Did You Know: Medigap Rate Increases

Medicare Supplement (Medigap) plans can experience rate increases typically once or twice a year. The timing and frequency of these increases depend on the insurance company and can vary. Here are some key points:

1. Annual or Semi-Annual Increases: Most insurance companies raise rates annually, often around your birthday or the policy anniversary month. Some companies may increase rates twice a year
2. Factors Influencing Rate Increases: Rate increases are influenced by several factors, including rising healthcare costs, inflation, and the overall claims experience of the insurance company
3. Notification: Insurance companies are required to notify you in advance of any rate increases, so you will have time to review and consider your options 
4. Variation by Plan and Company: The amount of the rate increase can vary significantly depending on the specific plan and the insurance company. For example, Plan F, Plan G, and Plan N may have different average rate increases

You can use our CSG quoting tool to see a company’s rate history using the “Market Analytics” button. We recommend that five years after issuing someone on their first Medicare Supplement plan that you attempt to requote them for a less expensive rate while they are still young and healthy. This is especially true since carrier products are entering and exiting the market all the time.

Get a quote: https://www.urlinsgroup.com/medicare-quoting-tools.html