crs6633
Expert
- 44
OK, I've scrubbed through this site hoping to find the answer to this question and am coming up empty handed wherever I go. Hopefully there the community can help to find the answer to this riddle.
I know all about the 3 rating types for pricing a supplement policy (attained, issue and community) and am aware that this info can be found by contacting the carrier but what about rate increases that occur AFTER the policy is issued and they happen at a much greater rate than average. I see this happening day in and day out where I'll speak with a client with a supplement that costs 3x the market rate and they have a ratable illness such as COPD, or insulin dependent diabetes. Now the carrier fully well knows that this client is stuck and can no longer change their plan due to medical underwriting issues and can only drop the coverage to original medicare or enroll in an MAPD.
My question is HOW do the carriers know that their client has a ratable illness? Is it through reviewing their claims?
The real question is how can I find companies that do not practice these forms of rate increases?
Any info would be greatly appreciated.
I know all about the 3 rating types for pricing a supplement policy (attained, issue and community) and am aware that this info can be found by contacting the carrier but what about rate increases that occur AFTER the policy is issued and they happen at a much greater rate than average. I see this happening day in and day out where I'll speak with a client with a supplement that costs 3x the market rate and they have a ratable illness such as COPD, or insulin dependent diabetes. Now the carrier fully well knows that this client is stuck and can no longer change their plan due to medical underwriting issues and can only drop the coverage to original medicare or enroll in an MAPD.
My question is HOW do the carriers know that their client has a ratable illness? Is it through reviewing their claims?
The real question is how can I find companies that do not practice these forms of rate increases?
Any info would be greatly appreciated.