The following information is additional data to enhance the Medicare Supplement rate increase information provided in recent weeks.
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 rate increases for 2024 continue to trend higher than recent years. Based on data provided to CSG Actuarial as of August 2024, the average rate increase in 2024 is 7.7%, 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 | 7.7% |
The 2024 Medicare Supplement average new business rate increases by effective month are trending slightly higher in August, September, and October, as shown in the following table.
| 2024 Effective Month | Avg New Business Rate Increase |
|---|---|
| January | 7.6% |
| February | 7.0% |
| March | 7.4% |
| April | 6.7% |
| May | 7.1% |
| June | 8.8% |
| July | 6.7% |
| August | 8.3% |
| September | 9.4% |
| October | 8.7% |
| November | 6.8% |
| December | 6.3% |
The 2024 Medicare Supplement average new business rate increases vary a decent amount between the states as shown below.
