Medicare Supplement Rate Increases

Every year many of our clients are informed of rate increases to their Medicare Supplement plans. For some, the increase can be rather significant, while others may see an increase of only a few dollars. Insurance is about pooling premiums from many people in order to protect individuals within the group from the full burden of healthcare costs.  Here are some factors that influence your rates each year.

Your Age

Most Medicare supplement plans calculate premium costs based on your current age. Typically, the older you get, the more care you will need, thereby increasing the number of claims that you, or others within your insurance pool will make.  For some insurance companies the largest premium increases occur when you jump to a different age bracket, while other companies increase their premiums according to your age every year.

Medical inflation costs

Insurance carriers also determine your insurance rates according to increases within the healthcare market. For example, physician costs, lab costs, the increased usage of newer and more expensive technology.

Filed claims

Because your premium is pooled with other insurance holders’ premiums, insurance companies will look at the number of claims filed in a given year by the entire pool. If the number of claims is high, then the cost to the insurance company increases.

Making an Affordable Change

If you would like to discuss your rate increase and any options you might have, we are here for you.  Please give us a call.

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Regardless of whether you purchase a policy or not, we are always happy to help in any way we can.

Client Testimonials

Medicare Supplement Rate Increases | Wooten Agency

  • "This is a family-owned business who cares about their potential clients. I was looking for help with health insurance and even though it turns out I don't need new health insurance at this time, I feel compelled to write a review because of how thorough Brendan was. He was very knowledgeable and easy-going. He didn't seem pushy at all and listened to everything I had to say. He made sure he was getting all the information correct. I would recommend this agency for any insurance needs." - - Cary, NC
  • "I sought help from Wooten Agency; Ed, along with Nancy, took the bull by the horns and sorted things out for us very quickly. Shortly thereafter Ginny took over. She is definitely most qualified as a plan selector for Medicare plans and issues related to Medicare. My appreciation to Crystal for the gracious way she always responds to telephone calls and makes every effort to ensure one is not forgotten. And Dana....the one contact we had was enough to find out you are similarly inclined to help a client." - - Raleigh, NC
  • "You [Aaron] have been so helpful, and you have all taken a personal interest in my individual and specific questions in order to make the best insurance choices for my needs. Thank you all! I look forward to working together in the future months and years." - - Morrisville, NC

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