Maximum Medicare Advantage Commissions 2024
Being a Medicare Advantage insurance broker can be a rewarding and lucrative career. Rewarding because a broker is able to help their clients access the healthcare that is right for them and their families, thus helping to increase their quality of life, and lucrative because there are commissions for doing so. Commissions are always paid on top of salary, as they are in return for services rendered or products sold. In the case of Medicare Advantage, the insurance carriers are the source of the commissions. The Center for Medicare and Medicaid Services (CMS) sets the maximums for commissions each year, and released the following information for the coming insurance year, 2024.
CMS has increased their maximum commissions for the ninth year in a row for Medicare Advantage plans and Medicare Part D plans, also known as prescription drug plans or rx plans. It is important to remember that insurance carriers are not required to pay the maximum commissions to their brokers, but will release their commissions rates individually.
For Medicare Part D, the maximum broker commissions increased from $92 per member per year to $100 per member per year. This is an 8.7% increase from the previous maximum.
For Medicare Advantage, the maximum broker commissions are broken down by state, because they consider cost of living in that region.
Other States
In California and New Jersey, initial Medicare Advantage maximum commissions increased from $750/member/year to $762/member/year. For renewals, the commissions increased from $375/member/year to $381/member/year.
In Connecticut, Pennsylvania, and DC, initial Medicare Advantage maximum commissions increased from $678/member/year to $689/member/year. Renewals in these states increased from $339/member/year to $345/member/year.
In all other states, initial Medicare Advantage commissions increased from $601 to $611/member/year. Additionally, renewal commissions went up from $301 to $306/member/year.
The territories of Puerto Rico and the U.S. Virgin Islands have their own rates, which increased for initial enrollments from $411 to $418/member/year. Their renewal commissions also increased, from $206 to $209/member/year.
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