How Health Insurance Agents Get Paid
Health insurance is a vital aspect of our lives. It provides us with financial protection in case we encounter unforeseen medical expenses. owever, a lot happens on the Health Insurance Marketplace that consumers frequently struggle to understand. For instance, how do health insurance agents like Dan get paid? And, what does that mean for consumers?
How Agents/Brokers Get Paid
Marketplace health insurance agents are paid a flat commission per enrolled member per month, regardless of the monthly premium. Typically, this is between $10-$30 per person per month, and varies from one insurance company to another. So agents are no longer incentivized to try to sell you more.
What Does It Cost You, the Client?
Having an agent, or not, does not change the cost of your health insurance in any way. This is true for all kinds of insurance, not justhealth.
What Does This Mean for You, the Client?
You and my other clients determine how much I get paid by whether you choose to work with me.
Put another way, I am incentivized to keep you happy. And, to make sure you can afford your insurance, so that you “stay on the books,” asthey say.
The Problem That Comes Up
Sometimes I have clients that want me as their agent, but accidentally prevent me from getting paid. They do this by contacting otheragents. If that’s you, you might not even realize that you’re authorizing another agent to replace me.
About 2% of my clients every month do this:
· Maybe you think you’re contacting the insurance company, when really you’re contacting another agency.
· Or maybe you saw an interesting ad about health insurance and typed in your info to find out more.
· Or maybe something else.
Does this impact you?: Not directly. And not unless you wanted me to remain your agent.
What can you do when this happens?: Ask the other agent to delete your information and not contact you again.
Revoking My Status as Your Agent
Just like you can tell other agents to delete your information and not contact you again, you can do so for me as well. Of course, I would honor that request.
(I might be curious why though…)
Summary
Having me as your agent doesn’t cost you anything – and I still get paid. It’s a Win-Win. Unless, that is, you switch back and forth between me and another agent.
I work hard to serve my clients professionally, and greatly appreciate all of the clients who reward my work ethic with remaining loyal and staying in contact.
Dan Rhoads can help you enroll in health insurance. Get in touch today to learn more. Call(484)460-3922.
