Rating Criteria: What Matters Beyond Premium
When evaluating Florida Medigap carriers, look beyond the monthly premium at:
- AM Best financial strength rating — A++ through D scale. Look for A or above.
- Rate increase history — How much have premiums increased annually over 5 and 10 years?
- Claims processing — How quickly and reliably does the carrier pay claims?
- Household discount — Available from most carriers (5–7%); significant savings if spouse also enrolls.
- Mode discounts — Many carriers offer 2–3% discount for annual or quarterly payment vs. monthly.
Florida's Top-Rated Medigap Carriers
Mutual of Omaha — A+ (AM Best)
Consistently competitive Florida Plan G rates. Known for rate stability. One of the most trusted names in Medigap for decades. Household discount: 7%.
Aetna — A (AM Best)
Strong Florida market presence. Competitive Plan N pricing. Good online tools for managing coverage. Household discount: 5%.
Cigna — A (AM Best)
Often among the most competitive initial rates in Florida. Electronic claims processing is efficient. Rate increases have been reasonable historically.
Humana — A- (AM Best)
Major Florida player. Competitive Plan N and HDG pricing. Some plans include added benefits at no extra cost.
United American — A (AM Best)
Competitive pricing in many Florida counties, particularly for Plan N. Good option for budget-conscious seniors.
Why the 'Cheapest' Carrier Isn't Always Best
A carrier offering the lowest initial premium in Florida may have a history of aggressive annual rate increases. A 10% annual rate increase compounds quickly: a $130/month premium today becomes $337/month in 10 years at that rate.
Compare rate increase history over 5+ years alongside today's premium. A slightly higher starting premium from a carrier with 3–4% average annual increases often beats a lower starting premium from a carrier with 8–10% increases.
Your T65Navigator specialist pulls rate history data for Florida carriers and factors this into recommendations — not just today's price.
The Bottom Line: Always Compare Multiple Carriers
No single carrier is best for every Florida senior. Premiums vary by age, ZIP code, and sometimes tobacco use. The same Plan G can cost $150/month from Carrier A and $200/month from Carrier B for the same person in the same Florida county — for identical coverage.
The only way to find the best value is to compare. T65Navigator does this comparison for free, presenting your options clearly so you can make an informed decision.