2024 Commissions for MA, PDP and referrals have been announced. We have highlighted the 2024 document changes below. You can review the official CMS notice here. Over the last decade the National rate for MA first year and renewal commissions have increased by 50%.
NOTE: CMS rounded the FMV amounts for CY 2024 up to the nearest dollar. The Initial Year amount is the maximum allowable amount that organizations may pay for enrollments during compensation cycle-year 1. The renewal amount is the maximum allowable amount that organizations may pay for enrollments during compensation cycle-years 2 and beyond, for a like plan type. The AEP is right around the corner and there are some exciting opportunities on the horizon for 2024. Get prepared early to ensure a successful Annual Enrollment Period. We are here to help! Resources: |
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Whether you’re new to the business or a seasoned veteran, commissions processing can be confusing and frustrating.
Commission tracking helps you confirm that you received a commission payment based upon the carrier agreement for a particular product. Tracking involves monitoring when the payment comes in from the carrier and how much the payment is.
Commissions processing takes this process a step further. It lets you import the carrier files, reconcile and identify inaccurate payments, and split and calculate payments. Using a robust Commission Module, you can determine revenue type, manage and track complex splits, and gain insight from industry-specific, custom-built reports.
Solution
Streamline your commissions processing in an industry-specific CRM with commission capabilities. AgencyBloc’s Commission Module ties agents, policies, and commissions together for a complete view of a policy’s commission structure, each agent’s payout, and more.
AgencyBloc's Commission Module follows six steps to efficiently track incoming commissions, scan for inaccurate payments, and monitor outgoing payments. In AgencyBloc, the steps are:
PSM is proud to partner with AgencyBloc to assist Medicare agents and agencies in organizing and making their overall business more efficient through automated solutions. Request a live demo today!
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