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.
|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.