Plain Language Summary:
Mutual of Omaha regularly reviews the experience of its Medicare supplement business to ensure it will honor its promise to pay future claims. Primary factors impacting product performance are medical cost trends and the number of people filing Medicare supplement claims.
Based on the actual and projected Medicare supplement experience, the proposed premium increase is necessary to bring anticipated future claims in line with the target loss ratios approved by the Vermont Department of Insurance.
The company has requested an overall premium increase of 10.3% on the 1990 standardized Medicare supplement block and 9.5% on the 2010 modernized plans block.
Specifically, the proposed increases are:
12.8% for Plans A, D, F, and H; 8.2% for Plans B and G; 0.0% for Plan C
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 the Department of Insurance approves them.
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