Trending...
- Ascent Solar Technologies Enters Collaborative Agreement Notice with NASA to Advance Development of Thin-Film PV Power Beaming Capabilities: ASTI - 118
- Fact check: Claims swirling on California gas prices - 109
- Google AI Quietly Corrects the Record on Republic of Aquitaine's Legal Sovereignty
LOS ANGELES - Californer -- Among the industry leaders, insurers with a million or more Medicare Supplement policies in-force may implement larger rate increases than those with under 400,000 policies-in-force according to a new analysis conducted for the American Association for Medicare Supplement Insurance by Ken Clark, KLC Actuarial.
"One of the most important things to consider when selecting a Medicare Supplement (Medigap) plan is the likelihood of future rate increases," explains Jesse Slome, director of the American Association for Medicare Supplement Insurance (AAMSI). "Insurers can and do typically increase Medigap rates each year and you aren't always guaranteed the ability to switch from one insurer to another following a rate increase."
According to the analysis, half of all Medicare Supplement companies implemented double-digit rate increases for their Medigap Plan G policies from May 2023 through April 2024. "We specifically analyzed rate filings for Texas which is both large and representative of the nationwide regulatory environment," explains Ken Clark, president of KLC Actuarial LLC, a Chicago-based actuarial firm specializing in Medicare Supplement insurance.
More on The Californer
Year-over-year rate increases for companies with one million or more Medigap members ranged from 0.0% to as much as 18%. For companies with between 400,000 and one million members rate increases ranged from 7.5% to 20.0%.
Medigap insurers with fewer policyholders, those with between 200,000 and 400,000 members, reported rate increases of between 7.5% and 12.0%.
"Medigap rates are not guaranteed, something few seniors are aware of or think about when picking a carrier," notes AAMSI's Slome. "There can be a host of reasons that a company offers low rates for seniors turning age 65. That low-rate provider may be your best choice or it could be a very costly choice since you are likely to have Medigap coverage for many years, possibly decades."
"Promoting plans with extremely low rates for seniors turning age 65 without a cautionary warning about future rate increases can really impact people," says KLC Actuarial's Clark. "Professional Medicare insurance agents can and should provide information detailing an insurer's recent history of rate increases," adds Slome.
More on The Californer
"When comparing Medigap plans in 2024, a senior can have anywhere from 4 to 20 different plans and insurers available," Slome explains. "Getting information and comparison shopping is the only way to get the best information. The insurance agent you speak with may only represent one particular plan. Even if they can sell plans from multiple insurers, it's not likely they can represent all of them."
The American Association for Medicare Supplement Insurance provides a national free online directory listing local Medigap agents by Zip Code. Access the directory at https://www.medicaresupp.org/find-local-agent/.
"One of the most important things to consider when selecting a Medicare Supplement (Medigap) plan is the likelihood of future rate increases," explains Jesse Slome, director of the American Association for Medicare Supplement Insurance (AAMSI). "Insurers can and do typically increase Medigap rates each year and you aren't always guaranteed the ability to switch from one insurer to another following a rate increase."
According to the analysis, half of all Medicare Supplement companies implemented double-digit rate increases for their Medigap Plan G policies from May 2023 through April 2024. "We specifically analyzed rate filings for Texas which is both large and representative of the nationwide regulatory environment," explains Ken Clark, president of KLC Actuarial LLC, a Chicago-based actuarial firm specializing in Medicare Supplement insurance.
More on The Californer
- Independent Financial Group Expands East Coast Recruiting Reach with the Hiring of Former Osaic Executive Bruce Levitus
- Talbot Law Group, P.C. Announces Super Lawyers® 2025 Honors for Matthew B. Talbot and Mark E. Miyasaki
- Bio-Inspired Technology-Dynamic and Adaptable for unknown real-world environments
- California: Governor Newsom challenges President Trump to adopt model executive order to help 'Make America Rake Again'
- Long Beach Airport Named Number Two Airport in Nation by The Washington Post
Year-over-year rate increases for companies with one million or more Medigap members ranged from 0.0% to as much as 18%. For companies with between 400,000 and one million members rate increases ranged from 7.5% to 20.0%.
