Top 3 Worst Medicare Supplement Companies in Florida

If you’re shopping for a Medicare Supplement (Medigap) plan in Florida, you’ve got options - but not all of them are good ones.

As a Medicare broker with over 15 years of experience, I’ve seen firsthand which companies treat their policyholders well… and which ones don’t.

And in Florida, three carriers consistently raise red flags:

• Bankers Life
• American Home Life
• GPM Health and Life Insurance Company

These companies are known for aggressive sales tactics, inflated premiums, and poor financial ratings.

And once you’re locked into one of their plans, getting out can be harder than you’d think - especially if you’ve developed health conditions that limit your ability to switch.

It’s not just about the company name either. Some plans, like Plan K, offer such limited coverage that we rarely (if ever) recommend them. Yet we still see people pushed into them by high-pressure sales agents who leave out the fine print.

This guide will show you:

• Which companies to avoid in Florida
• Why certain plans like Plan K don’t offer the protection you need
• And which Medigap plans and companies actually do hold up - year after year

With 10,000 people turning 65 every day, making the wrong choice isn’t just a small mistake. It can cost you thousands of dollars in out-of-pocket costs, rate hikes, and frustration.

Let’s make sure that doesn’t happen to you.

The 3 Worst Medicare Supplement Companies in Florida

Not all Medigap companies are created equal. While the benefits of each plan letter (like Plan G or Plan N) are standardized, the company you choose matters a lot -especially when it comes to monthly premiums, rate stability, and claims support.

Based on what we’ve seen over the past decade, these are the three Medigap companies Florida residents should avoid.

#1. Bankers Life

If there’s one company we consistently see replaced by Florida Blue, it’s Bankers Life - and for good reason.

• Premiums are often 20–30% higher than the statewide average for the same plan.
• They still rely on old-school, door-to-door sales tactics that feel more like a hard sell than true Medicare guidance.
• Their marketing is aggressive, outdated, and confusing, especially for people new to Medicare.

We regularly help clients switch out of Bankers Life plans - often saving them hundreds of dollars per year with more stable carriers.

Since Medigap benefits are standardized, the only differences are price and company reputation - and Bankers Life falls short on both.

#2. American Home Life

This is a smaller company that often looks attractive at first glance - until you look closer.

• Plan G for a 65-year-old in Florida is currently well above market average.
• They carry a B++ AM Best rating, which indicates weaker financial strength and stability.
• We’ve seen signs that American Home Life may not be fully committed to the Medigap space for the long haul.

The risk with companies like this is that they can’t manage claims costs (medical loss ratio) over time.

When that happens, they either raise rates drastically or exit the market entirely, leaving policyholders with fewer options and higher prices later on.

#3. GPM Health and Life

GPM has followed a similar pattern to many small carriers that enter the Medigap market with attractive rates, then quickly fall apart.

• Plan G for a 65-year-old female is currently $184.01/month.
• Like American Home Life, GPM is also rated B++ by AM Best.
• They have a history of offering low teaser rates, then hitting members with steep premium increases a year or two later.

If you’re tempted by GPM’s low premiums, be cautious. In our experience, lower upfront costs usually signal short-term market participation and volatile future rate changes.

Bottom Line

Florida is home to many Medigap options - but these three companies are at the bottom of our list for long-term value and client satisfaction.

Whether it’s overpriced premiums, unstable rate patterns, or questionable financial strength, these carriers are better avoided.

Why These Companies Charge Less (And Why That’s a Red Flag)

At first glance, companies like GPM, American Home Life, or Bankers Life might seem like a smart deal - low monthly premiums for the same standardized benefits.

But when you work in Medicare long enough, you start to see the pattern.

These low premiums aren’t a sign of value - they’re a short-term tactic to attract business and inflate enrollment numbers. The real cost comes later.

Smaller, newer carriers often undercut the market to gain attention, only to realize they can’t manage claims effectively over time.

When their medical loss ratio (the balance between premium income and medical payouts) gets too high, they’re forced to react fast. And their usual fixes aren’t good for policyholders.

They include:

• Steep rate increases
• Freezing plans to new members, which drives rates up even faster
• Or worst of all, exiting the market entirely

By contrast, Florida Blue prices their plans more conservatively - not because they’re trying to squeeze policyholders, but because they’re building in the long-term ability to pay claims, keep plans open, and manage risk responsibly.

That’s why we often tell clients: higher premiums from a stable carrier like Florida Blue often save you more in the long run.

You're less likely to deal with:

• Unpredictable rate spikes
• Plan closures
• Or claims disputes with under-resourced service departments

So if a Medigap rate seems too good to be true, there’s a good chance it is.

