We've got fantastic news for agents planning on selling 2024 Medicare products. The maximum broker commissions for Medicare Advantage and Part D PDP plans have increased for the ninth year in a row!
Below is a chart comparing the Medicare Maximum Broker Commissions for 2023 vs. 2024.
Maximum Broker Compensation for 2024
Referral Fees
NOTE: CMS rounded the FMV amounts for CY 2024 up to the nearest dollar. The Initial Year amount is the maximum allowable amount that organizations may pay for enrollments during compensation cycle-year 1. The renewal amount is the maximum allowable amount that organizations may pay for enrollments during compensation cycle-years 2 and beyond, for a like plan type. Insurance providers are not required to pay the maximum Medicare commission rate. We’ll let you know when insurance companies release their 2023 filings.
Medicare Part D Maximum Broker Commissions
Initial commissions increased from $92/member/year to $100/member/year.
Renewal commissions increased from $46/member/year to $50/member/year.
Medicare Advantage Maximum Broker Commissions
These numbers are broken out by state/region.
For CA and NJ, initial MA commissions increased from $750/member/year to $762/member/year. Renewal commissions increased from $375/member/year to $381/member/year.
For CT, PA and DC, initial MA commissions increased from $678/member/year to $689/member/year. Renewal commissions increased from $339/member/year to $345/member/year.
For Puerto Rico and the U.S. Virgin Islands, initial MA commissions increased from $411/member/year to $418/member/year. Renewal commissions increased from $206/member/year to $209/member/year.
In all other states, initial MA commissions increased from $601/member/year to $611/member/year. Renewal commissions increased from $301/member/year to $306/member/year.
If you are not already selling Medicare Advantage Plans and Medicare Part D Plans with Eldercare, let us explain the benefits of doing that business with us.
Schedule a meeting here!
Call 800-777-9322 or email info@eisgroup.net to learn more.