Medicare Advantage Commissions 2016
Medicare Advantage commissions 2016 are set by CMS on an annual basis. The CMS determines the maximum commission pay a “Street” agent can make. The amount differs in each state for either a new or renewal Medicare Advantage plan and Part D Rx plan. Agents/brokers can receive pay below the stated amounts, if they are set up as an LOA agent and receive leads or some other type of value outside of compensation. Agents may also receive payment above the street compensation if they are able to obtain a GA, MGA or SGA compensation level. Renewals on existing books of business also adjust to the prevailing compensation level issued by CMS on an annual basis. Remember, agents/brokers must be certified with a plan in order to receive initial compensation and renewal compensation on existing business.
SUBJECT: Medicare Advantage Commissions 2016: Agent/Broker Compensation Rate Adjustments and Submissions & Agent/Broker Training and Testing Requirements
This memorandum provides the updated agent and broker compensation limits for Contract Year (CY) 2016 and information regarding submitting compensation amounts to the Centers for Medicare & Medicaid Services (CMS) through the Health Plan Management System (HPMS). Additionally, this memorandum provides guidelines for Medicare Advantage organizations and Prescription Drug Plan sponsors. Not to mention, the guidelines for Section 1876 Cost Plans (herein after “organizations”). They use the guidelines to develop their curricula, for training and also testing agents and brokers for CY 2016.
Crowe and Associates offers a Medicare lead program with full street commissions.
Compensation Rate Adjustment for CY 2016
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The chart below summarizes the CY 2016 FMV cut-off amounts for all organizations:
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