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.
Lumico Medigap Solutions Team
Lumico — Insurance Made Clear.