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Access the only national 100% free and 100% private online directory of Medicare insurance agents. The no-cost resource is provided by the American Association for Medicare Supplement Insurance.
Without having to enter any personal information (other than your Zip Code) you can see agents located in your area.
Enter your Zip Code in the box on the right and click FIND AGENTS.
Commissions can vary based on the particular insurer, state regulations (some actually set some limits), the type of policy (Medicare Supplement versus Medicare Advantage).
And, even if a particular policy is set to pay (say) 10 percent, he or she may only get a portion of that amount. It’s like real estate, where the commission is (say) 6 percent. But the selling agent only gets a quarter of that (1.5%).
Commissions for Medicare insurance products are generally much lower than for other insurance products (such as long-term care insurance). That’s merely because there is greater demand (meaning agents have to spend less money and time marketing).
The commission is designed to compensate the agent. For the vast majority, it’s their only source of income (their salary). And, it’s designed to cover their expenses. That can range from office space and telephones to marketing costs. Agents often have to advertise, host seminars, host websites along with a host of other expenses which are all part of their business.
Typically, the commission amounts are higher for the first year that the policy is in force. Most insurers also pay what’s called a renewal commission during subsequent years. That is intended to cover the agent’s time and expenses serving their client base. So, never feel guilty about calling with questions.
Agents can not get you a ‘deal’. The premiums you pay are set by the insurer and filed with each State. No agent can say, I can get you a better deal than any other agent.
Some agents and brokers are independent. But they are affiliated with distributors, often called a General Agency. These agencies may receive compensation from the insurance company which takes the form of an ‘override’ or ‘bonus’. Again, this is all built-into the cost of your insurance policy. You do not pay anything extra.
As we indicated, an independent agent generally pays for all of hie or her expenses. Whatever is leftover is their income which, of course, is then taxed.
Most agents work very hard for their clients. Those selling Medicare insurance often work nights and weekends when their clients and prospects are available. During the busiest times of the year (Medicare’s Annual Enrollment period) may work seven days a week for 12 or more hours a day.
The Medicare Prescription Drug Plan is one of the most important overages you can have. And, it’s one that you can change every year (during Medicare AEP).
However, the commissions generally are low – especially when you consider the amount of time and effort that’s typically needed to input all the data and advise clients. For that reason, a growing number of resources are enabling individuals to compare their Medicare Prescription Drug Plan options.
Let’s just say, in general, it might amount to anywhere from $100 to $300 for the first year (and much less in any subsequent years). Considering their costs and time, it’s a living when you dedicate yourself to it. But, it’s not winning the lottery. We salute the many hardworking agents out there … and hope you’ll give them your trust and opportunity to work with you.
Medicare Tips and suggestions provided by some of the nation’s top Medicare agents.
What Medicare.gov Misses covers what the government website misses.
Yearly Medicare insurance statistics and data. See the latest Medicare Supplement Insurance Price Indexes.