selfgen
Guru
a client of mine would like to know about what percentage certain carriers have increased their premium for the last several years. where can i go to find this data?
where can i get info on Medigap carrier rate increase history?
- Thread starter selfgen
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- 1,620
CSG Actuarial
First of all it doesn't really matter....
BUT
Did you know you can backdate CSG?
Yes, you can. Run a quote for 2017 and you'll see LCBA, Thrivent, Shenandoah, IAC, etc.
So in theory you can get rate history so to speak in that you can find out what the specific subsidiary was originally then ask for current pricing - if not available, you know it's probably high.
I've only ever done this once or twice but it's for that rare engineer client who thinks he knows more than I do. I backdate CSG then show them how 35%++ of the carriers aren't even in the market any more so their increases won't reflect in the data.
Part of the reason why I sell so much UHC.
Yeah, that's good to know . . . kind of . . .
But as you pointed out, when MOO is currently writing in your area(s) but only showed up a year ago to replace UOO or UW you are still screwed.
- 17,217
Some carriers like AARP United Healthcare has double rate increases every year but calls one a vanishing discount so it never gets reported as a rate increase. It's just a "discount" that goes away over the first 10-years. Brilliant! And very sneaky.
I am not aware of any carriers that renew that way. It is a pain when that happens . . . had that happen a few years ago with a carrier that handed out 2 increases in the same year. It was their way of saying goodbye to a block they sold off.
Fortunately I only had a few clients with them
Never liked the discount, add back approach. That varies by state and they don't apply the discount in GA. I have other reasons for not offering them.
Im glad our UHC doesn't have that nonsense here. Low rate increases and no vanishing discount.
- 17,217
Wow! I thought that was nation wide. I bet some states don't let them do it. Because it is a clever way to raise the rate every year without calling it a rate increase.
When I was considering UHC a few years ago I was told the discount only applied to community rated states. Georgia is entry age or community rated . . . attained age not allowed.
UHC didn't have a G plan at the time (in spite of the fact G has been around for 30 years or so) and was not competitive on anything . . . so no incentive to contract with them.
They now have a G . . . one of the last carriers to come on board . . . and are reasonably competitive on G but not enough to make me pick them up.
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