Medicare Supplement rate increases continue to be one of the hottest topics in the market. Charts and tables below are updated with 2024 Q1 activity. Note that data pertains to open blocks of business and excludes instances where companies are implementing large rate decreases as they re-enter the market using old paper. Medicare claim trends continue to be elevated and carriers have begun implementing larger rate actions to help manage their loss ratios.
The following chart shows the average Plan G rate increases for the largest carriers in the market plus a grouping of all the other carriers (labeled as “Other”). All companies have larger increases in 2024 than in 2023.
The chart below shows the average Plan N rate increases. Here all companies, except for Cigna, have larger increases in 2024 than in 2023.
We expect the trend of higher rate actions will continue throughout 2024 as claims come in higher than previous years and push up loss ratios.