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About Premium Rate Increases

How Premium Rates Increase

Medicare insurance companies can adjust their premium rates each year in North Carolina. You should compare your premium rate to make sure you are getting the best value. 

All Medicare beneficiaries in North Carolina can apply to switch Medicare Supplement Plans anytime during the year to lower their premium rate. You do not have to wait until Medicare's Open Enrollment period to switch. So don't delay. If your premiums have gone up, and up? You should compare rates. Individuals turning 65 may enroll six months before or six months following their 65th birthday without answering any health questions. If you wait until after this deadline to enroll, you may be required to answer some simple health questions to qualify.

The North Carolina Department of Insurance (NCDOI) approves rates after a careful review of each company’s claims data. The following reasons are used by most companies to justify a rate increase:

  1. Age change, age band change or a change in the premium discount percentage
  2. Overall claims experience
  3. Medical claims trends
  4. Any changes in the Medicare Part A and Medicare Part B deductibles


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