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How do you keep track of income with Medicare?

jack3454

Super Genius
229
It seems like it’s next to impossible to accurately track your income unless you spend hours checking on every policy. With new to medicare payment delays, regular annual enrollments, part D plans, and all the extra stuff (any other products like cancer or dental plans, etc), it just feels like its super hard to make sure you get what youre owed. Is it just me that feels this way?
 
It seems like it’s next to impossible to accurately track your income unless you spend hours checking on every policy. With new to medicare payment delays, regular annual enrollments, part D plans, and all the extra stuff (any other products like cancer or dental plans, etc), it just feels like its super hard to make sure you get what youre owed. Is it just me that feels this way?

There are CRM's who have a commission tracking function. However, they are only as good as the data that is entered. I subscribe to Radius Bob and they have commission tracker. You can import your commission statements or enter them manually. But again, if the data entered at set up isn't accurate, then the commissions won't match.

I still do it the old fashioned way. Although I don't do it as often as I should. I have a spreadsheet with every MAPD, PDP and Med Supp client. I have the commission amount listed next to each one so I have an idea of what to expect. When a commission statement is posted, I check the total versus my expected total. If there is a discrepancy, I then check each client to see if anyone is missing from the commission statement.

Again, I don't do this near as often as I should. Maybe only 3-4 times per year.
 
I have only found two discrepancies in my 17 years in the business so I don't worry about it actually. My customers are all in an excel spreadsheet, as far as tracking commissions, I don't.
 
From what I read the only crm that even comes near accurate is agency bloc and that’s like $200 plus a month with commission tracking ability . What I do is I calculate my total renewals on Jan 1st . At the end of the first month I divide my first total renewal commissions divided by $25.50 the renewal in 2025 . So let’s say you have 800 renewals you calculated Jan 21st . That’s $20,400. Compare that to first months renewals . If it’s not accurate then manual compare . In future months pull all your renewal disenrollments off the previous months and compare .I loosely look if there’s any big difference . Remember Humana pays renewals throughout the month when anything’s changed on the plan like an address change . So with commission software I don’t know how that would work . Honestly I don’t worry about it much . I track first year and true up’s .These aep I had a large amount of true ups based on people having only Medicare and pdp cards .I tracked all to the penny and the payout was 100% accurate
 
Thanks for the replies yall, I’ll probably check on a few random things going forward and as long as those are accurate, I wont be as worried about it.

I was originally going to do a spreadsheet, but after making it I realized how much extra time this will take out of my week just to make sure I have everything entered, sourcing the commission statements, matching up enrollments to payments, etc.
 
Focus on sales . . . the commissions will (normally) take care of themselves as long as you are not being paid by an FMO.

When I started out, I would check every commission deposit to make sure I was getting "what I was owed".

At some point I discovered that a major carrier had not paid me on a line of business for 6 months or so. This made me go back and audit everything I wrote for the last year plus as well as a monthly audit of commissions.

I spent so much time tracking commissions that usually showed up on the next pay cycle that I decided to do spot checks ever 2 - 3 months.

Bottom line, auditing commissions was costing me new sales.

In my case, carrier paid commissions were usually right . . . IMO's are the worst.

I am 100% carrier direct and will NEVER let an IMO cut my checks.
 
It seems like it’s next to impossible to accurately track your income unless you spend hours checking on every policy. With new to medicare payment delays, regular annual enrollments, part D plans, and all the extra stuff (any other products like cancer or dental plans, etc), it just feels like its super hard to make sure you get what youre owed. Is it just me that feels this way?
I have found that numerous discrepancies. Our new CRM commission feature will show what should have been paid and what was actually paid...it will cost nothing for agents we are about 70% completed with our commission tracker
 
I have found that numerous discrepancies. Our new CRM commission feature will show what should have been paid and what was actually paid...it will cost nothing for agents we are about 70% completed with our commission tracker
How often do you see commissions missed ?
 
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