How to get projected rates for Medigap?

[sshafran]

Are you asking because you want to predict future premiums for someone already holding a Medigap plan?

or

Because you want to know what someone older than 65 just coming into medicare for the first time will pay for their first Medigap premium?

Can't be scenario 2. Would just put in current age.

 

[jack3454]

No, you absolutely can't predict future rates.

You CAN look a few months ahead and see new filed rates (for example, if xyz goes up in June you can change the date at the top and see that new June rate).

You can also download directly from the carrier the outline of coverage. It shows prices at every age. It's about as trustworthy as a politician though. All it is showing is "price for age 74 today" and "today" is key. If John is 67 today he should in no way thing that when he is 74 that he will pay what the chart shows. The chart is updated when new rates are filed.

I see what you mean. Those rates are for today at that age, not for the future rate.

Thanks for explaining

 

[jack3454]

Are you asking because you want to predict future premiums for someone already holding a Medigap plan?

or

Because you want to know what someone older than 65 just coming into medicare for the first time will pay for their first Medigap premium?

Predicting future premiums. I was asked what it will cost in 10 years and I didnt want to give the wrong answer.

 

[jack3454]

Thanks for yall’s input. Now I know theres no predictable way to estimate future premiums.

 

[sshafran]

Predicting future premiums. I was asked what it will cost in 10 years and I didnt want to give the wrong answer.

I'd say something like, most of my clients who signed up 10 yrs ago and never switched carriers are paying at least $100 more today. At least. But it varies based on a lot of factors...

The key to having a low price 10 years from now is remaining healthy so you can pass health questions in 2027 and 2031 when we change carriers to get lower prices during your review.

 

[sshafran]

Some agents would be afraid that might start to concern their client. And their client might wonder about long term affordability.

Good - they should be thinking about that. Maybe they'll plan so that they can keep Plan G when they need it most.

 

[GoPokes]

The CSG analytics just shows what the carriers want you to see. Why else would they provide that info to CSG?

IF you only go off of that, you will see that MOO shows you the rate increases used on age, but now claims etc ...

Also, what happens to the closed books? Who knows which will be next to close their book...

I think experience in the field is the only way to really get an idea about which companies go up quicker than others.

 

[Midlevel]

Some agents would be afraid that might start to concern their client. And their client might wonder about long term affordability.

Good - they should be thinking about that. Maybe they'll plan so that they can keep Plan G when they need it most.

Nice that clients that signed up in 2008 paying 0.00 premium are still paying 0.00 premium. They laugh at their friends complaining about their rate increases on Med Sups and PDP’s.

 

[rmhaire]

Nice that clients that signed up in 2008 paying 0.00 premium are still paying 0.00 premium. They laugh at their friends complaining about their rate increases on Med Sups and PDP’s.

I see the punch bowl is still full.

 

[sshafran]

Nice that clients that signed up in 2008 paying 0.00 premium are still paying 0.00 premium. They laugh at their friends complaining about their rate increases on Med Sups and PDP’s.

Yeah yeah yeah I have those too.

Doesn't matter. Some people hate networks and cost sharing.... So... Sell them G.