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August 08, 2002 at 08:00 PM
NU Online News Service, Aug. 8, 11:21 a.m. – Older U.S. residents are paying an average of only 2.4% more for Medicare supplement insurance this year than they did in 2001, according to Weiss Ratings Inc., Palm Beach Gardens, Fla.
The latest increase compares with an increase of 11% in 2001, and a 7.2% increase in 2000.
Older U.S. residents buy Medicare supplement, or Medigap, policies to pay some of the out-of-pocket costs associated with the basic Medicare program.
Rate increases slowed this year because federal legislative changes lowered some insurers’ claims costs, and some insurers dropped high-cost plans or got out of the market altogether, Weiss says.
