Hearings to address insurance rate increases

More than 63,000 senior citizens in Maine soon may face increases of 6 to 17 percent in the cost of insurance they buy to supplement Medicare coverage.

Three insurance companies have asked Superintendent of Insurance Alessandro Iuppa to approve the hikes in so-called “medigap” policies. The three companies are Anthem Blue Cross, United HealthCare and Bankers Life and Casualty.

Before ruling on the requests, Iuppa will hold public hearings, collect opinions and then weigh whether the increases are excessive, inadequate or unfairly discriminatory. If approved, the increases would take effect early next year.

Each company will get a separate hearing:

. Anthem is asking for a 6.8 percent increase on its Companion plan product. The policy is held by about 46,000 Mainers. The hearing is scheduled for 9 a.m. Tuesday, Nov. 13, in Room 216 of the Burton Cross State Office Building at 111 Sewall St. in Augusta.

. Bankers Life and Casualty is requesting a 10 percent average increase on its group standardized and pre-standardized Medicare supplement policies, and a 14.4 percent increase on individual standardized Medicare supplement policies. More than 5,000 Mainers hold these policies. The public hearing will be held at 1 p.m. Tuesday, Nov. 27, in the Kennebec Room at Maine Department of Professional and Financial Regulation, 124 Northern Ave., Gardiner.

. United Healthcare is requesting an average rate increase of 8.1 percent on its AARP standardized Medicare supplemental plans. About 11,725 Mainers would be affected. The public hearing will take place at 9 a.m. Tuesday, Nov. 27, in the Kennebec Room at the Maine Department of Professional and Financial Regulation, 124 Northern Ave., Gardiner.

Bill Vincent, a spokesman for United Healthcare, said that the increases sought in Maine are about average. He said general increases in medical costs are driving the proposed increases.

Superintendent Iuppa encouraged public comment on the proposals through its Web site at www.MaineInsuranceReg.org, by calling (800) 300-5000, or by writing to the Bureau of Insurance, 34 State House Station, Augusta 04333.