Upcoming Lumico Med Supp rate adjustment on 1/1/24

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Upcoming rate adjustment for Med Supp

Effective January 1, 2024, there will be a rate adjustment for Med Supp policies underwritten by Elips Life Insurance Company (Elips Life) in Kentucky, Maryland and Virginia.

For KY, MD and VA

  • New policies will continue to be underwritten by Elips Life in these three states. Please note the following cut off dates:
    • Applications signed on or after 12/1/23, with a requested effective date on or after 1/1/24, will be subject to the new rate.
    • Applications signed on or before 11/30/23, with a requested effective date on or after 1/1/24, will receive the current rate.
  • For Virginia only:
    • A recent legislative decision (HB 1640/SB 1409) will impact Med Supp policyholders under age 65 in Virginia.
    • Effective 1/1/24, the rates for policyholders under age 65 will be the same as the age 65 rates.
    • For Elips Life, Plan A is the only plan selling under age 65; all other plans and ages in VA are not impacted by the new legislation.

Thank you!
Lumico Medigap Solutions Team
 

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