Next, we’ll show you the worst Medigap plan in Florida (regardless of company), and then walk you through the companies that actually get it right.

Best Alternative Medigap Companies

If you’re looking for stability, value, and long-term peace of mind, these are two of the best Medicare Supplement companies in Florida right now.

They’ve both proven themselves over decades - and unlike the carriers we warn against, they’ve got the financial strength and rate history to back it up.

#1. Florida Blue

Headquartered in Florida and serving the state for over 50 years, Florida Blue is the gold standard for Medigap in our book.

We’ve worked with Florida Blue for over 20 years, and they’ve consistently delivered on everything that matters: strong claims support, fair pricing, and minimal surprises when it comes to annual rate changes.

Key Features:

• Average Plan G premium: $264/month (65-year-old female)
• Average overall premium across all plans: $217.90/month
• Offers all 10 standardized Medigap plans
• 1.5% discount for paying via bank draft
• SilverSneakers available for just $28/month
• A+ rated carrier with long-standing claims reliability

They’re not always the cheapest, but you get what you pay for - and with Florida Blue, that means predictability and peace of mind in a market where a lot of smaller players come and go.

#2. Mutual of Omaha (United World Life in Florida)

Mutual of Omaha is one of the most respected names in the Medicare Supplement space, and they operate in Florida under the name United World Life.

With over 50 years of Medigap experience nationally, they bring size, trust, and stability.

Their premiums may not always be the lowest, but they rarely deliver the kind of rate shocks we see from short-term carriers.

One of their standout offerings in Florida right now is the High Deductible Plan G - a great fit for healthy retirees who want to lower their monthly costs.

Key Features:

• HD Plan G premium: $81.65/month (65-year-old female)
• Financially stable, with a long history of staying in the market
• Optional add-on dental, vision and hearing plans

If you’re healthy and want to minimize premiums without moving into a Medicare Advantage plan, Mutual of Omaha’s HDG is one of the most reliable budget-conscious options out there.

Worst Medigap Plans That Lack Adequate Coverage

While every Medigap plan is standardized, not every plan is worth your money - especially in a state like Florida where healthcare costs can escalate quickly.

The following Medigap plans may look affordable upfront, but they leave major gaps in coverage that could expose you to thousands of dollars in out-of-pocket costs when you need care most.

Plan A – Too Basic to Be Trusted

Plan A is the barebones Medigap plan, and it shows.

• Doesn’t cover the Part A hospital deductible
• No help with skilled nursing facility coinsurance
• No protection from Part B excess charges
• No foreign travel emergency coverage

If you’re hospitalized or need post-acute care, the bills can stack up fast.

Plan A gives a false sense of savings but offers almost no real protection when it counts.

Plan B – A Minimal Upgrade That Still Falls Short

Plan B adds one key benefit over Plan A: it covers the Part A deductible. But beyond that, it’s still thin.

• No skilled nursing coverage
• No Part B excess charge coverage
• No foreign travel emergency protection

For just a few dollars more per month, you can get Plan N or Plan G, which fill in far more of the real-world gaps you’ll encounter on Medicare.

Plan B is rarely worth it.

Plan K – A Risky Gamble for Most Retirees

Plan K is often marketed as a "budget plan", but the trade-offs are significant - and can cost you big.

• Only covers 50% of many key benefits, including Part A deductible and skilled nursing
• No coverage for Part B excess charges or foreign travel emergency
• Includes an out-of-pocket maximum ($7,220 in 2025), but most retirees will hit it quickly in a bad year

It looks affordable on paper, but the likelihood of high annual costs makes it one of the worst value Medigap plans we see sold in Florida.

The Real Problem With These Plans

Plans like A, B, and K might look appealing because of their lower monthly premiums - but that short-term savings can lead to long-term financial damage when health issues arise.

We’ve seen it play out again and again in these common scenarios.

Plan A: No Hospital Cushion

A patient hospitalized for a heart issue is shocked to learn they owe the full $1,676 Medicare Part A deductible out of pocket. A few months later, they’re readmitted - and hit with the deductible again because it starts over in a new benefit period.

That’s over $3,200 in just deductibles alone with zero help from their Medigap plan.

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Plan B: Surprise Excess Charges

One client chose Plan B for its lower premium but needed long-term care with a non-participating provider.

Because Plan B doesn’t cover Part B excess charges, they were on the hook for an extra 15% on every visit, test, and outpatient procedure -not to mention the added stress.

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Plan K: The Cancer Trap

We’ve seen cancer patients with Plan K forced to pay 50% of the coinsurance on every chemotherapy session, lab test, and follow-up visit. It doesn’t take long to hit the plan’s out-of-pocket maximum ($7,220 in 2025).

