How Much Can One Make Per Year Selling Med Supps?

[Medicareguy]

Making 75,000 the first year you sell med supps is pure bull! That aint happening. Who you want to believe is your choice folks. You can listen to these con artists like "Frank" who sit around all week doing nothing but trying to con new agents in this forum to contract with him or you can take the advice of a working agent like myself who is way to proud to use this forum as a means to exploit others and make money off them. No you are not going to sell 1 med supp per day 5 days a week 52 weeks a year. In reality if you dont have another source of income or a hefty stash of cash you are going to starve the first couple of years while you build up your renewals. New agents need to ask themselves this simple question. Would guys like "Frank" who claim they can make 75,000 dollars their first year of selling supps need ot go on an internet site like this that they dont even own and use it as a free source of leads? Of course not! If "Frank" was making 75,000 dollars a year selling med supps and he claims he has been in this business 15 plus years then he would be making "300,000" a year. I can assure you he is not even making 100,000 a year after a lifetime in the business. First year income selling med supps is probably going to be more in the ball park of 20,000 to 30,000 after expenses if you are lucky.

Obama has different plans for anybody wishing to make money. If loss ratios on Med supps move to 80% or 85%, direct sales will be king. Who needs an agent to spreadsheet when some states and the feds will have web sites that do what large brokerages do. The difference will be that agents will not get paid enough to spreadsheet. Only time will tell. Hope my view does not come true, but the Dems will take care of anybody making profits.

 

[aheff]

Slugg08 and others have suggested to stay away from T65 and concentrate on those already 65+. Why is that? Why is that a better target market as opposed to T65? If it is an ignorant question, go easy on me-I am brand new to Med Sup.
Thanks.

 

[sman]

T65 has everybody and their brother bombarding them, including direct from the carriers. Additionally, it requires that you educate the client on Medicare. Those that have had a supplement for a year or two have experienced the rate increases and are "somewhat" easier to move and don't require as much "education".

 

[carroll]

1 week, 4 done deals, several hours of hard-pressed researching and studying, many informational calls to "Frankie" beforehand, and the college degree is a back-up. The "smart ones" always have a back up plan.

Just curious how you've been doing in the business.

 

[houcoogster]

Unless the entire first year was advanced, they would have to do 100 in the first month to gross $28,100.

Rick

Rick is right! No one caught it.
12 med supps a month approved @ 130 bucks a month times 18% commission
for 12 months straight would gross $21,840 first year earnings.
We have not subtracted gas or lead or mailing or office costs.

 

[Tom Highway]

Rick is right! No one caught it.
12 med supps a month approved @ 130 bucks a month times 18% commission
for 12 months straight would gross $21,840 first year earnings.
We have not subtracted gas or lead or mailing or office costs.

This is a good point, and a contrast to Mr. Frank's $70,000+ figure.

To me, the big X factor in this industry, whether it's Med Supps, MAPD, FE, or anything else, there's a WIDE difference in what a new agent can earn and what most new agents actually earn.

There may be new agents making $70,000+, and established agents making double that or more. But for every one of them, there are probably five who are making what Rick and houcoogster wrote.

There are a whole lot of reasons for that, from laziness, to not being suited for sales, poor training, bad area, not enough resources, etc.

But, to me, the bottom line is that new agents shouldn't start in this industry expecting to make the high figure, when, statistically, they are more likely to make the low figure.

 

[Frank Stastny]

This is a good point, and a contrast to Mr. Frank's $70,000+ figure.

The question asked in the title of this thread is "How much can one make per year selling Med Supps".

It didn't say "How much can a NEW agent make the first year". My bad for assuming that was information he was asking for as opposed to how much can a brand new agent make in the first year.

Very few NEW, FIRST YEAR agents are going sell that many Med Supps. I would expect a new agent, once they have the product knowledge, have a smooth telephone presentation and a good "dog and pony show" to start out writing around three apps per week. That should continually increase as they become better.

That is assuming that they are serious about building a business as opposed to just making money, working at least five days a week all day and functioning like a business owner and not just a salesman.

 

[GreenSky]

The correct answer is $119,439.73, give or take.

Rick

 

[theinsuranceman]

Rick is right! No one caught it.
12 med supps a month approved @ 130 bucks a month times 18% commission
for 12 months straight would gross $21,840 first year earnings.
We have not subtracted gas or lead or mailing or office costs.

Think I'll stick with Final Expense.

 

[arnguy]

The correct answer is $119,439.73, give or take.

Rick

Actually, Rick, it is $1,326,522.17. Just ask Frank.