Top 3 Medicare Supplement Companies in Florida

In the state of Florida, you have many companies to choose from when you’re looking for the best Medicare Supplement provider.

The two largest names that are dominating the Florida market are:

• #1.  Florida Blue
• #2.  UnitedHealthcare

My name is Mark Prip, and I’ve been helping people understand how Medicare works for over 15 years.

Today, I want to highlight some of the biggest, well-known companies that have the largest market share and the highest customer satisfaction rate when it comes to Medicare Supplement plans in Florida.

• Quick Reminder:

  Before I begin this article, it’s important to remember that all Medigap plan benefits are the same regardless of which company you select.

  So, if you’re looking at Medigap Plan G with UnitedHealthcare, the benefits and coverage will be identical to those of Florida Blue’s Medigap Plan G.

  Look for any unique features each company has that I will cover in this article today.

#1. Florida Blue

We’ll start with Florida Blue, which is #1 on my list. I’ve worked with Florida Blue personally for almost 20 years.

When it comes to their Medicare Supplement plans, I’m a little biased because:

• I’ve seen how they pay their claims,
• I’ve seen how they’ve remained competitive with their monthly premiums, and
• I’ve seen the perks that they offer with all of their Medicare Supplement plans.

Let’s jump in, and I’ll show you what I mean.

As you can see right out of the gate, Florida Blue has a market share of roughly 18.5%. The example rate I pulled on Plan G is $214 a month, and Plan N is $176 a month.

Over the last year, we’ve seen an average of a 7% increase in monthly premiums.

Let’s look at some of their additional features.

They offer discounts through the Blue365 program. They also offer the SilverSneakers fitness program at an additional premium.

What’s unique about Florida Blue is that they offer age-locked premiums. What does that mean?

• That means whatever age you enter into your Medigap plan, your rates will not increase due to age. They will only increase due to medical claims for the state of Florida on a risk-basis as a whole.

They also offer an additional 1.5% monthly APO discount if you set up to have your premium withdrawn automatically from your checking account.

Last but not least, they have been an established company in Florida for over 50 years.

Moving on to #2 on my list: UnitedHealthcare.

#2. UnitedHealthcare

UnitedHealthcare has a slightly smaller market share of around 10%, but as you can see from their sample rates below, Plan G is around $215 a month, and Plan N is $183.

Florida Blue and UnitedHealthcare’s monthly rates have always been very competitive year over year. On the average rate increase, we’re looking at roughly the same amount as Florida Blue, around 7% per year.

Below are some of the additional features offered by UnitedHealthcare.

UnitedHealthcare offers the option of including their Renew Active fitness program and dental, vision, and hearing discounts.

They’re also an established company that has been operating in the state of Florida for over 20 years.

#3. Cigna

Last but not least on my list is Cigna. Although Cigna has been around for a long time, they’re fairly new to the state of Florida, and we don’t see much activity with them. However, I found them worth mentioning because their rates are a little more competitive.

But, their rate increases are slightly more than those of Florida Blue and UnitedHealthcare.

Their market share is just over 1%. The example rate on Plan G is $190 per month, and Plan N is $141.

But again, their average rate increase over the past year has been roughly 7 to 10%, which is a little bit more than UnitedHealthcare and Florida Blue.

Cigna offers four standardized Medigap plans—the same as UnitedHealthcare and Florida Blue—so it’s nothing special. Typically, Plan N and Plan G are the most popular options.

They offer up to 25% premium discounts, including household discounts if a spouse or a family member applies. They offer similar benefits, such as the Healthy Rewards program, that Florida Blue and UnitedHealthcare offer.

Cigna boasts 24/7 customer service care – which again is not that big of a deal – but it’s an added benefit.

We’ve covered the top three companies. Now, we’ll talk about the biggest question that most people are asking.

What About Medigap Rate Increases in Florida?

You’re probably thinking:

• “If I pick Florida Blue or UnitedHealthcare, I want to know the future and what my rate increases will be.”

So, let me give you a little bit of history on Medigap rate increases. This should help you understand what to expect in the future, no matter which company you choose.

Medigap companies will apply regular rate increases. Unfortunately, there’s no way around this. That’s the same with homeowner or auto insurance, or the price of eggs, gas, or milk.

Inflation happens, and the cost of medical care rises. That’s unavoidable.

Historically, back in the 2010s, the market average was around 4% increase per year. From the 2010s till about 2018, it was around 5%. And then COVID happened.

Well, when COVID happened, everyone was in quarantine and everyone delayed their medical care. So those people that had non-urgent medical needs (like a surgery that wasn’t urgent) delayed care during COVID.

