Medicare plays a vital role in providing financial and health security to over 61 million people. Medicare covers costs for inpatient hospital care, home health care, skilled nursing facilities, and surgeries.
Medicare continues to improve thousands of lives, which is why a lot of people are interested in working as Medicare brokers. Aside from having the opportunities to help individuals with their medical needs, taking this role also allows you to earn Medicare compensation and Medicare commissions.
The Centers for Medicare and Medicaid or CMS increased the maximum Medicare Part D commission for the sixth year in a row. With this change, you can make more money on Medicare commissions during the Annual Election Period or AEP.
Medicare Part D and Medicare Advantage Commission
The maximum commissions as regulated by the CMS differ between the Medicare Advantage Prescription Drug or MAPD and Medicare Part D prescription drug plans or PDP. The compensation amounts for both types have increased from 2021 to 2022.
The maximum compensation for MAPD plans varies depending on the state where you operate:
Initial Year | Renewal | ||
Product | Region | 2022 | 2022 |
MAPD | National | $573 | $287 |
MAPD | Connecticut, Pennsylvania, and District of Columbia | $646 | $323 |
MAPD | California and New Jersey | $715 | $358 |
MAPD | Puerto Rico, US Virgin Islands | $394 | $197 |
PDP | National | $87 | $44 |
Medicare Part C Plans
With an increase of 9.4%, Part C (Medicare Advantage) commissions for initial enrollments increased from $539 per member annually to $573 per member annually. Part C renewal commissions increased to $287 per member per year from $270 per member per year.
Medicare continues to improve thousands of lives, which is why a lot of people are interested in working as Medicare brokers. Aside from having the opportunities to help individuals with their medical needs, taking this role also allows you to earn Medicare compensation and Medicare commissions.
The Centers for Medicare and Medicaid or CMS increased the maximum Medicare Part D commission for the sixth year in a row. With this change, you can make more money on Medicare commissions during the Annual Election Period or AEP.
Tips to Increase Your Commission
If you want to increase your Medicare income from commissions, improve or maintain strong client relationships. You won’t have any problems convincing individuals to buy from you if they see you as someone trustworthy.
Creating strong client relationships usually starts with regular follow-ups. If you want to gain more clients, you need to reach out to them first and follow up with their purchase. Ideally, you should invest in a CRM to document every interaction you have with your clients. A CRM will also help you track your sales and assess if you’re making any progress.
Whenever you follow up with clients, don’t forget to use that opportunity to sell other items. Depending on the type of plan your client has and the time of the year, you can offer them Part C and earn Medicare Part C commissions.
As long as you know how to follow up with clients (and not go overboard with your attempts), your residual income from Medicare Part D and Part C commissions will significantly increase.
Medicare continues to improve thousands of lives, which is why a lot of people are interested in working as Medicare brokers. Aside from having the opportunities to help individuals with their medical needs, taking this role also allows you to earn Medicare compensation and Medicare commissions.
The Centers for Medicare and Medicaid or CMS increased the maximum Medicare Part D commission for the sixth year in a row. With this change, you can make more money on Medicare commissions during the Annual Election Period or AEP.
Start Earning More
With the increase of commissions approved by the CMS, working as a Medicare broker or agent can become your key to attaining financial stability. By taking this role, you can earn money whenever a client gets a Medicare plan or renews their existing plans.
If you’re currently working as a Medicare broker or agent or plan to be one in the future, use this article as your guide. The information here will help you attract and keep clients so you can earn the most commissions from being a Medicare broker or agent.
Creating strong client relationships usually starts with regular follow-ups. If you want to gain more clients, you need to reach out to them first and follow up with their purchase. Ideally, you should invest in a CRM to document every interaction you have with your clients. A CRM will also help you track your sales and assess if you’re making any progress.
Whenever you follow up with clients, don’t forget to use that opportunity to sell other items. Depending on the type of plan your client has and the time of the year, you can offer them Part C and earn Medicare Part C commissions.
As long as you know how to follow up with clients (and not go overboard with your attempts), your residual income from Medicare Part D and Part C commissions will significantly increase.
Medicare continues to improve thousands of lives, which is why a lot of people are interested in working as Medicare brokers. Aside from having the opportunities to help individuals with their medical needs, taking this role also allows you to earn Medicare compensation and Medicare commissions.
The Centers for Medicare and Medicaid or CMS increased the maximum Medicare Part D commission for the sixth year in a row. With this change, you can make more money on Medicare commissions during the Annual Election Period or AEP.
Now is the perfect time to start selling MA and PDP plans if you aren’t already. If you are looking to get into this business or just looking to increase what you are already selling, give us a call at 800-808-0209. Our Marketing Specialists are standing by to give you one-on-one support.
