Portable Med Sup Rate Question

Feb 1, 2019

  1. vic120
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    vic120 Guru

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    I have a client signed up in NJ, moved to FL, He received a huge premium increase, I always thought Portable, as it was explained to me, was that premiums don't increase to a new state if you move, But they are telling me NO, that the rate will adjust based on the new zip code

    Which is true?
     
    vic120, Feb 1, 2019
    #1
  2. steveadlman
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    steveadlman Guru

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    His coverage is portable but not his premium. Your client will have to pay the premium based on being a Florida resident.
     
  3. Todd King
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    Todd King IMO/FMO Owner

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    I've seen different companies do it different ways. I think it is up to the company if they allow portability or not. I have also seen where a company made a client keep their med supp premium even though the state they moved to was cheaper. How can they even justify that?
     
  4. kstein
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    kstein Guru

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    What carrier was it
     
    kstein, Feb 1, 2019
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  5. Todd King
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    Todd King IMO/FMO Owner

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    I honestly can't remember, but seems like it might have been Trans....which would explain that!
     
  6. goillini52
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    goillini52 MAGA...Eat More Bacon & BUILD THAT WALL!!!

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    The clients I've had move to other states got to keep their Illinois rates, which were cheaper. I've always been told that they keep the premium from their original state.
     
  7. XpressInsurance
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    XpressInsurance Super Genius

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    I think it is carrier specific. I know I have several Aetna customers that are now in FL but still paying other states rates, GA & VA rates.
     
  8. vic120
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    vic120 Guru

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    I have new era paying In rate in FL too
     
    vic120, Feb 1, 2019
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  9. xb29bomber
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    xb29bomber New Member

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    As someone previously mentioned, Medicare Supplements are portable, but the premiums are not necessarily locked in. I've found that some insurance carriers will let you keep the original rates and some will base the rates on your new zip code, which could be higher or lower.
     
  10. WCMason
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    WCMason Guru

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    It is carrier-specific. Aetna and Cigna will not change the rate, up or down, on relocation. MOO will. Not sure about others. I have a few Florida clients who got their med supp in Texas and are paying way below what they'd have to pay to replace their policy there.
     
    WCMason, Feb 1, 2019
    #10
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