What Are the Good Med Supps in Florida?

[Gregarian]

Remember to take into account AARP's couples discounts and bsp payment savings. I find AARP superior atm in FL overall. I also find a fair amount of people who won't use AARP due to political reasons. For that reason, I'd also check out BCBS. They have comparable prices to AARP.

FL has been overrun by Medicare Advantage plans for years now, and is now one of the worst states for supplements due to outrageous costs. If I was a local agent in FL I'd take some time and study MA's and see if I thought my clients could benefit from any of them. Personally I don't use MA's, but like I said, if I only sold in FL I'd look at them in a different light.

 

[Frank Stastny]

Remember to take into account AARP's couples discounts and bsp payment savings. I find AARP superior atm in FL overall. I also find a fair amount of people who won't use AARP due to political reasons. For that reason, I'd also check out BCBS. They have comparable prices to AARP.

FL has been overrun by Medicare Advantage plans for years now, and is now one of the worst states for supplements due to outrageous costs. If I was a local agent in FL I'd take some time and study MA's and see if I thought my clients could benefit from any of them. Personally I don't use MA's, but like I said, if I only sold in FL I'd look at them in a different light.

MOO is moving toward having United of Omaha in all of the current MOO and United World states. Their target date is July but it will depend on how long it takes each state's DOI to approve them.

With United of Omaha there is a 7% discount for couples. This should help keep them very competitive once those few remaining states get United of Omaha.

Although it seems like FL is inundated with MA plans, MA plans only have about a 30% market share in FL. This means that around 70% of seniors either have just Medicare, Medicare and a Med Supp or some form of continuation of their group retiree benefits from a former employer.

There are many areas in the country where MA plans have quite a bit less than a 20% market share. Med Supps are still alive and well, even in FL.

 

[Gregarian]

good info there! do you have any knowledge as to why there's such a huge price increase once you cross the border into FL. GA and FL citizens living 5 minutes apart are paying over $100 difference for identical plans. this goes for all companies as well. whats the deal?

 

[Todd King]

good info there! do you have any knowledge as to why there's such a huge price increase once you cross the border into FL. GA and FL citizens living 5 minutes apart are paying over $100 difference for identical plans. this goes for all companies as well. whats the deal?

It's just my opinion, but if you take a look at the Medicare Fraud that has been perpetrated in FL compared to other states, you just might find your answer lies there.

 

[Russ]

good info there! do you have any knowledge as to why there's such a huge price increase once you cross the border into FL. GA and FL citizens living 5 minutes apart are paying over $100 difference for identical plans. this goes for all companies as well. whats the deal?

There's also quite a huge difference between Florida and Alabama rates on med-supps., with Florida being 50-60% higher in some cases.

 

[GreenSky]

Although it seems like FL is inundated with MA plans, MA plans only have about a 30% market share in FL. This means that around 70% of seniors either have just Medicare, Medicare and a Med Supp or some form of continuation of their group retiree benefits from a former employer.

Of the remaining 70%, what percentage have Medicaid?

This is just a WAG but I would suspect that of the 70%, about 30% probably are duals. (Or for the Southerners, duels).

This would leave about 50% of the senior population theoretically in need of supplements.

Rick

 

[Frank Stastny]

good info there! do you have any knowledge as to why there's such a huge price increase once you cross the border into FL. GA and FL citizens living 5 minutes apart are paying over $100 difference for identical plans. this goes for all companies as well. whats the deal?

There are a ton of contributing factors as to why premiums are higher or lower in the different states. One is the senior population and past claims history based on all carriers experience going back to the cave man days. The DOI in the states and the information they have regarding claims etc. is also taken into consideration. Each DOI has quite a bit of input into the rates.

The rate filings in Florida are about 90 pages in length. There is a myriad of information that goes into rate determination.

FL and southern CA have extremely high senior populations and also have some of the highest premiums.

 

[senior-advisor-indiana]

Of the remaining 70%, what percentage have Medicaid?

This is just a WAG but I would suspect that of the 70%, about 30% probably are duals. (Or for the Southerners, duels).

This would leave about 50% of the senior population theoretically in need of supplements.

Rick

Great math skills Rick.

 

[Todd King]

There are a ton of contributing factors as to why premiums are higher or lower in the different states. One is the senior population and past claims history based on all carriers experience going back to the cave man days. The DOI in the states and the information they have regarding claims etc. is also taken into consideration. Each DOI has quite a bit of input into the rates.

The rate filings in Florida are about 90 pages in length. There is a myriad of information that goes into rate determination.

FL and southern CA have extremely high senior populations and also have some of the highest premiums.

That's kind of what I was trying to say, but you put it much more eloquently. It's all about the claims ratio. Then you take into account the Medicare Fraud that goes rampant in FL, which of course, makes the claims ratios even higher.

 

[Frank Stastny]

Of the remaining 70%, what percentage have Medicaid?

This is just a WAG but I would suspect that of the 70%, about 30% probably are duals. (Or for the Southerners, duels).

This would leave about 50% of the senior population theoretically in need of supplements.

Rick

Good point, yes, I did forget to mention those on Medicaid. I don't work with them and they slipped my mind.
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That's kind of what I was trying to say, but you put it much more eloquently. It's all about the claims ratio. Then you take into account the Medicare Fraud that goes rampant in FL, which of course, makes the claims ratios even higher.

Medicare fraud, as you well know, is not only limited to FL. Several years ago I saw a govt report that estimated that there was around $52 billion a year in Medicare fraud.

That's probably more money than both you and I make together, we might even be able to include Rick's income in that, after taxes that is.