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Special ProgramsFinance & Commissions
Understand how carriers pay you commissions, how to view any override payments you earn, how to forecast your business, and how to submit marketing receipts.
Forecast your business
Turn your annual goals into measureable daily achievements. Use this business plan to set your goals and track your progress.
Understand your commissions
Commissions can get complicated, so you’re not alone if you’re feeling lost! Commission amounts may be impacted by the base CMS rate, type of plan, seasonality, beneficiary eligibility, state, and numerous other factors. In this primer, we’ll give you the tools to decipher both street and override commission statements
View your overrides
If you earn override commissions, or Spark pays your commissions directly for specific regional carriers, you can view the statements directly on the platform. View our walkthrough to view overrides here.
Understand your available co-op marketing
Our goal is to make it seamless for you to track and manage your co-op balance. We’ll break down where you can view marketing co-op you have earned, spent, and approved for your downline agents. Learn how to view your available co-op through our walkthrough.
Submit marketing receipts
You may have a co-op agreement with your upline or Spark directly. If so, you’ll need to submit receipts for your marketing expenses. You can view our walkthrough to submit marketing receipts directly on our platform here and can also go submit marketing receipts through our reimbursement form here.
Purchasing a books of business
If you are an agent or agency considering the purchase of another agent’s book of business, read our guide to understand how you might evaluate and structure the deal.
Purchasing (or selling) a book of businessFrequently asked questions
General Finance
The Spark Finance Team can be reached at finance@sparkadvisors.com
- Birthday Cards: Spark sends birthday cards to members via Handwrytten for agents enrolled in our Client Retention Program. Costs are fronted by Spark and billed to agents quarterly.
- Marketing Requests: Custom marketing requests, including Marq Marketing Center Accounts, are billed to agents monthly.
- Additional Support Requests: Agents can purchase these via our form. We'll add your requests within 3 business days and invoice you monthly.
- Billing Process Overview: For marketing-related requests and birthday cards, Spark primarily contacts the Agency Principal (AP) at the top of the hierarchy for billing preferences.
- Billing Options for APs:
- Deduction from the AP's co-op balance, if available.
- Direct invoicing to the AP.
- Direct invoicing to the downline agent.
- Future Billing Method: Once a billing method is confirmed with the AP, Spark will consistently apply this method for all such future requests.
- Here is a walkthrough on how to pay your invoice
- To update your banking information for direct deposit of commissions or co-op paid by Spark directly, please complete this EFT & W9 form.
- If you've been paid $600 or more in commissions or co-op directly by Spark, Spark will issue you a 1099-NEC by January 31st of every year via email if you are a 1099-eligible entity.
- Please note that for payments by carriers directly, you should reach out to the carriers regarding any questions related to 1099s.
- Exceptions:
- The IRS does not require businesses to issue a Form 1099-NEC for payments made to C-Corporations and S-Corporations, except for payments for legal services.
- If you are classified as a C-Corporation and S-Corporation for tax purposes, Spark will not send you a 1099-NEC by default.
- In such instances, you are advised to keep detailed records of all transactions and payments received throughout the year for tax purposes. This includes bank statements and payment receipts, which can all serve as proof of income.
- If you still require a 1099-NEC, please email finance@sparkadvisors.com and we'll get back within 2 days.
Commissions
- Agents can view commissions for the carriers paid by Spark directly.
- A complete list of carriers and their payment terms can be found here.
- Spark processes commission payments to agencies and agents within five business days of the end of each month.
- Please note that commission payments may be delayed if Spark is awaiting commission payments or commission statements from the carriers.
- Here is a walkthrough on how you can view your commissions directly on the Spark platform.
- Please refer to this document for override and street commission rates for MAPD and PDP plans.
Spark’s contracting team works diligently to ensure that your agency structure is set up correctly from the start so you don’t run into issues tracking down your book of business and commissions. Unfortunately, we have no visibility into your agency’s structure prior to moving to Spark.
We can share a few things you should be aware of and recommendations for how to resolve your situation. What you should be aware of: (1) Whoever pays your street commissions will determine who the agent-of-record is. If the carrier is paying you and your agents directly, you are the agent-of-record and will retain that book of business until that client leaves the plan. If an upline agency is paying you street commissions, they are the actual agent-of-record and will continue to get paid if you leave the agency unless you have an agreement specifying otherwise. (2) Whoever pays your override commissions retains control of the override. Even if a carrier pays your street commission, if you are receiving your override from an upline agency, that upline will control that override. You should have an agreement in place specifying the payment terms.
If you aren’t getting paid street or override renewal commissions, here is what we would recommend doing: (1) Create a list of clients you are not receiving either street or override commissions for. It should include the writing agent for each client and a few client details so the carrier will be able to identify who the client is. Typically you can access these from carrier production reports. (2a) Send that list to Spark by submitting it here; we will submit it to the carrier on your behalf through the right channels. However, we cannot guarantee they will share all of the details with us and might require working with you directly. (2b) At the same time, send that list to your old upline where you wrote the business, and ask them to provide a response. If you have an old agreement specifying their commitment to continue paying commissions, share that with them. (3) Depending on how the carrier responds, we can troubleshoot from there!
Co-op
- As an agency principal, you have full control over how your co-op gets used. You can use the co-op directly for your agency’s marketing expenses or allocate it to downline agencies or agents.
- If you want to redeem the co-op directly, simply submit a marketing reimbursement form. We will pay you via direct deposit and deduct the amount off of your balance.
- If you want to allocate it to downline agents or agencies, you can either:
- Automatically allocate it to a downline agency by signing a 3-way agreement between you, your downline agency, and Spark. Spark will deduct the amount you are giving to your downline agency and place it in that downline agency’s balance which they will have direct control over. Spark is only able to allocate to downline agencies. Agents are not eligible.
- Direct your agents to submit marketing requests. When they submit the form, Spark will get your approval to pay the agent and then deduct the amount from your balance.
- Here is a walkthrough on how you can view your co-op directly on the Spark platform.
- Roughly every two weeks based on when we receive carrier production reports. We recommend reviewing your co-op at least one month.
- Please speak with your direct upline about how you can receive co-op support.
- New-to-carrier Medicare Advantage (MA) enrollments, but check your partnership agreement with Spark for details.
- You can find a detailed walkthrough here. The table in the Dashboard gives you visibility into all co-op eligible enrollments by agent, month and by carrier. If the data looks incomplete, remember to adjust the effective date filter at the top of the Production Dashboard page.
- Marketing co-op is calculated separately than commissions / overrides and, therefore, does not include statements with agent & client level information.
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