You’re still paying those bills even after the year resets.

Bottom Line

Cheap plans = expensive surprises.
What you save in premiums today, you may end up paying tenfold later when your health takes a turn.

That’s why we recommend avoiding these underpowered plans and focusing on coverage that actually works when you need it.

Best Medigap Alternatives – Plan G and Plan N

If you want real protection and peace of mind in retirement, Plan G and Plan N continue to be the two most reliable Medigap options - especially in Florida.

They’re both designed to fill the gaps in Original Medicare without all the network restrictions, prior authorizations, or surprise bills that come with Medicare Advantage.

Why Plan G Stands Out

Plan G is the most comprehensive Medigap plan available to new Medicare enrollees.

It covers nearly all Medicare approved out-of-pocket expenses, with the only exception being the annual Medicare Part B deductible ($257 in 2025).

Plan G includes full coverage for:

• The Part A hospital deductible
• Skilled nursing facility coinsurance
• Part B excess charges
• Foreign travel emergency care (up to plan limits)

There are also no networks, no referrals, and you can see any doctor nationwide who accepts Medicare.

If you want comprehensive, stress-free coverage, Plan G is hard to beat.

Why Plan N Is Also a Great Option

Plan N offers nearly the same protection as Plan G, but with slightly lower monthly premiums.

In exchange, you’ll pay small copays when you see the doctor or visit the ER:

• Up to $20 per office visit
• Up to $50 for emergency room visits

The only two things Plan N doesn’t cover are:

• The Part B deductible
• Part B excess charges

That said, most Florida doctors accept Medicare assignment, so excess charges are rarely an issue.

And over time, Plan N has shown slower and more stable rate increases compared to Plan G - making it a great choice for budget-conscious retirees who still want strong coverage.

Medigap Plan G vs. Medicare Advantage (Important for Florida)

When comparing Medicare options, many Floridians are drawn to Medicare Advantage (MA) plans because of their low or even $0 monthly premiums.

But what they’re not always told is what’s hiding behind the fine print - especially in one of the most volatile MA markets in the country.

Why This Comparison Matters in Florida

Florida has one of the highest Medicare Advantage enrollment rates in the nation, and every year we see the same cycle repeat:

• Narrow provider networks that limit your doctor and hospital choices
• High out-of-pocket maximums, often $5,000–$8,000 annually
• Pre-authorization rules that delay or deny needed treatments
• Annual plan changes, including dropped providers, changing copays, and disappearing benefits

During the last Annual Enrollment Period (AEP), multiple Medicare Advantage plans exited the Florida market entirely.

Thousands of seniors were left scrambling to find new coverage, often at higher cost and with worse provider access than they had before.

Why Medigap Plan G (or N) Is a Safer Long-Term Choice

Unlike Medicare Advantage, Medigap plans like Plan G and Plan N offer predictability, flexibility, and control.

Key advantages:

• Guaranteed renewable for life - once you enroll, your benefits can’t be reduced or taken away
• Nationwide provider access - see any doctor or hospital that accepts Medicare, no referrals needed
• No network changes, ever
• Fixed benefits and predictable costs, even as Medicare rules evolve

If you want long-term peace of mind (especially in an unstable market like Florida) Medigap gives you protection you can count on, regardless of what private insurers choose to do year after year.

Final Recommendation: Best Overall Plan and Carrier

After helping thousands of Floridians compare their Medicare Supplement options, our top recommendation hasn’t changed:

Top Pick: Florida Blue – Plan G

If you want a financially stable, A+ rated carrier with deep roots in Florida and a long history of delivering for its members, Florida Blue Plan G is the most dependable option available.

With Florida Blue, you'll get:

• Comprehensive coverage that pays nearly all Medicare-approved expenses
• A trusted name with over 50 years serving Florida retirees
• Predictable premiums and fewer rate spikes than smaller, unstable carriers
• Strong claims support and a local presence you can count on

Whether you're new to Medicare or considering a switch, Florida Blue Plan G gives you full protection without the gimmicks - and the peace of mind that your plan won’t disappear next year.

Choosing a Medicare Supplement plan in Florida doesn’t have to be overwhelming - but it does require the right guidance.

If you’re unsure where to start or want help comparing your options, we offer free, no-pressure consultations with licensed Medicare agents who know the Florida market inside and out.

We’ll help you:

• Compare stable, financially strong Medigap carriers
• Understand which plan fits your needs and budget
• Avoid low-ball quotes that come with hidden risks and future rate hikes

Don’t let aggressive sales tactics or flashy marketing lead you into a plan that disappears in a year. Talk to someone who’s on your side - and make a choice that lasts.

Get your free quote today and find a Medicare Supplement plan you can trust.