Medicare commissions 2024
If you are a Medicare agent or thinking about going into the Medicare business, you should be aware of the Medicare commissions 2024. We are happy to announce that CMS has released the maximum broker commission amounts for 2024.
It is important to note; insurance providers do not have to offer the maximum commission amounts. It is just a guideline decided by CMS each year, what each insurance provider pays out is up to them.
The good news is; the amounts have gone up for the 9th consecutive year!
Maximum commissions for Medicare advantage plans 2024:
It is important to note: all commission rates are not the same. They vary by state they are available in.
In the sates of both CA and NJ, the initial commission rates have increased from $750 per member for the year to $762 per member for the year. This is an increase of 1.6% YOY. The renewal commissions for CA and NJ have gone up from $375 per member for the year to $381 per member for the year. This also adds up to an increase of 1.6%.
The states of CT, DC and PA have had an increase in initial MA commissions from $678 per member for the first year to $689 per member for the first year. This adds up to an increase of 1.62% YOY. Renewal commissions for CT, DC and PA have increased 1.77%. Renewal commissions will go up from $339 per member per year to $345 per member per year.
Both Puerto Rico and the U.S. Virgin Islands initial MA commissions have gone up from $411 per member for the year to $418 per member for the year, this amounts to an increase of 1.7% YOY. The renewal commissions have increased from $206 a member for the year to $209 per member for the year, this is equivalent to an increase of 1.46%.
In all other states not listed above, the initial MA commission amounts have increased 1.66% YOY from $601 per member for the year up to $611 per member for the year. Renewal commissions have also increased at a rate of 1.66% from $301 per member for the year to $306 per member for the year.
Maximum commissions for PDP plans 2024:
The commission rates for PDP plans are the same in all states.
Initial commission rates for PDP plans have gone up by 8.7% YOY. This means commissions have gone from $92 per member for the year to $100 per member for the year. Commissions for PDP plan renewals have also been increased by 8.7% YOY. Commissions have ow gone from $46 per member each year to $50 per member each year.
Take a look below to see the 2023 & 2024 commission rates side by side.
|CT, PA, DC||$678||$689||1.62%||$339||$345||1.77%|
|Puerto Rico, U.S. Virgin Islands||$411||$418||1.7%||$206||$209||1.46%|