Medigap insurers with fewer policyholders, those with between 200,000 and 400,000 members, reported rate increases of between 7.5% and 12.0%.
"Medigap rates are not guaranteed, something few seniors are aware of or think about when picking a carrier," notes AAMSI's Slome. "There can be a host of reasons that a company offers low rates for seniors turning age 65. That low-rate provider may be your best choice or it could be a very costly choice since you are likely to have Medigap coverage for many years, possibly decades."
"Promoting plans with extremely low rates for seniors turning age 65 without a cautionary warning about future rate increases can really impact people," says KLC Actuarial's Clark. "Professional Medicare insurance agents can and should provide information detailing an insurer's recent history of rate increases," adds Slome.
More on The Californer
- Dedeaux Properties Begins Construction on Truck Terminal and Industrial Outdoor Storage Facility
- Michael Reafsnyder opens solo exhibition at Scott Richards Contemporary Art in San Francisco
- Valley Sleep Therapy Expands to Prescott with New Location at Crossings Road
- Live Courageously Hosts Ann-Marie Murrell, Author, Journalist, Former Political Commentator
- COSRX x Alfred Coffee Launch Skincare-Coffee Crossover
"When comparing Medigap plans in 2024, a senior can have anywhere from 4 to 20 different plans and insurers available," Slome explains. "Getting information and comparison shopping is the only way to get the best information. The insurance agent you speak with may only represent one particular plan. Even if they can sell plans from multiple insurers, it's not likely they can represent all of them."
The American Association for Medicare Supplement Insurance provides a national free online directory listing local Medigap agents by Zip Code. Access the directory at https://www.medicaresupp.org/find-local-agent/.
Source: AAMSI
0 Comments
Latest on The Californer
- California: Governor Newsom proclaims Immigrant Heritage Month 2025
- California: Department of Defense agrees: it's time for Trump's militarization of Los Angeles to end
- Long Beach: City Launches Internet Service Enrollment Line
- Von Rock Law Founder Deidre Von Rock Named Super Lawyer for 2025
- California: Governor Newsom extends emergency short-term housing protections in Los Angeles
- Von Rock Law Named SFGate's Best Probate and Estate Attorney in 2025
- Long Beach to Conduct Annual Summer Recess for City Council Meetings During July
- Plan to Launch Silo Technologies' Cybersecurity Pilot Program for Ultimate Nationwide Deployment via Exclusive Partnership: Stock Symbol: BULT
- Robert Michael & Co. Real Estate Team Celebrates Industry Recognition and Showcases Premier Central Florida Listings
- Montessori Stoppani Partners with Lifetime Montessori School
- Cymbiotika Celebrates 2025 Great Place To Work Certification™
- Long Beach: LA28 Announces Finalized Sailing Venue Plan for 2028 Olympic Games
- Individual Software Announces New Versions of its Four Typing Programs in 2025
- Britt Michaelian Brings Transformative Art & Wellness to The Ecology Center's Peace Dome
- California: Governor Newsom urges safety this Fourth of July after 600,000 pounds of illegal explosives seized
- AI-Based Neurotoxin Countermeasure Initiative Launched to Address Emerging National Security Needs: Renovaro, Inc. (N A S D A Q: RENB)
- The Naturist World Just Shifted — NaturismRE Ignites a Global Resurgence
- Mental and Emotional Self-Management, Practical Tools for Trauma-Informed Stress Management
- CGI+ Sells Multifamily Development Site in Los Angeles' South Bay to JPI for $40 Million
- MicroStrategy Incorporated (MSTR) Investors Who Lost Money Have Opportunity to Lead Securities Fraud Lawsuit