Medicare Supplemental Rate Increase Criticized
by Christine Stuart | May 14, 2008 12:22 PM
Posted to Health Care
The state Insurance Department approved a 30 percent increase in Genworth’s Medicare Supplemental plans for 2,049 customers in the state who use the plan to cover benefits not covered by traditional Medicare.
The Insurance Department’s decision late Tuesday afternoon has State Healthcare Advocate Kevin Lembo and Judith Stein, director of the Center for Medicare Advocacy, upset with the Insurance Department for its industry friendly decision.
“We each wrote letters last week expressing our grave concern for the consumers of Genworth’s plans. They have been burdened by outrageous increases over the last few years and now the company is back for more,” Lembo said in a press release.
“The Connecticut Insurance Department (CID) appears not to have acted as a neutral arbiter in approving these extraordinary rate increases. The new rates will price many older and disabled people out of the Medigap market,” Stein said.
“All Medicare Supplemental carriers face the same issues noted by Genworth in its rate filing, yet none of them has requested and been granted 26 percent, 30 percent and 30 percent rate increases over the last three years. All carriers face these same issues, yet all are not clamoring for these incredible increases,” Lembo added.
Click here to read their press release or here to visit the Office of the Healthcare Advocate.
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