Medicare Medigap Supplement history of rate increases
Hi Terry, I’m starting Medicare next year, considering a Plan G, with maybe BCBS IL, Mutual of Omaha, or AARP UHC to name a few, and doing lots of research. Where can I find histories of rate increases for the various Medigap supplemental plans? One meeting already with a SHIP counselor in my area was not super helpful because, overall, they didn’t tell me more than I already knew about the medigap plans, and he brushed off several of my questions. I called the number for SHIP in Illinois and they just said to make an appointment with a local SHIP counselor. Thanks.
Terry Says
Past history is no guarantee of future price increases – in anything! But especially in Medicare supplement plans. In general, premiums will increase as you age — or in a set timeframe. Those are called “attained age” plans. You can be sure premiums rise with age. There are very few plans that set your premium at issue age and don’t retain the ability to increase them in the future because of age.
BUT, the other reason premiums can rise is COSTS! And there is no real limitation on cost increases, as we’ve seen. Those premium increases would depend on inflation. And since most plans make an effort to stay competitive, when one increases its premiums, the others will too. Your chance to switch supplements in any given year is during open enrollment.
You simply cannot worry about future increases. They will happen. So just get a supplement now with a high star rating, pay the monthly premiums and don’t be shocked if they rise in the future.
