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Medicare Supplement insurance broker and member news for Indiana |
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Changes are coming in April. |
During the month of April, HealthSpring Insurance Company (HIC) Medicare Supplement insurance in Indiana (IN) will undergo rate changes that impact both brokers and members. Please see the below for details on how you and your clientele may be affected.
Broker change: HIC commissions
Select Preferred and Standard HIC IN commission rate reductions will take effect on April 1. You will see these changes reflected on commission schedules on this date. It's important to note:
- All business sold prior to April 1 in IN will retain the current rates.
- These adjustments are due to rising claims costs resulting from the IN guaranteed issue Birthday Rule regulation.
- The goal is to enhance affordability and access to quality health care coverage for our valued members in IN. We are committed to providing comprehensive and reliable insurance options while ensuring financial sustainability for all parties involved.
Member change: Household premium discount
Members who receive a household premium discount will see a discount reduction reflected in annual renewal letters starting in April. The total, potential household premium discount will reduce from 20% to 11%. This breaks down as follows:
- Members currently receiving a Multi-Policy Discount (MPD) for when more than one member of a household is enrolled in a Medicare Supplement policy provided by (or through an affiliate of) Health Care Service Corporation will see a discount reduction from 14% to 5%.
- The Living With Someone discount for members who resided in a household for the past 12 months with one to three adults that are age 50+, a legal spouse, civil union partner, or domestic partner will remain unchanged (6%).