dealing with micro managing hours worked.


You don't have time to train after Labor Day. You need to hire now.

I love this idea. If you don't feel comfortable sharing, could you private message me how you found these virtual assistants / where they are from? If you do feel comfortable i'd love to see it posted here as well.

I wouldn't mind having a person in the office or remote, I think that will make it easier to hire. I was thinking i'd find someone local and be able to meet them in person, work together in the office for a little while then let them come/go as they please. I am not interested in micro managing anyone either.

Acquiring this book of business with a net positive monthly cash flow has me thinking differently. It seems like the perfect time to make the case that I could use some administrative help, 600 clients between medicare/aca at open enrollment is probably pushing the limit of what I can handle without sacrificing good service, or missing my kids soccer games.

 

[mdlovell]

Both are paid an annual salary, based on X dollars per hour, 20 hours a week. Phone girl is probably working 3-4 hours a week right now. I don't care. I need 40 hours+ from 10/1 to 12/15. I am not dealing with micro managing hours worked.

Did you hire them this way from the beginning?

It sounds great! Just wondering about getting someone to be ok with working 3-4 hours a week now and 40 during the 4th quarter.