On Monday, June 9, Physicians United Plan (PUP) was declared insolvent and placed into receivership with the Florida Department of Financial Services (FDFS) for immediate liquidation. It becomes the sixth Medicare Advantage Plan in Florida to fail since 2007. View the court order in its entirety. FHA staff has been tracking this issue closely and relayed hospital concerns to the Office of Insurance in April.
PUP had approximately 38,000 Medicare Advantage members, primarily in Orlando, Lakeland, Ocala and Tampa. Its members will receive health care coverage with the company until July 1, 2014.
As of July 1, 2014, former PUP members will continue to receive health care coverage as arranged by the Centers for Medicare & Medicaid Services (CMS). FDFS and CMS are closely coordinating on these matters now and will have additional details available soon on the FDFS website.
Contact Kim Streit, vice president of healthcare research and information, at (407) 841-6230 for more information.