News Briefs: More Insurers Curtail Medicare Broker Commissions
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Nov 08, 2024
Elevance Health, Inc., The Cigna Group, and CVS Health Corp.-owned Aetna will no longer pay brokers commissions for new enrollments in some Medicare Advantage plans. Cigna will stop commissions for some PPO plans in 25 states and Washington, D.C., while Aetna is ceasing payments in nine states and D.C. Elevance is halting commissions for some Anthem plans in 15 states, Becker’s Payer Issues reported. The companies will pay commission for renewals. On Aug. 23, Centene Corp. informed its brokers that it would cease paying commissions for new and renewal enrollments for its stand-alone Prescription Drug Plans. “Higher drug costs and declining star ratings have driven some Medicare carriers to take drastic actions this fall,” the National Association of Benefit and Insurance Professionals said in a statement. “The individuals most affected by these changes are the millions of Medicare beneficiaries who, through no fault of their own, are losing benefits within their Medicare Advantage (MA) plans and, alarmingly, their options to work with trusted agents to find the best healthcare coverage.” Read more
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