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Starting in January 2024, Cigna Healthcare will be making a change from annual renewal payments to per member per month (PMPM) payments for our MA and MAPD plans (will not apply to PDP renewals). Not only will this change align Cigna Healthcare with the industry standard for renewal payments, but it will also offer many benefits to our agent and agency partners.
Benefits of PMPM payments:
- Monthly payments will provide a steady revenue stream for agents and agencies.
- Overpayments will be eliminated which will reduce chargebacks.
- Agents/agencies will have less debt throughout the year.
- With less debt throughout the year, agents/agencies are much more likely to receive payments on sales of new Cigna Healthcare products as written.
Important details:
Payment schedule: Once this change takes effect in January, renewals will be paid on the last Wednesday of each month. The full Medicare Advantage 2024 Commission Schedule will be posted on Producers' University this week.
Commission statements: You can continue to view your commission statements online on CignaforBrokers for details on new business payments, renewal payments, and any other payment or debt activity.
Outstanding debt: If any outstanding debt exists when the new payment structure begins in 2024, all new business and renewal payments will be posted towards the debt first. Once the debt has been cleared, payments for new business and renewals will be distributed.
We're here to help:
We are committed to supporting you through this transition that we are confident will be of benefit to our agents and agencies. If you have any questions, please do not hesitate to reach out to your local Broker Manager.
We appreciate your partnership with us and look forward to continuing to work together in providing quality health care solutions for our customers.
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