The quote engine we see is a reflection of today’s published rates by the carrier.
This has absolutely NOTHING to do with the rate the long time customer is paying right now.
What you are seeing on the quote engine software, or the rates offered today, does not in any way correspond with the rate increase that a particular person has received over the period of time with the company.
You are not looking at THEIR rates that they have risen to, right now.
You are merely looking at what the rates would be, today, if the person was a new client.
This is a better way to present it. I tell them that if they were a NEW customer with THEIR same insurance company, they would be treated MUCH better today. Insurance companies do not reward loyalty. They are always offering better deals for the NEW people. Just like a cable company, cell phone company, etc.
Even today, gym memberships, etc. will offer a very special program, but the small print says, “Not available to current members.” It is because they already have you, lock, stock, and barrel.
If you don’t shop the market, at least every two years, you are at a tremendous disadvantage.
The insurance companies are loyal to one thing – the DOLLAR. And they want new clients, always.
The ones they’ve already got, they’ll continue to raise the rates faster.
See the video:
A new report by CSG Actuarial shows that the trend in Medicare Supplement rate increases is actually going down.
According to the survey, the average rate increase for 2011 was 8.4%.
The average rate increase from 2012 was 7.2%, while the average rate increase in the year 2013 was down to just under 5%.
This is a positive development, as all seniors consider rate increases in their selection of the Medicare Supplement as to the solution to their healthcare needs.
Watch this video commentary on the CSG study..
Courtesy of CSG Actuarial:
By csg_actuarial on August 1, 2013 — No comments
|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|
About CSG Actuarial
CSG monitors senior markets to provide the most up-to-date competitive intelligence in the industry. CSG DataMart™ includes premium rate and underwriting information for more than 200 companies. Call 855-861-8776 or email [email protected] to learn more.