Both seem to have a good reputation, but I’m not sure where to find information on their history of annual rate hikes. The premiums are about $20 apart, so I’m trying to figure out if it’s worth spending the extra. I’m in good health and don’t take any medication. Any insights would be appreciated!
Mutual of Omaha (MOO) has a history of rotating operating companies and closing older books of business, which can lead to rate increases. Globe and United American are part of the same company. Globe markets directly to consumers, while United American sells through brokers. In some states, Globe starts out cheaper but can end up being more expensive as you age.
You can check historical rate filings on the National Association of Insurance Commissioners’ SERFF website here: SERFF Filing Access. Select your state, and it will take you to your state’s insurance commissioner’s site, where you can search SERFF for rate filings. Choose ‘Health’ under Business Type, ‘Medicare’ under Type of Insurance, and enter the company’s name. This will show you filings that might include rate increase percentages for recent years, and other details like payout ratios and policyholder numbers. It’s a bit of a process, but it’s the best way to get comprehensive info.
@Paxton
Thank you! This is exactly what I needed.
$20 difference for a high-deductible plan is significant.
Palmer said:
$20 difference for a high-deductible plan is significant.
I agree. It’s hard to compare them, and the Mutual of Omaha salesperson claimed they’ve only raised rates by 3% annually from 2021 to 2023, with no increase from 2023 to 2024. I haven’t been able to find similar info for United American/Globe without going through a lengthy process. I’m hoping someone has some real-world experience with either company.
@Harley
I wouldn’t dig too deeply between the two. HDG rates generally increase by a few percent each year, so even if what the MOO rep said is true, it’s not unique. You might be better off going with the cheaper option.
@Palmer
Thanks!