Medicare Supplement Price Increase Data – August 2013

Get Instant Quote

Purchasing the perfect Medicare supplement plan when you turn 65 is almost impossible, and when you get your first price increase it feels like a punch to the gut. However, what most people don’t realize when they purchase Medicare supplemental insurance is price increases are inevitable. All companies have them, and they almost always occur once or even twice per year.

Every month we will examine how prices increases affect Medicare recipients. One of our favorite companies, CSG Actuarial, compiles massive amounts of data relating to this subject. Lets take a look at the numbers for August.

Company
Effective Date
Average Increase
Comments
AFLAC 8/15/2013 10.0% Illinois
American Continental Insurance Company 9/1/2013 8.4% (31.5%) – 15%; Varies by state
Avera Health Plans, Inc. 7/1/2013 -6.2% Iowa
Bankers Fidelity Life Insurance Company 6/1 – 7/1/2013 4.9% 0.0% – 10.2%; Varies by state
Colonial Penn Life Insurance Company 1/1/2013 1.0% (5.7%) – 10%; Varies by state
Continental General Insurance Company 7/1/2013 0.0% Arkansas
Continental Life Insurance Company of Brentwood, Tennessee 9/1/2013 6.0% Rhode Island
EPIC Life Insurance Company 3/1/2013 15.0% Iowa
Everence Association Inc. 4/1/2013 -0.5% (6.9%) – 5.7%; Varies by state
Family Life Insurance Company 8/1/2013 9.0% Nevada
Health Net Life Insurance Company 8/1/2013 -2.8% California
Humana Insurance Company 9/1 – 10/1/2013 3.6% 0.0% – 9.7%; Varies by state
Liberty National Life Insurance Company 1/1 – 7/1/2013 0.9% (14.5%) – 6.1%; Varies by state
Medico Insurance Company 8/1/2013 6.9% 0.0% – 6.9%; Varies by state
New Era Life Insurance Company 9/1/2013 8.2% Texas
New Era Life Insurance Company of the Midwest 9/1/2013 8.3% Texas
Philadelphia American Life Insurance Company 8/1 – 9/1/2013 6.8% 5.0% – 9.0%; Varies by state
Physicians Mutual Insurance Company 6/1/2013 4.8% 0.0% – 9.0%; Varies by state
Regence BlueCross BlueShield of Utah 8/1/2013 -1.3% Utah
Reserve National Insurance Company 5/1 – 6/1/2013 6.5% 3.8% – 16.3%; Varies by state
Royal Neighbors of America 9/1/2013 2.8% (5.0%_ – 5.0%; Varies by state
Sterling Investors Life Insurance Company 9/1/2013 7.0% Georgia
United American Insurance Company 7/1/2013 0.7% California
United Commercial Travelers of America 7/1/2013 9.5% Arizona
USAA Life Insurance Company 4/1/2013 16.8% 3.7% – 23.4%; Varies by state

It is important to remember you can change or keep your medicare supplement plan, and switch companies to get a lower price. This is possible because all insurance companies offer the same plans, with the same benefits. The ONLY difference is the price they charge for their plans. You can change your plan at any time if you are in good health, and at special times in certain states if you have pre-existing conditions.

Read the complete article here.