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Medicare Supplemental Rates

By Terry Savage on July 30, 2020 | Insurance & Annuities

Terry, hello. Several years ago my wife and I both signed up for a medicare supplemental policy, type G, with Mutual of Omaha, in the “guaranteed” period when we hit 65. It is an “age-attained” policy. I have had my policy for four years, and in that time my rate has gone up over 75%, to over $200/month. I thought I had researched policies carefully, comparing the rates for different companies and their relative rate increases for increasing ages. Mutual of Omaha showed nothing like this for older ages. What is more galling about this is that for a new applicant at my age they are quoting $134 per month. When I spoke to Mutual, they said they had switched underwriting companies in Illinois but I was left in the old company. To get the lower rate, I “could reapply”, but there would be no guarantee of course, since it is effectively like switching companies. I understood some of the risk of “age- attained” when we signed up, but never expected anything like this. You go with a name brand company, and then learn that they seem to be no more than a front for other underwriters. No book on Medicare that I read when we signed up warned me of this type of behavior. Is everyone in the industry that way these days? Any advice would be appreciated. Thanks.

Terry Says

You know, I admit that I have never made this distinction either in anything I have written!
I would suggest you call eHealthInsurance.com and see what else compares — given your current age and stage of health. Their toll-free number is 888-653-8874 You probably want to switch to the current most comprehensive plan, which is Plan F, while you’re at it!



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