Does anyone know anything about this Insurance co. for Seniors?

Question

This is the web site http://www.univhc.com/index.asp It really sounds to good to be true. The name of the company is Universal Health Care. It is offered to Seniors on Medicare. Just wondered if anyone has had an experience good or bad with this company.

Answer 1

This one took a little while for me to track down, so I understand why you're confused! Here's what I found:

1) This company is fully licensed and in good standing with the Florida Dept. of Insurance, where the Company is domiciled. It appears UHC does all its business in FL.

2) Some previous answerers have stated the Company's lack of a AM Best rating shows it isn't monitored by anyone. This is incorrect. By virtue of its licensure with the FL Dept. of Insurance (which is mandatory with Medicare Advantage and Part D plans), the FL Insurance Department is responsible for ensuring this Company has adequate monetary reserves to pay claims and other expenses. Further, Medicare contracts are administered differently than contracts issued by private insurers -- the feds CLOSELY monitor the insurer's holdings. If a company goes belly up, members are transitioned into another plan.

3) The Company's claims aren't any different than others that are offering the same product.

4) However, the differences become apparent when you compare the benefits UHC offers to enrollees. Here's a list of stand-alone Medicare Rx plans offered in Florida:

http://www.medicare.gov/medicarereform/mapdpdocs/PDPLandscapefl.pdf

The premium is actually a bit higher than others; but most of all, the number of popular drugs it covers (known as its "formulary") is the LOWEST on the entire list!

Here's a list of FL Medicare HMO/PPO plans:

http://www.medicare.gov/medicarereform/mapdpdocs2007/MAPDLandscapeFL07.pdf

Again, you see the premium is ok, but UHC doesn't offer Part D coverage with these plans.

To truely compare all available plans, go to www.Medicare.gov and use the "Compare Medicare Prescription Drug Plans" search tool and the "Learn More About Plans in Your Area" search tool. You'll be given charts that show you what's available to you based on where you live.

Answer 2

I am glad to see it happen. From an insurance agent's point of view, it is a no brainer. The company is Medicare-approved which is no easy feat. I am 60 and am glad to see this happen. I see it as the beginning of the privitization of Medicare. You can see by the plan that it is possible for a private company to administer health care for a lot less than the government (no big surprise) and a lot less than the HMO's. If you reside in Florida, I can assist you.

Answer 3

AM Best does NOT have a rating for this insurance company. I would NEVER EVER EVER recommend buying insurance from an unrated company. It means that NO ONE is monitoring their capacity to pay out claims.

It's NR-5. When it's too new, or too small, it's NR-1 or NR-2. This is flat out "not followed". They also do no appear to be a publicly traded company - which means no financial statements on file with the SEC.

If you REALLY REALLY want to go with them, call the BBB first and see what they say.

Answer 4

I just checked ambest.com. AM Best does not rate this company. That's not to say that they're not reputable; they may just be too small and/or too new to have made the radar.

You can call or visit the website of your state insurance department to determine if there have been any complaints filed against the company. As long as you can verify that they are a licensed carrier in your state, you can be assured that they can be held accountable for their policy provisions.

Do keep in mind that if they're a new, growing company, they have likely set premiums low to gain market share. Be prepared to shop around at renewal time, as your premiums may increase significantly.

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