How to get projected rates for Medigap?
- Thread starter jack3454
- Start date
Jim Wright
Expert
- 77
There should be a tab on the left side that says "Market Analytics" If you select that, it should add all of that data below each option
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.
Predicting rates is like driving down the interstate only using your rearview mirror.
There are so many moving parts.
Attained age, issue age, community rated is the easy part of it.
How do you figure claim loss ratio in advance( pent up Covid claims, loose underwriting, tight underwriting).
How much did that new Company reduce rates to buy a block? It has to go up as soon as claims start rolling in. Then you have the usual suspects that roll out a new company every 3-4 years.
It's like gas prices everyone raises in step and lowers in step( truthfully they never lower just slow down). There can be difference depending on where you buy it from. Same thing with your insurance you will probably be switching every 4-6 years. If you want rates to be in the best 30%.
There are so many moving parts.
Attained age, issue age, community rated is the easy part of it.
How do you figure claim loss ratio in advance( pent up Covid claims, loose underwriting, tight underwriting).
How much did that new Company reduce rates to buy a block? It has to go up as soon as claims start rolling in. Then you have the usual suspects that roll out a new company every 3-4 years.
It's like gas prices everyone raises in step and lowers in step( truthfully they never lower just slow down). There can be difference depending on where you buy it from. Same thing with your insurance you will probably be switching every 4-6 years. If you want rates to be in the best 30%.
Yes, but there are still annual increases, so the rates today won't be the same rates tomorrow. Still, no accurate prediction can be made.
I never said there’s an accurate prediction. He asked if you can change the age to see future rates. I can say that in FL, the rates don’t increase because of your age. Attained age states can’t say the same.
I also never said there’s no annual increases. That happens most of the time but doesn’t change the fact that it’s a rare day when a client calls me because of rate change, and I can move them to save on premium.
I was just clarifying a little for those that didn't know.
- 6,458
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?
