CSG Actuarial has compiled all of the new business rate increases implemented on Medicare Supplement blocks of business since 2011. The overall average increase for year-to-date 2023 is 5.5%, the highest since 2020. Historical average rate increases by year since 2011 are shown below.
| Year | Avg Med Supp New Bus 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 ytd | 5.5% |
It appears that the higher new business rate increases are continuing into 2024. Premium rate increases compiled to date that are effective in January 2024 are higher than previous January’s as shown below.
| Year | January Average MS New Business Rate Increase |
|---|---|
| 2012 | 6.7% |
| 2013 | 4.4% |
| 2014 | 4.6% |
| 2015 | 2.1% |
| 2016 | 2.9% |
| 2017 | 3.0% |
| 2018 | 4.1% |
| 2019 | 3.0% |
| 2020 | 4.3% |
| 2021 | 4.6% |
| 2022 | 3.8% |
| 2023 | 4.6% |
| 2024 to date | 7.6% |