Oregon Birthday Rule Adopted
The Insurance Division within the Oregon Department of Consumer and Business Services has adopted a Medicare Supplement birthday rule similar to what is in place in California.
During a 31-day window beginning on their birthday each year, an individual can switch on a guarantee issue basis to any Medicare Supplement plan being offered that provides the same or lesser benefits as their current plan. This birthday rule goes into effect on January 1, 2013 and only applies to individuals with Standardized or Modernized Medicare Supplement plans.
CNO Financial Group Med Supp Sales Down 2%
CNO Financial Group (parent company of Bankers Life & Casualty, Washington National, and Colonial Penn) reported 2011 Medicare Supplement annualized new sales of $87.8 million, a 2% decrease over 2010. CNO Financial Group’s 2011 Medicare Supplement annualized new sales were in the top 5 in the Medicare Supplement market.
Medicare Advantage Enrollment Continues to Climb
Reported Medicare Advantage enrollment as of February 2012 was 12.8 million, almost 10% higher than February, 2011. Humana, UnitedHealth Group, and Wellpoint led the market in capturing this growth. The overall Medicare market grew by 1.8 million lives through this 12 month time period and Medicare Advantage plans captured approximately 60% of this growth.
Mutual of Omaha Announces Omaha Insurance Company Medicare Supplement Product
Mutual of Omaha announced it is targeting a mid-April release of a new Medicare Supplement product from their affiliate, Omaha Insurance Company. Subject to state approvals, Mutual plans to release the new product in Connecticut, Kentucky, Maryland, Michigan, Ohio, Pennsylvania, South Carolina, and West Virginia.
Blue Cross of California Medicare Supplement Growth
Blue Cross of California reported year-end 2011 Medicare Supplement policy in-force counts of 227,000, a 9% increase over year-end 2010 and highest since year-end 2006. As a side note, Blue Cross of California normally does not report their Medicare Supplement results to the NAIC so these policy in-force counts are above and beyond the Medicare Supplement market information provided by the NAIC.