We are waiting to hear how the insurance companies and state insurance regulators interpret the Section 1557 of the Inflation Reduction Act legislation that goes in to effect in 2025 that could put the kabash on medicare supplement underwriting all together.This would be good for some people but it will make it more expensive for most.
Whatever Medigap (supplement) insurance company you pick for your Medigap plan check to see how many "closed block of business / closed risk pool" (deadpool) policies the company has.
This is done because the current book of business have people who have become older and therefore have more illnesses meaning more claims (higher loss ratio). Insurance companies close that book and raise the rates to cover the increasing losses. Then, they open a new book with younger, healthier folks and charge a lower premium do to lower claims ratios. After a couple of years, rinse and repeat.
Whatever Medigap (supplement) insurance company you pick for your Medigap plan check to see how many "closed block of business / closed risk pool" (deadpool) policies the company has.
This is done because the current book of business have people who have become older and therefore have more illnesses meaning more claims (higher loss ratio). Insurance companies close that book and raise the rates to cover the increasing losses. Then, they open a new book with younger, healthier folks and charge a lower premium do to lower claims ratios. After a couple of years, rinse and repeat. In most states you will be unable to change supplement insurance companies without medical underwriting. A few states have a birthday rules that allows you to change Medigap plans without medical underwriting around your birthday.
Thanks for sharing your thoughts, Jonathan.
What is your current thinking for a typical retired person at age 80 portfolio be for the allocation in stocks, bonds and cash?
Comments:
Is this also try of Medicare Medigap (supplement) insurance? Thanks Plaul
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Is there a “Medical Loss Ratio” for Medicare Advantage plan (Part C)?
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Link to comment from December 8, 2024
We are waiting to hear how the insurance companies and state insurance regulators interpret the Section 1557 of the Inflation Reduction Act legislation that goes in to effect in 2025 that could put the kabash on medicare supplement underwriting all together.This would be good for some people but it will make it more expensive for most.
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Whatever Medigap (supplement) insurance company you pick for your Medigap plan check to see how many "closed block of business / closed risk pool" (deadpool) policies the company has. This is done because the current book of business have people who have become older and therefore have more illnesses meaning more claims (higher loss ratio). Insurance companies close that book and raise the rates to cover the increasing losses. Then, they open a new book with younger, healthier folks and charge a lower premium do to lower claims ratios. After a couple of years, rinse and repeat.
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What about using IBIK iShares iBonds TIPS etfs?
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Whatever Medigap (supplement) insurance company you pick for your Medigap plan check to see how many "closed block of business / closed risk pool" (deadpool) policies the company has. This is done because the current book of business have people who have become older and therefore have more illnesses meaning more claims (higher loss ratio). Insurance companies close that book and raise the rates to cover the increasing losses. Then, they open a new book with younger, healthier folks and charge a lower premium do to lower claims ratios. After a couple of years, rinse and repeat. In most states you will be unable to change supplement insurance companies without medical underwriting. A few states have a birthday rules that allows you to change Medigap plans without medical underwriting around your birthday.
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Thanks for sharing your thoughts, Jonathan. What is your current thinking for a typical retired person at age 80 portfolio be for the allocation in stocks, bonds and cash?
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If you are a follower of Bill Bernstein and believe if you "won the game stop playing" where do you keep those Monies?
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