Kentucky Health Insurance Practice Exam

In a Medicare supplement policy, the authority to change premium amounts lies with the insurer. This is because the insurer is the entity that assesses risks, manages the overall health plan, and determines the pricing structure based on various factors, such as the health benefits provided, administrative costs, and market conditions.

While the insured pays the premiums, they do not have the right to unilaterally change the amounts; their role is to maintain the policy and make timely payments as determined by the insurer's established rates. Agents and consultants assist individuals with policy options and coverage choices but do not have the authority to modify premium amounts themselves. The insurer's ability to adjust premiums is typically outlined in the policy terms, often being influenced by a variety of factors including the insured's age, health status, and legislative changes in Medicare policies. Thus, the insurer is responsible for any adjustments to premium amounts in a Medicare supplement policy.