How Quickly Can Companies Change Rates After Supp Switch?

Pretty sure UHC/AARP only gives you 6 months before your rates can increase. BCBSGA says they can increase your rates any time they want.
 
I know some companies advertise a 1 yr rate lock? Are there any laws or regulations on this?

I believe it's a state by state thing. In Georgia, if I'm not mistaken, the insured has to get a 60 day notice of a rate change. In regard to Bob's post about BCBSGA, that is how I found out about the 60-day rule. I wrote someone with a 12/1 effective date several years ago. BCBSGA had a rate increase in 1/1. The client got the rate increase in March I believe. They were notified by BCBS in late December of the rate change that would take place in March. Thus, they received 60 day notice.

Some carriers will give a 12-month rate guarantee. But beyond that they reserve the right to change rates at any time as long as the insured is notified within the time the state requires.
 
Pretty sure UHC/AARP only gives you 6 months before your rates can increase. BCBSGA says they can increase your rates any time they want.

I know in FL with UHC there's no lock. I advise to all my clients that are just signing up at the end of the year that rate increases happen on Jan 1 so be on the lookout.
 
They use April as their increase month in Georgia.

It used to be January, but somehow got changed to April maybe 4-5 years ago. And as you've pointed out, they have a 6-month rate guarantee here. So someone enrolling with a January 1st effective date wouldn't experience the April rate change until July 1st (unless they paid an annual premium - then it would be at renewal).
 

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