Upcoming Medicare Supplement Rate Increase for Michigan
The following rate adjustments are effective August 1, 2020 for New and In-Force 2010 Modernized Medicare Supplement:
Michigan (United World)
- Plan A – 0% Increase
- Plan C – 0% Increase
- Plan F – 12% Increase
- Plan HiF – 0% Increase
- Plan G – 8% Increase
- Plan HiG – 0% Increase
- Plan N – 5% Increase
What does Anniversary Rating mean for your client?
All Mutual of Omaha and its affiliates’ Medicare supplement policies are anniversary rated. Many Medicare supplement policies have yearly adjustments based on age along with necessary adjustments due to medical trends and/or cost. While these adjustments may occur at different times during the year, with anniversary rating your client experiences only one adjustment per year. That adjustment occurs on the anniversary date of their policy and is a combination of any rate adjustments that may have occurred since their last adjustments.
If you have clients affected by these rate adjustments, you will receive notification via email with a link when your Summary of Rate Adjustment Action report is available to view on Sales Professional Access (SPA). The report will provide complete details. Letters of the premium changes to your current policyholders will mail shortly.
If you have questions, please call Sales Support at (800) 693-6083