Where else in America can you make $1 million a year and play golf three times a week between vacations to Tahiti?
How much do health insurance brokers make? It depends on who you ask and how you ask……………
By Bill Rusteberg
A school district in deep South Texas thought they were paying their broker $125,000 but were surprised to learn it was much more than that. (Non-ERISA groups are exempt from recently passed federal disclosure requirements).
I recently asked several brokers I know “What is the average commission factor for group insurance plans these days?”
“Bill, brokers expect and get $30-40 per employee per month, including the big brokerage firms!” said one.
Plan sponsors don’t know it but the health insurance broker on the other side of the desk is likely making a better living than he is. The CEO may be making $250,000 per year and think his status deserves admiration and respect when little does he know his broker can out bid him with ease at the Classic Car auction on Friday.
I have broker friends who are making +$1 million per year and have been doing so for years. These are real success stories that can only happen in America.
Kaiser did a study on brokerage commissions the reader may find informative – Broker Compensation by Health Insurance Market | KFF