Medicare Advantage commissions 2023
Finally, the Medicare Advantage commissions for 2023 have been announced! Both Medicare agents and agencies will be happy to find out what the new MA commissions are for 2023. There will be an increase in both MA and PDP commissions! The commissions are still going to be in 4 buckets: (CA and NJ), (CT,PA,DC), (Puerto Rico, U.S. Virgin Islands), (National: All other states).
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Here are the 2023 Medicare Advantage Maximum Broker Commissions listed by state:
In CA and NJ, the initial MA commissions have increased from $715 per member annually to $750 per member annually. This is an increase of 4.9% from last year. Additionally, the renewal commissions have increased from $358 per member annually to $375 per member annually. That is an increase of 4.75% compared to last years rate.
For CT and PA as well as DC, the initial MA commissions have increased from $646 per member annually to $678 per member annually. In other words, the commission rate has increased by 4.95% from last year. The Rates for renewal commissions have increased from $323 per member annually to $339 per member annually. This comes out to an increase of 4.95% over last year.
In Puerto Rico as well as the U.S. Virgin Islands, there will be an increase to initial Medicare Advantage commissions 2023 to $394 per member annually to $411 per member annually. That is a 4.31% increase over last years commission rate. Renewal commissions will be increased from $197 per member annually to $206 per member annually. This means an increase of 4.75%.
National: For any state not listed above; there will be an increase of initial Medicare Advantage commissions 2023 from $573 per member annually to $601 per member annually. This means an annual increase of 4.89%. The commissions for renewals will be increased from $287 per member annually to $301 per member annually. This increase is equivalent to 4.88%.
Part D commissions will also increase as follows:
There will be a commission increase of 5.75% for any initial enrollment in a Part D plan. In other words, commissions will increase from $87 annually per member to $92 per member annually.
Additionally; renewal commissions will increase by 4.55% annually from $44 per member to $46 per member.
Watch a video on how commissions are paid to agents
Here is the link to the official CMS Medicare Advantage commissions 2023
If you need E&O; click here to get coverage for as low as $301 per year!
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