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Anyone know of a source that has historical rate increase data for medicare supplement carriers? I have a prospect that is asking for that information, I've searched high and low but can't find any websites that have that data.
Historical Rate Increase Data
- Thread starter ksigmtsu
- Start date
My answer:
All companies provide with a 100% chance that your rates will increase. I've been in the biz since '94 and have never touched a company that didn't raise rates. "History" does not matter. One of my favorite companies took annual rate increases of 3-7%... SOME OF THE BEST in comparison to others... then this year... they took 30% so history didn't mean a damned thing in that case.
Be professional, be confident, and most of the crap a client ask you for is not needed.
All companies provide with a 100% chance that your rates will increase. I've been in the biz since '94 and have never touched a company that didn't raise rates. "History" does not matter. One of my favorite companies took annual rate increases of 3-7%... SOME OF THE BEST in comparison to others... then this year... they took 30% so history didn't mean a damned thing in that case.
Be professional, be confident, and most of the crap a client ask you for is not needed.
Your best source for that information would be the carrier. As gordon stated, sometimes history doesn't mean a hill of beans. One thing is for certain though, virtually every carrier will have rate increases.
- 313
Yep, ask the carrier first, then prepare your client for the idea that Medicare supplement rate increases are hard to predict. They can vary quite a bit year over year and that's why you will keep an eye out for better rates should they become available and your client can be underwritten.
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anyone that pays their own health insurance premiums know that they pretty much go up every single year.
- Thread starter
- #6
- 2,024
Yeah, I already do most of the advice on here, I was just curious if anyone knew of a source that had data on it compiled. My guess is no.
It would be a nightmare really, with old blocks of business being rate increased and new rates coming back down identical to the old to cover up increases, etc. Not sure how you'd fairly include things like the MOO increase this year.
My advice to the guy was to take what was cheapest now, and move to whatever company was cheapest in case of any increases and he'd be in the best possible situation rates wise, but he was being talked up really big by a physicians mutual agent that wanted to talk about the financial strength of their company and how stable their rates were, their superb weiss ratings, along with a bunch of other nonsense, and he was asking if I knew of a source for that data for all carriers.
I just told him that the weiss ratings were a load of **** and any carrier could decide to increase rates however much they wanted at any time.
Still curious why no one has ever bothered compiling that data to use for sales presentations, I'd be happy if I found a slightly higher priced carrier had been a lot more price stable so I could use that as part of a honest selling presentation. Guess I can call all the carriers and ask.
It would be a nightmare really, with old blocks of business being rate increased and new rates coming back down identical to the old to cover up increases, etc. Not sure how you'd fairly include things like the MOO increase this year.
My advice to the guy was to take what was cheapest now, and move to whatever company was cheapest in case of any increases and he'd be in the best possible situation rates wise, but he was being talked up really big by a physicians mutual agent that wanted to talk about the financial strength of their company and how stable their rates were, their superb weiss ratings, along with a bunch of other nonsense, and he was asking if I knew of a source for that data for all carriers.
I just told him that the weiss ratings were a load of **** and any carrier could decide to increase rates however much they wanted at any time.
Still curious why no one has ever bothered compiling that data to use for sales presentations, I'd be happy if I found a slightly higher priced carrier had been a lot more price stable so I could use that as part of a honest selling presentation. Guess I can call all the carriers and ask.
