Medicare Supplement Rate Increases Report
Today we received an updated Medicare Supplement Rate Increases Report from one of our partnering companies, CSG Actuarial. We give them credit for these reports because they are where Medicare Insurance Finders gets their numbers. This month it appears that Family Life Insurance Company has the highest rate increase average of any company and Humana (Reader's Digest) has the lowest rate increase of any Medicare Supplement Company across the country.
Medicare Supplement Rate Increases by CarrierThere are numerous carriers to list, but I will mentions just a few of the larger ones that are in numerous states and the Medicare supplement rate increases they have given in the month of November:
Family Life Insurance Company - 14% Average Rate Increase
Forethought Life Insurance Company - 4.1% Average Rate Increase
Gerber Life Insurance Company - 13.4% Average Rate Increase
Humana Insurance Company - 4.4% Average Rate Increase
Mutual of Omaha - 7% Average Rate Increase
New Era Life - 7.8% Average Rate Increase
Philadelphia American - 11.2% Average Rate Increase
Sentinel Security - 9.5% Average Rate Increase
United of Omaha - 1.2% Average Rate Increase
United World - 12.2% Average Rate Increase
Woodmen of the World -5% Average Rate Increase
These are just a few of the Medicare Supplement Companies that are giving rate increases across the country, but we thought we would share CSG Actuarial's numbers because they are beneficial to consumers.
Medicare Supplement Companies
Many insurance companies will give Medicare supplement rate increases each year so that will not have to have drastic increases of 25% or higher. Example: a company out of Texas told me that they try to give 8% each year even when it is not needed so that if a bad year comes along and their Medicare Supplement plans need a rate increase of 30% they can continue with the 8% rate increase. This will help keep the Medigap block of business lower over the long term.
Hope you enjoyed this article covering the November Medicare Supplement Rate Increases.