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Veteran Medicare Agents Fared Better Than Newcomers in 2021: Compensation Survey

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What You Need to Know

  • Many experienced participants reported generating more than $150,000 in 2021 sales commissions.
  • Just 21% of the veterans generated less than $50,000 in commissions.
  • But 83% of first-year agents generated less than $50,000 in commissions, and only 5.5% generated more than $100,000.

About 30% of the Medicare plan agents who participated in a recent compensation survey said they generated more than $150,000 in 2021 Medicare plan sales commissions.

The American Association for Medicare Supplement Insurance has published that finding in a summary of results from the survey.

AAMSI’s survey sample included about 200 agents. The Westlake Village, California-based group created the sample by polling the agents in its Medicare agent directory and agents who belong to the Medicare Insurance Products group on LinkedIn.

The veteran producers in the AAMSI survey sample have been selling Medicare plans for five or more years. The survey was a voluntary survey, and agents who stick with a market for five or more years may be much different from agents who are newcomers to a market.

AAMSI found that 46% of the veteran agents in the sample generated at least $100,000 in 2021 Medicare plan sales commissions, and just 21% generated less than $50,000 in Medicare plan sales commissions that year.

The picture was much different for first-year agents: 83% of the first-year agents generated less than $50,000 in 2021 Medicare plan sales commissions, and just 5.5% generated more than $100,000 in commissions.

AAMI has also posted a collection of other Medicare plan market statistics, such as an estimate from CSG Actuarial that enrollment in Medicare supplement insurance coverage has increased to 14.6 million this year, from 14.5 million in 2020.

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(Photo: Susana Gonzalez/Bloomberg)