And once COVID started to dissipate, people rushed back out in the medical field to get these non-urgent matters handled. So there was a large influx of people filing claims at the same time.

That is a big driving factor in why we’re seeing rate increases of 7 to 10% – not just in Florida but across all states. This is not unique to Florida (or to Florida Blue and UnitedHealthcare). You simply won’t avoid these rate changes with any company you pick.

• There's Hope!

  The hope is that rates will start to come down and stabilize now that the heavy COVID claims activity is beginning to settle down as we enter the next one or two years.

Most Popular Medigap Plans

Now, regarding the most popular Medigap plans, I’ve taken the screenshot below from the Kaiser Family Foundation, which highlights that Plan G is definitely the winner.

A 2023 study found that Plan G is the most popular policy type in the Medigap market, with 39% of Medigap enrollees, or nearly 5.3 million people, choosing it.

I wanted to highlight this slide because when people are new to Medicare, they look at the full Medigap chart, which has all ten plans. But really, when it comes down to it, the two most popular plans that people select are going to be:

• #1. Medigap Plan G
• #2. Medigap Plan N

Medigap Plan G is #1 because it’s the most inclusive of all coverage. The only thing that Medigap Plan G does not cover is your annual Medicare Part B deductible. After that, you are home-free when it comes to out-of-pocket costs.

Plan N is the second runner-up, with slightly lower premiums because there is a little more cost-sharing. You will have a $25 copay for office visits and a $50 copay for urgent care. Those two copay features drive down that monthly premium.

Of course, you still have to pay your Medicare Part B deductible, whether it’s Plan G or Plan N.

My Final Thoughts

I live and work in the state of Florida in the Medicare Supplement and Medicare Advantage industry, and Florida Blue is my favorite option.

They’re based in Florida, and their rates are competitive. They’ve been here before the baby boomer rush caused all of these other smaller companies to flood the market. They’re a gorilla in the industry, and their perks are very nice as well.

A couple of tips I recommend:

Be careful where you gather your information. A lot of websites on Google are simply just compiling data and giving very shallow information. Most of these people have not worked firsthand with these companies like we have here as licensed agents.

Another popular place I see a lot of people talking is Reddit. Again, with Reddit, that’s helpful, but you have to be careful because there’s a lot of people that don’t understand how the industry works, and give loose advice or recommendations that aren’t always backed up by facts.

I hope this article has been helpful. I congratulate you on looking for a Medicare Supplement plan instead of a Medicare Advantage plan. Medicare Supplement is a far superior choice. It gives you more control of your care and more freedom and flexibility than a Medicare Advantage plan.

If you have questions, feel free to call us directly. We would be happy to run an individualized quote to see how your rate stacks up and help you understand the different options in more detail. Thanks!

Sources:  Kaiser Family Foundation

FAQs

• What is the difference between Medigap Plan G and Plan N?

  Medigap Plan G offers comprehensive coverage, with the only out-of-pocket expense being your annual Medicare Part B deductible. Plan N, on the other hand, has slightly lower monthly premiums but includes cost-sharing features such as a $25 copay for office visits and a $50 copay for urgent care, along with the same Part B deductible.

• How do rate increases work for Medicare Supplement plans in Florida?

  Medicare Supplement (Medigap) plans in Florida experience annual rate increases due to factors like inflation and rising healthcare costs. Historically, rate increases averaged 4-5%, but recent years have seen 7-10% increases due to post-COVID claim surges. These increases are regulated by the Florida Department of Insurance to ensure fairness.

• What makes Florida Blue a top choice for Medigap plans in Florida?

  Florida Blue stands out due to its competitive rates, extensive market presence, and additional perks like age-lock premiums, SilverSneakers fitness programs, and discounts through the Blue365 program. They’ve been serving Florida residents for over 50 years, earning a reputation for reliability and customer satisfaction.

• How does UnitedHealthcare compare to Florida Blue for Medigap plans?

  UnitedHealthcare offers similar competitive rates to Florida Blue and includes additional perks such as the Renew Active fitness program and discounts on dental, vision, and hearing. While they have a smaller market share (10% compared to Florida Blue’s 18.5%), they are a trusted provider with a solid reputation.

• Why is Medigap Plan G the most popular choice?

  Plan G is the most popular Medigap plan because it provides comprehensive coverage, leaving enrollees with minimal out-of-pocket costs. Once the annual Medicare Part B deductible is met, Plan G covers all additional Medicare-approved expenses, making it a hassle-free option for many beneficiaries.