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Medicare Blog | Medicare News | Medicare Information

Medicare Advantage Commissions Increased for 2018

Posted by www.psmbrokerage.com Admin on Wed, May 31, 2017 @ 01:16 PM

Medicare Advantage Commissions Increased for 2018

Medicare Advantage Commissions Increased for 2018 Enrollments

This memorandum provides contract year (CY) 2018 compensation limits for agents and brokers, directions for submitting amounts into the Health Plan Management System (HPMS), as well as training and testing requirements.

Compensation Rate Adjustment for CY 2018

As provided in 42 C.F.R. §§422.2274(b)(1) and 423.2274(b), the compensation amount paid to an independent agent or broker for an enrollment must be at or below the fair market value (FMV) cutoff amounts published yearly by CMS.

The CY 2018 FMV cut-off amounts for all organizations are as follows:

Capture-10.png

(2.7% increase ($12 / $6) to the writing agent for 2018 Medicare Advantage enrollments.)

NOTE: The FMV amounts for CY 2018 are rounded to the nearest dollar. The Initial Year amount is the maximum allowable to be paid for enrollments during compensation cycle-year 1. The renewal amount is the maximum allowable to be paid for enrollments during compensation cycle-years 2 and beyond.

Compensation Rate Submission for CY 2018

As in past years, all organizations must inform CMS via HPMS whether they are using employed, captive, or independent agents. Organizations that use independent agents must provide the initial 2 and renewal compensation amount or range of amounts paid to these agents. Additionally, if an organization pays referral fees, the organization must disclose the referral fee amount. CMS has provided instructions for data entry in the HPMS Marketing Module User Guide.

Organizations may submit their agent/broker information in the HPMS Marketing Module from
May 26, 2017 through July 28, 2017, 11:59 pm EST. Please note that CMS does not consider the submission process complete until the organization’s CEO, COO, or CFO has completed the attestation in HPMS. Organizations that fail to submit and attest to their agent and broker
compensation data by July 28, 2017 will be out of compliance with CMS requirements.
Organizations will not be able to make changes to those submissions after the July 28, 2017
deadline.

CMS expects organizations to keep full records documenting that they are updating compensation schedules and paying agents and brokers according to CMS requirements.

Please note that the CY 2018 compensation information submitted will be made available for the public to view on www.cms.gov prior to the annual election period for CY 2018.

Source

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Tags: Medicare Advantage, ma commissions,, commissions

The 2017 Medicare Advantage Enrollment Window is Right Around the Corner...Be Prepared with PSM

Posted by www.psmbrokerage.com Admin on Thu, Jun 23, 2016 @ 09:58 AM

2017 Medicare Advantage Sneak Peeks

The AEP is right around the corner and there are some exciting opportunities on the horizon for 2017.

Make sure you are up to date with the latest information including expansion areas (available now for select carriers), plan designs (coming soon) and certification announcements.Join our update list today or call one of our marketing representatives at 800-998-7715 for the latest information.

As an added value, we are providing a discount on AHIP training for being a part of our team. Click on the link below to access the details.

Updates Include:

  • Service area expansions and reductions from current companies
  • Sneak Peeks at pricing and benefit information
  • Comparison tools and lead generation ideas
  • Certification announcements - AHIP Discount for PSM Agents

Bonus: CMS also just released some great news for Medicare Advantage and PDP commission rates for 2017 and they are the highest ever! Details located here.

More exciting details to come and we look forward to being your one-stop-shop for all your Medicare needs this enrollment season.

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Tags: Medicare Advantage, Medicare, ma commissions,, PDP

Update: Maximum Broker Commissions for Medicare Advantage and Medicare Part D for 2017

Posted by www.psmbrokerage.com Admin on Thu, Jun 02, 2016 @ 05:33 PM

MA__PDP_Commissions

For 2017 effective dates, CMS has increased maximum broker commissions for both Medicare Advantage and Prescription drug plans. Below is the content from the memorandum published by CMS.

SUBJECT: Contract Year 2017 Agent and Broker Compensation Rate Adjustments, Submissions, and Agent and Broker Training and Testing Requirements

This memorandum provides the updated agent and broker compensation limits for Contract Year (CY) 2017 and information regarding submitting compensation amounts to the Centers for Medicare & Medicaid Services (CMS) through the Health Plan Management System (HPMS).

Additionally, this memorandum provides requirements for Medicare Advantage organizations, Prescription Drug Plan sponsors, and Section 1876 Cost Plans (herein after “organizations”) to use in developing their curricula for training and testing agents and brokers for CY 2017.

Compensation Rate Adjustment for CY 2017

As provided in 42 C.F.R. §§422.2274(b)(1) and 423.2274(b), the compensation amount paid to an independent agent or broker for an enrollment must be at or below the fair market value (FMV) cutoff amounts published yearly by CMS.

The chart below summarizes the CY 2017 FMV cut-off amounts for all organizations.

commission_chart.png

Medicare Advantage Broker Commissions:

  • For CA and NJ, initial MA commissions increased to $553. Replacement commissions increased to $277.
  • For CT, PA and DC, initial MA commissions increased to $498. Replacement commissions increased to $249.
  • For all other states, initial MA commissions increase to $443. Replacement commissions increased to $222.

Medicare Part D Broker Commissions:

  • Initial PDP commissions increased to $71. Replacement commissions increased to $36.

Click on the link below to read the full article.

Source: CMS
Image courtesy of Freepik

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Tags: Medicare Advantage, Medicare, ma commissions,, PDP

Increased MA and PDP Commissions for 2016

Posted by www.psmbrokerage.com Admin on Thu, Jun 04, 2015 @ 05:18 PM

blog pic Great News. CMS has increased the street level Medicare Advantage and PDP commissions for 2016… to the HIGHEST levels ever! View memo

Not in the Medicare Advantage market but are interested in learning more? Request details or visit our list of companies.

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Tags: ma enrollment,, ma commissions,

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