Portable Med Sup Rate Question

[vic120]

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?

 

[steveadlman]

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?

His coverage is portable but not his premium. Your client will have to pay the premium based on being a Florida resident.

 

[Todd King]

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?

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?

 

[kstein]

What carrier was it

 

[Todd King]

What carrier was it

I honestly can't remember, but seems like it might have been Trans....which would explain that!

 

[goillini52]

His coverage is portable but not his premium. Your client will have to pay the premium based on being a Florida resident.

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.

 

[XpressInsurance]

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.

 

[vic120]

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.

I have new era paying In rate in FL too

 

[xb29bomber]

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.

 

[WCMason]

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.

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.