Ultimate Health Plans, a scrappy little company north of Tampa, is offering Medicare HMO deals that sound too good to be true: no premium, no deductible, free gym membership and even cash back.
What's not to like? Ask the Florida Office of Insurance Regulation, which suspects the company lacks sufficient funds to pay claims for its 3,000 members. OIR issued a suspension order Oct. 2, but it was placed on hold when Ultimate invoked its right to a hearing. It can take months, sometimes years, for the hearing process to unfold.