MAPD commissions first to get the AXE?

[rmhaire]

Who do you think pays the 80% cost of Med Supplements...it may surprise you but that is the same government that in your eyes subsides MA plans.so Supplements also get your so called subsidies....I prefer to call it funding.

Like I said earlier ... I do. You can't even get your terminology right.

A medicare supplement is an insurance contract between a private insurance company and the individual. CMS has nothing to with it. Here's a pretty good description taken from BCBS's website.

Medicare supplement plans, sometimes called Medigap plans, don't work like most health insurance plans. They don't actually cover any health benefits. Instead, these plans cover the costs you're responsible for with Original Medicare.

Thank God I'm clueless.

 

[DonP]

I agree changes in comp coming for all Medicare. One thing not talked about is the massive bonus’s in med sups. Some co’s paying $300 an app. I’ve been doing this about 2 1/2 yrs and I’m stunned at the # of new agents rushing into all Medicare and aca to make their pot of gold. I’ve first hand seen the incredible overrides possible in mapd from someone I know. They’ve gone from 0 to $50k a month in overrides in last 3 yrs with only 20 or so agents. This is after splitting with several uplines. The greed from carriers throwing cash for apps around like candy .All these new rules are a waste of time. All they have to do is 1 thing . Comp for 2024 is $300 for new and $150 for renewals and agents will leave this space by the 10’s of thousands .

 

[Chazm]

I All they have to do is 1 thing . Comp for 2024 is $300 for new and $150 for renewals and agents will leave this space by the 10’s of thousands .

This I could see happening and I would welcome it. I’ll probably end up making more money than I do now.
This is more likely to happen than the doomsday nonsense that PCBI spews. He’s not happy because he doesn’t have many clients.

 

[somarco]

Before 2014 . . .

Health insurance was written year 'round
My state had roughly 30 carriers writing under 65 TRUE major med
Most offerings were PPO plans
A few non-network plans were available . . . Assurant/Time comes to mind
Maternity coverage was a buy-in option with many plans
Deductibles as low as $500 available
OOP capped at the deductible + $2000 was common
Commissions were around 20% . . . some carriers offered 25% and higher (street)

The party didn't last long once DC converted health insurance from free market to government oversight


After 2014

Health insurance offered during a limited open enrollment period
SEP available for some
Number of carriers writing in my state is 4
PPO plans have all but disappeared and replaced by HMO
Maternity mandated and baked into the premium for anyone regardless of age or gender
Deductibles start north of $6,000
OOP varies by carrier but is more than the deductible
Commissions not paid on children
Commissions usually PMPM, not a percent of premium
Premiums 2x to 3x higher vs pre-2014

 

[rmhaire]

Before 2014 . . .

Health insurance was written year 'round
My state had roughly 30 carriers writing under 65 TRUE major med
Most offerings were PPO plans
A few non-network plans were available . . . Assurant/Time comes to mind
Maternity coverage was a buy-in option with many plans
Deductibles as low as $500 available
OOP capped at the deductible + $2000 was common
Commissions were around 20% . . . some carriers offered 25% and higher (street)

Time was a great company back in the day. I remember when they celebrated their 100th anniversary the sent all their agents a portfolio with a copy of their first DI policy.

They wrote the first DI policy ever written in the US. I wish I could find it. I'd bring it next time we have show and tell.

 

[Packerland]

Like I said earlier ... I do. You can't even get your terminology right.

A medicare supplement is an insurance contract between a private insurance company and the individual. CMS has nothing to with it. Here's a pretty good description taken from BCBS's website.

Medicare supplement plans, sometimes called Medigap plans, don't work like most health insurance plans. They don't actually cover any health benefits. Instead, these plans cover the costs you're responsible for with Original Medicare.

Thank God I'm clueless.

I really hope you are not an insurance agent.

Medicare supplements or Medigap plans, are private insurance policies designed to help cover the gaps in coverage left by Original Medicare (Part A and Part B).

When it comes to the "80%," it typically refers to the coverage provided by Medicare Part B. Not even the most naive person on this forum believe the $164.90 that most pay for Part B cover the 80% that Medicare pays be it a suppmement or MA plan. Original Medicare generally covers 80% of approved medical expenses, leaving you responsible for the remaining 20%. This 20% is where your Medicare Supplement comes in. The government subsidizes the 80% your supplement does not pay.

Let me say it one more time..

When you have a Medicare supplement plan, it works alongside Original Medicare. Once Medicare pays its share (typically 80%), your Medigap plan will cover the remaining portion, depending on the plan you have. For example, if you have a Medicare supplement plan that covers the Part B coinsurance, it would pay for the remaining 20% that you would otherwise be responsible for paying out-of-pocket.

Also saying that CMS has nothing to do with medicare supplements is ridiculous. Without CMS's oversight of Part A and Part B and 80% cost share your supplement would be worthless.

https://www.cms.gov/search/cms?keys=Medicare+supplement

 

[rmhaire]

I really hope you are not an insurance agent.

Medicare supplements or Medigap plans, are private insurance policies designed to help cover the gaps in coverage left by Original Medicare (Part A and Part B).

Ah but I am ... for over 50 years.

Glad to see you're getting your terminology right. Should have said that the first time.
Also good to see you're getting the hang of cut and paste.

Now go work on your new pronouns.

 

[sman]

Note to Robert ...Medicare is funding 80% of all Medicare Supplement expenses...

You might want to rethink how you worded this. Medicare doesn't fund ANY of the expenses of a Medicare Supplement. I assume you are mainly referencing the portion of a claim that Medicare Part B pays after the deductible is met. That has nothing to do with the expenses a carrier incurs for a Medicare Supplement. The expenses of a Medicare Supplement are the portion of claims they pay and the commission they pay to the agent. None of that is paid by Medicare.

 

[Packerland]

You would think after 50 years you would know how a supplement works.

Go woke ..Go Broke

 

[Packerland]

You might want to rethink how you worded this. Medicare doesn't fund ANY of the expenses of a Medicare Supplement. I assume you are mainly referencing the portion of a claim that Medicare Part B pays after the deductible is met. That has nothing to do with the expenses a carrier incurs for a Medicare Supplement. The expenses of a Medicare Supplement are the portion of claims they pay and the commission they pay to the agent. None of that is paid by Medicare.

True typing to fast on my phone..you are 100% correct..wrong wording on my part..

Feel free to proof read any of my posts. I need all the help I can get