Insurance companies run on a fairly thin margin and make all their profit on volume… So if there is a market increase for a hospital or network increased or if the cost of services rendered to their consumers it goes up then they have to react by adjusting their prices. They have several mechanisms to do this but they have to get it approved prior, and once the prices set it's the same price for everybody and that rate/age/ZIP Code band so it may feel like you're the only one to getting an increase but rest assured you're not the only one when the prices go up they go up for large pools of people within the book of business of the insurance company.
When will my Medicare supplement insurance go up?
This is probably a better question and it's going to be based on the state you live in and the carrierPolicies some states have age band rating in some states have location or ZIP Code rating so based on the state your live in the rate increases and timing may differ as well as how many times during the year you might see an increase.
Why did my Medicare supplement premium go up more than my neighbors?
We get this question a lot and often times it is really based on the insurance carrier that you and rolled with, as they may half price adjustments because they Word too low in the market and need to adjust accordingly or because they are And may need to adjust accordingly, there are many reasons why an insurance company will choose the new rate and they have entire teams of actuaries picking the rates but it's not 100% science… They will make mistakes and often times I have to adjust to make up for the profit and or cash reserves.
How do Medicare supplement claims to get paid?
Every insurance company is required to keep a cash reserve that will allow them to payout claims in the future and so that's probably why you see mostly big names getting into Medicare supplement game because as you can imagine the clients or older and are going to start needing services so yes it's insurance but we know it's going to get spent… So they're required to have heavy cash reserves or a reinsurance product to cover them.
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