How insurance agents will be compensated for helping seniors?
By Staff Reporters
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Health insurance agents offering support to seniors signing up for healthcare coverage will be compensated differently starting in 2025. For example:
The government will pay $100 more per enrollment to agents who sign seniors up for Medicare Advantage Plans or Medicare Part D for the first time — a significant increase from the proposed $31 pay increase for agents.
And, Medicare is ending sales incentives for agents who currently receive bonuses, including volume-based bonuses, for signing people up for Medicare Advantage Plans, Medigap Supplement Plans or Part D. Medicare is also putting a stop to agents and brokers collecting “administrative fees” above the fixed compensation cap the government has put in place.
The hope is that providing agents with fair initial compensation will no longer incentivize them to steer seniors towards plans that may not be a good fit.
CITE: https://www.r2library.com/Resource/Title/0826102549
PS: Medicare open enrollment ended December 7th, 2024. New plans commence January 1st, 2025
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Filed under: "Ask-an-Advisor", Drugs and Pharma, Ethics, Health Economics, Health Insurance, Health Law & Policy, Healthcare Finance | Tagged: Health Insurance, healthcare, insurance, insurance agent, insurance agent compensation, medicare, Medicare Advantage, medicare agent compensation, medicare agent pay, Medicare C, open enrollment, Part C, Part D |















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