The HealthPlan Updated Med Sup Compensation for West Virginia
The HealthPlan notice from 11/16/2020:
There is an update to THP Medicare Supplement commission/admin rates in WV. This update is required so that we can comply with the State of West Virginia Regulatory Rule 114-24-14, which went into effect 4/1/2020. The rule requires that carriers pay the same amounts paid in year 2 for all compensated renewal years. Unfortunately, the legislative change was missed by THP until now.
Current WV Medicare Supplement
20% YEARS 1-5
4% YEARS 6-10
ADMIN : 1% YEARS 1-5, .5% YEARS 6-10
Updated Schedule WV Medicare Supplement
New/Open Enrollment: 20% YEARS 1-8
Guaranteed Issue: 10% YEARS 1-8
ADMIN: New Open Enrollment: 1% / Guaranteed Issue: .5% YEARS 1-8.
There are no other changes to either Ohio or West Virginia rates.
This change was effective 4-1-2020. This means that you may see back-dated commission or admin. that is owed to you on future commission statements. This will be paid by end of year in most cases.
We apologize for this late notice. Procedures have been put into place to ensure that we deliver any compensation changes by 9/1 each year, moving forward. We are asking that your office reach out to Tracie Soptelean, Manager Broker Relations on how you would like this information communicated to your agents. She has the updated exhibits that you can personally send to your agents or she can send an email notification. Please let her know as soon as possible how you would like to procced.