As an Agent with Olympia Benefits, you are eligible to earn commissions for your sales. Here are some of the most frequently asked questions regarding commission payments.
1. How much commission can I earn?
The commission schedule can be found online through MyOlympia within the current agent agreement.
2. How often is commission paid?
Commission for new group set-ups is paid weekly on Friday, following the 10-day buyer’s remorse clause. Commission for claims experience and insurance products are paid monthly, generally during the first Friday after the start of a new month.
3. Why didn’t I receive my commission on Friday?
There are usually three reasons why commission was not paid: 1) The minimum balance to release payment was not met. Agents paid by cheque must reach a minimum of $300 in payable commission before payment will be released. Agents paid by EFT must reach a minimum of $30 in payable commission before payment will be released. 2) You have not made a sale in the past 24 months and are now inactive. 3) The sale(s) in question is an HSA product; HSA Plus and HSA Basic plans have a 10-day remorse clause attached whereby the client can request a full refund if not satisfied with the plan. For this reason, commission on these plan types is held for 10 days to ensure the remorse clause period has lapsed.
4. How do I change my commission payment from cheque to direct deposit?
Direct deposit for commission payments may be initiated online through your agent portal of MyOlympia. A fee of $4.99+applicable tax is applied to each commission payment issued via cheque; this fee is waived if payment is issued electronically. Banking details can be updated at any time through the MyOlympia portal.
5. How do I change the name in which my commission is paid?
Contact your area manager to obtain the link to establish new contracting. Once completed, contact our office for an Agent Contract Reconciliation Form to have your existing business moved to your new Agent ID#.
6. Can I keep my existing clients if my contracting details have changed?
Contact our office for the Agent Contract Reconciliation Form. This form will detail all required information to make the appropriate changes to your file.
7. Can I view my accumulated commission online?
Yes. Your agent portal through ‘My Olympia’ at www.olympiabenefits.com, details an up-to-date accumulated commission amount.