Changes to meidicare supplements for 2009?

[theinuranceguy]

Thanks for confirming that I was right. Maybe next time you will just say...

Ah Mike, No need to check the numbers, you are always right.

Last time I said that, you were right about the numbers... yours was only 2 inches.

 

[senior-advisor-indiana]

I think you might be getting me confused with Rick. ??

 

[senior-advisor-indiana]

Ok, I need to go to bed. Those 3 med supps I wrote today really wore me out.

 

[Frank Stastny]

2. Loss Ratio Provisions -- see 42 U.S.C. º 1395ss(r)
Under OBRA 1990, any policy issued after November 5, 1991 was required to obtain a 65% loss ratio for individual policies and a 75% loss ratio for group policies and return to policyholders premium amounts collected in excess of these standards. Compliance with these requirements is verified through an annual filing of a worksheet showing the experience of those policy forms. However, the effective date of the state requirement was not the same as that of the federal requirement. H.R. 5252 resolves the difference between the federal effective date and the state effective date on refund calculations and also subjects all Medicare supplement policies to the same loss ratio and refund calculation requirements. However, for policies issued prior to May 1, 1992, the requirement for the 65% loss ratio for individual policies and 75% loss ratio for group policies and refund or credit against future premium payments apply only to the experience occurring after the revised standards are promulgated to implement H.R. 5252.


I was not familiar with this law... Interesting.

Ramiz,

Thanks for that info. As I was typing that 60% didn't look just right but I have slept since I read that many years ago. Guess I should have checked first. That is just one more reason agents should not take what they read here as gospel. As I have said so many times, it's always best to do your own research. Guess I should have followed my own advice.

Senior/Mike, you are the man! I should have checked with you, the Med Supp answer man, first.

 

[senior-advisor-indiana]

Senior/Mike, you are the man! I should have checked with you, the Med Supp answer man, first.

It is ok FRank, we all make mistakes, well most of you do.

 

[Guest]

medicare.gov....says all!!