Plain Language Summary:
Government Personnel Mutual regularly reviews the experience of its Medicare Supplement block of business. Currently, company experience indicates that the claims for this block of business have been 9% higher than expected on a nationwide basis, while the Vermont only claims exceed expectations by more than 99%. Since the introduction of these rates on 11/19/2010, no increase in rates has been granted despite the adverse experience realized in Vermont with loss ratios above 100% since 2011.
The current rate revision is necessary to alleviate the deterioration in experience that has resulted from the Company’s inability to adequately make rate revisions in prior years. These increases have been filed with and will be reviewed by the Vermont Department of Insurance. This filing complies with the laws and regulations of the State of Vermont, and will not be implemented until approved by the Department of Insurance.
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