Referall Fees

[Gary AC]

So to clarify.
:If you receive a referral from a licenced insurance agent for a Med Supp you can pay whatever you feel like.
:If you receive a referral from a licenced insurance agent for a Med Advantage you can pay them up to $100 : If you receive a referral from a licenced insurance agent for a Part D Drug Plan you can pay them $25

You can pay up to $100 with a one use gift card for any type of referral (med supp, advantage etc) from a private non licenced individual.

Am I right?

 

[rousemark]

So to clarify.
:If you receive a referral from a licenced insurance agent for a Med Supp you can pay whatever you feel like.
:If you receive a referral from a licenced insurance agent for a Med Advantage you can pay them up to $100 : If you receive a referral from a licenced insurance agent for a Part D Drug Plan you can pay them $25

You can pay up to $100 with a one use gift card for any type of referral (med supp, advantage etc) from a private non licenced individual.

Am I right?

You need to check with your dstate insurance dept. In TN you can only pay a non licensed person $25.. And, to share a comimission with a licesned person they have to be licensed to rep the company the businbess is placed with.. It vaies from state to state.

 

[rousemark]

So to clarify.
:If you receive a referral from a licenced insurance agent for a Med Supp you can pay whatever you feel like.
:If you receive a referral from a licenced insurance agent for a Med Advantage you can pay them up to $100 : If you receive a referral from a licenced insurance agent for a Part D Drug Plan you can pay them $25

You can pay up to $100 with a one use gift card for any type of referral (med supp, advantage etc) from a private non licenced individual.

Am I right?

This page may help you.. As with most legal mumbo jumbo it ids as clear as mud.

https://www.ciab.com/wp-content/upl...nd rates filed and approved by the Department.

 

[rousemark]

Referral for Med Advantage, I do believe the max is $100. On Med Supps, there are no rules, so you can do what you want other than rebating.

Todd, that reg says that "carriers" can pay $100 and $25..

Medicare Marketing Guidelines for Referral and Finder's Fees.

 

[DonP]

Medicare Marketing Guidelines for Referral and Finder's Fees.[/QUOTE]

That reads like a carrier can give a broker $100 . It doesn’t say anything about a broker can give a broker $100? It acts like it can’t exceed $100 for the yr? What can a broker give a client or stranger for a referral?

 

[rousemark]

Medicare Marketing Guidelines for Referral and Finder's Fees.

That reads like a carrier can give a broker $100 . It doesn’t say anything about a broker can give a broker $100? It acts like it can’t exceed $100 for the yr? What can a broker give a client or stranger for a referral?[/QUOTE]
In TN it seems to be $25. CMS can't overide state regulation.. When you start paying another broker (agent), then it would seem you get into the state regulation covering commission sharing... Who knows for sure?

 

[DonP]

That reads like a carrier can give a broker $100 . It doesn’t say anything about a broker can give a broker $100? It acts like it can’t exceed $100 for the yr? What can a broker give a client or stranger for a referral?

In TN it seems to be $25. CMS can't overide state regulation.. When you start paying another broker (agent), then it would seem you get into the state regulation covering commission sharing... Who knows for sure? [/QUOTE]

I think your right you can only give $25 to a client and I think that’s cumulative for the yr .

 

[goillini52]

Todd, that reg says that "carriers" can pay $100 and $25..

Medicare Marketing Guidelines for Referral and Finder's Fees.

There are FMO's that pay $100 referral fee for MA and $25 referral fee for PDP's for agents that don't want to sell it.

 

[rousemark]

There are FMO's that pay $100 referral fee for MA and $25 referral fee for PDP's for agents that don't want to sell it.

I am sure there are agents that do it too. There are even agents that stipulate a sale has to be made but that dors not make it compliant with the law.

 

[Yagents]

Funny, I pay Donp $100 a month to NOT send me his referrals.