We’ve got fantastic news for agents planning on selling 2023 Medicare products. The maximum broker commissions for Medicare Advantage and Medicare Part D plans have increased for the eighth year in a row!
Ritter has the details on what you can expect for Medicare Advantage and prescription drug plan sales commissions in 2023.
Note: 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 $87/member/year to $92/member/year, a 5.75% increase YOY.
Renewal commissions increased from $44/member/year to $46/member/year, a 4.55% increase YOY.
Medicare Advantage Maximum Broker Commissions
These numbers are broken out by state/region.
For CA and NJ, initial MA commissions increased from $715/member/year to $750/member/year, a 4.9% increase YOY. Renewal commissions increased from $358/member/year to $375/member/year, a 4.75% increase.
For CT, PA and DC, initial MA commissions increased from $646/member/year to $678/member/year, a 4.95% increase YOY. 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 YOY. 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 YOY. Renewal commissions increased from $287/member/year to $301/member/year, a 4.88% increase.
Here’s a chart comparing the Medicare maximum broker commissions for 2022 vs. 2023.
Maximum Broker Compensation for 2023
|CT, PA, DC||$646||$678||4.95%||$323||$339||4.95%|
|Puerto Rico, U.S. Virgin Islands||$394||$411||4.31%||$197||$206||4.57%|