Medicare Supplement Rates
Yesterday, I had a couple from Katy, Texas call me that had Medicare Supplement Plan N's with one of the Mutual of Omaha companies. They had the policy for several years and just received a $50 rate increase per month on both of their policies. Needless to say they were not happy with their Medicare Supplement Rates and wanted to know what they could do to replace the policy prior to November 1, 2012 when the rate increase took effect.
I told them about the Medicare Supplement Quote Engine that is available through Medicare Insurance Finders and how it can help compare Medicare Supplement rates all over the country in less than 1 minute. After explaining she asked if I could help look up these rates for her which I did. We found a Plan F Medicare Supplement that was about $40 per month cheaper for each of the policies than what their current Plan N. She was ecstatic.
We are writing the application today and saying there is no kinks in underwriting with the new carrier we should have 2 new polices effective 11/1/2012 with the older policies being cancelled.
I explained to her that most carriers in the State of Texas rate their policies on the Attained Age Status, which means that policies will go up each year with the applicant's age typically on the policy anniversary date. Most carriers in most states price their policies like this; however, some states require community rating where individuals are and those policies are the same price whether you are 65 or 95. The problem is you will start off at a much higher rate.