Medicare Advantage Agent Commissions Increase For 2023
Medicare Advantage Agent Commissions 2023: Insurance agents who sell Medicare Advantage plans are able to earn more in 2023 according to the American Association for Medicare Supplement Insurance (AAMSI).
More than 30 million Americans are now enrolled in Medicare Advantage (MA) programs, according to the latest data from the Centers for Medicare & Medicaid Services (CMS).
Companies that contract with Medicare to provide health care coverage typically use agents or brokers to sell their Medicare plans. Sometimes these individuals are employees of the contracted company. In other situations, the companies hire independent individuals who are not employees.
Typically, the term agent refers to an individual appointed with just a single company. A broker generally is appointed with multiple insurance companies and can receive commission from the different insurers,
Both receive an initial (or first-year) payment in the first year of the policy. They may also get the first-year payment when there is an “unlike plan type” enrollment change. They receive payment amounts of half as much for years two and beyond if the MA plan member remains enrolled in the plan or make a “like plan type” enrollment change.
Medicare Advantage Agent Commissions for 2023
The following are Medicare Advantage (MA) commission amounts permitted by CMS:
For California and New Jersey, initial MA commissions increased from $715/member/year to $750/member/year, a 4.9% increase over 2022.
Renewal commissions increased from $358/member/year to $375/member/year, a 4.75% increase.
For Connecticut, Pennsylvania and the District of Columbia, initial MA commissions increased from $646/member/year to $678/member/year, a 4.95% increase over 2022.
Renewal commissions increased from $323/member/year to $339/member/year, a 4.95% increase.
For Puerto Rico and the U.S. Virgin Islands, initial MA commissions increased from $394/member/year to $411/member/year, a 4.31% increase over 2022.
Renewal commissions increased from $197/member/year to $206/member/year, a 4.57% increase.
In All Other States, initial MA commissions increased from $573/member/year to $601/member/year, a 4.89% increase.
Renewal commissions increased from $287/member/year to $301/member/year, a 4.88% increase.
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