Are you assisting clients in enrolling in Medicare insurance products in 2023? If so, we’ve some incredible news for you, for the eighth straight year maximum commission rates are on the raise. In this article, we will give you insight into what the compensation increase is for 2023.

Important Disclaimer: Insurance Carriers are not required to pay the maximum Medicare commission rates. More information on this notice can be found within each insurance provider’s 2023 filings with each state’s department of insurance or by contacting your support staff at Todays Insurance Agent.

Here’s How The Numbers Break Out By Location:

Maximum Medicare Advantage (MA / MAPD) Broker Commission:

In the territories of Puerto Rico and the U.S. Virgin Islands, the initial MAPD/ MA commissions increased from $394/member/year to $411/member/year, a 4.31% increase year over year. The renewal commissions also saw an increase in these regions from $197/member/year to $206/member/year, accounting for a 4.57% increase.

The states of NJ and CA, saw initial MA / MAPD commissions increase from $715/member/year to $750/member/year. Which is an 4.9% increase year over year. These areas also saw renewal commissions increase from $358/member/year to $375/member/year, which is a 4.75% increase.

In the states of CT, PA, and DC, initial MA / MAPD commissions increased from $646/member/year to $678/member/year, a 4.95% increase year over year. In addition, these states received a renewal commission increase from $323/member/year to $339/member/year, representing a 4.95% increase.

In all other states, the initial MA / MAPD commissions increased from $573/member/year to $601/member/year, a 4.89% increase year over year. Just like other areas across the country, the renewal commissions increased in all other states as well from $287/member/year to $301/member/year, a 4.88% increase.

Maximum Medicare Prescription Drug Plans (PDP) Broker Commission:

The initial commissions for new to Medicare Beneficiaries increased from $87/member/year to $92/member/year, so, that’s a 5.75% increase year over year. In addition, the renewal commissions for returning enrollees increased from $44/member/year to $46/member/year, which is a 4.55% increase year over year.