Genworth Life and Annuity Insurance Company, Individual Medicare Supplement-Standard Plans 2010.
Company is proposing a 9.9% rate increase for all plans.
Rate Increase Justification – Plain Language Summary
Genworth Life and Annuity Insurance Company
Standardized Medicare Supplement Rate Revision and Annual Loss Ratio Filing
Medicare Supplement Rates Changing in 2013
Genworth Life and Annuity Insurance Company regularly reviews the experience of its Medicare Supplement business to ensure it will be able to honor its commitment to pay future claims. Primary factors impacting premium rates are the rising cost of healthcare and impact of claims experience.
Based on the actual and projected Medicare Supplement experience, a premium increase is necessary to bring projected future claims, relative to projected premiums, in line with the target relationships approved by the Vermont Department of Insurance. The company has requested an overall premium increase of 9.9%. The proposed rate increases by plan and form are shown in the table below.
The proposed 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.
Plan Letter Form Name Rate Increase
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Click the attachment to view entire filing.