CSG Actuarial has compiled all of the new business rate increases implemented on Medicare Supplement blocks of business since 2011. As previously shared, the overall average year-to-date increase for 2024 continues to trend higher than recent years. Based on current data as of June 2024, the average rate increase in 2024 is 7.6%, the highest since 2011. Historical average rate increases by year since 2011 are shown below.
| Year | Avg New Business Rate Increase |
|---|---|
| 2011 | 8.4% |
| 2012 | 7.0% |
| 2013 | 5.0% |
| 2014 | 4.2% |
| 2015 | 2.8% |
| 2016 | 3.8% |
| 2017 | 3.7% |
| 2018 | 4.0% |
| 2019 | 4.9% |
| 2020 | 5.5% |
| 2021 | 4.5% |
| 2022 | 4.3% |
| 2023 | 5.5% |
| 2024 ytd | 7.6% |
Historical average Medicare Supplement rate increases for key plans are shown below. Plan G has the highest increases year-to-date for 2024.
| Year | Plan F | Plan G | Plan HDG | Plan N |
|---|---|---|---|---|
| 2011 | 9.0% | 9.2% | 6.1% | |
| 2012 | 7.3% | 7.7% | 6.7% | |
| 2013 | 5.6% | 5.9% | 4.0% | |
| 2014 | 5.0% | 4.3% | 4.0% | |
| 2015 | 3.3% | 2.0% | 2.3% | |
| 2016 | 5.1% | 2.8% | 3.5% | |
| 2017 | 5.1% | 3.8% | 2.2% | |
| 2018 | 5.1% | 3.9% | 2.8% | |
| 2019 | 6.2% | 4.8% | 3.9% | |
| 2020 | 7.0% | 6.2% | 0.7% | 4.5% |
| 2021 | 5.5% | 4.7% | 1.5% | 3.8% |
| 2022 | 5.2% | 5.1% | 0.3% | 3.3% |
| 2023 | 6.1% | 5.9% | 2.8% | 4.6% |
| 2024 ytd | 8.6% | 8.8% | 4.6% | 8.0% |
As one would expect with higher average rate increases in 2024, a greater percentage of Medicare Supplement plans in 2024 are receiving rate increases in excess of 10%.
