GA Medigap rates are increasing for some carriers in the next few months. Lock in lower rates now. Prepare for increases on renewal. Continental Life closing their block. Aetna introducing new, lower rates. New Era Medigap rates increasing slightly. Manhattan Life rates jump.
Aetna GA Medigap rates
History teaches us that when a carrier closes out a line of coverage, or stops issuing new plans, the rates increase. In some cases rate adjustments are slight at first but pick up steam over the next few years.
In 2010 Mutual of Omaha introduced Medigap plan N for the first time. Less than a year later they pulled the plan off the market and began increasing rates at a steady clip. In some years plan N rates increased by double digits. If you bought a Mutual of Omaha plan N in 2010 you probably can no longer afford it.
In 2011 Aetna offered Medicare supplement plans using a Continental Life as a subsidiary issuing carrier. An age 65 female in Macon, Georgia would be expected to pay a non-tobacco rate of $145.
Today that same plan through Continental would be $175.
Aetna Health and Life is currently offering that same Medigap plan F for $126.
New Era Medigap quotes
New Era is one of those carriers you don’t hear much about. About 40 years old with 10+ years in the Medicare supplement market (including 5 in Georgia), you won’t find their rates on most instant quote engines.
Most Medicare shoppers looking for instant rates believe they should limit themselves to the “brand name” carriers like Blue Cross, Mutual of Omaha and United Healthcare (co-branded with AARP).
The 2015 edition of Choosing a Medigap Policy tells you on page 9.
All Medigap policies must follow federal and state laws designed
to protect you, and policies must be clearly identified as “Medicare
Supplement Insurance.” Medigap insurance companies in most
states can only sell you a “standardized” Medigap policy identified by
letters A through N. Each standardized Medigap policy must offer
the same basic benefits, no matter which insurance company sells it.
Cost is usually the only difference between Medigap policies with
the same letter sold by different insurance companies.
That’s pretty simple and easy to understand. In other words, what CMS is saying is this.
When you pay more for a Medigap plan you don’t get more, you simply paid too much.
We have been using New Era consistently for years and will gladly share their rates with prospective clients. The recent 3% increase in GA Medigap rates is the lowest we have seen for any carrier in the last 5 years.
Manhattan Life Medicare supplement rates
Manhattan Life is a 100+ year old company with a storied past but they are new to the Medigap business. They entered the GA market a little over a year ago and took off like a bandit. Their plan F rates were among the lowest in the state at younger ages and in certain zip codes.
Our 65 year old female in Macon could buy Medigap plan F from Manhattan for as little as $115 when household discounts are applied.
In May of this year Manhattan Life Medigap rates for plan F will increase by 9%. In some situations those rates are still competitive but you need to take into account we have not seen that kind of rate increase from anyone (other than Continental) in almost 2 years.
GA Medigap rates, last 5 years
The last few years have been interesting times.
Aetna bought Continental, dropped their rates significantly, and suddenly started writing new business.
The Duck (AFLAC) entered the Medigap market for the second or third time in 2012 and then disappeared in 2013. If you bought an AFLAC policy then and didn’t change to another carrier when you could you are probably paying too much now.
In the early part of 2010 Mutual of Omaha was issuing Medigap plans in Georgia under the United World umbrella. That came to an end in the summer of 2010 when they introduced United of Omaha with “new lower rates” (but only for new applicants). In October of 2013 Omaha Insurance Company was rolled out with “new lower rates”.
At the end of 2012 Blue Cross of Georgia withdrew plans G and Hi F. In January, 2014 they changed their rating structure and started charging more for males vs. females and added a higher rate for tobacco users. It didn’t help since they are still not competitive.
If you bought one of these Medicare supplement plans and can qualify for new coverage, you probably should check your rates. We just save Ted in Clermont, GA over $100 per month by switching him off his old, old Mutual of Omaha plan F.
Shop and compare GA Medigap rates now.
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