No one can look to Original Medicare coverage for all their health care expenses. Your Original Medicare benefits only pay roughly 80% of the costs, leaving you to pay the remaining 20%, which can add up very quickly. Medicare Supplement Insurance or Medigap plans are designed to fill in the gaps left by Medicare. Transamerica Medicare Supplement insurance plans can help pay for the expenses that are normally left to you.
Transamerica can trace its beginnings back to the early 1900’s and is now one of the top-ranked U.S. life insurers. All of the major insurance rating organizations have given Transamerica financial strength ratings ranging from very strong to an “A+” Superior rating from A.M. Best.
Strong ratings should make you feel more at ease about how the company treats its customers. Insure.com has also recognized “Transamerica” in its “People’s Choice” award in the category of customer satisfaction.
Transamerica offers Medicare Supplement Insurance underwritten by Transamerica Life Insurance Company. Plans and policy options will vary by state, but let’s look at a few that are popular:
Plan A: The most basic Medigap coverage. It covers your Part A hospital coinsurance including 365 days additional coverage after original Medicare coverage ends. It also covers the 20% that Part B does not pay for on your outpatient services. You are responsible for deductibles, excess charges, skilled nursing facility co-insurance and foreign travel.
Plan F: Plan F offers the most coverage and pays for most medical care and procedures not covered by original Medicare. It covers all the of the gaps in Medicare including deductibles, skilled nursing, blood, hospice, excess charges and 80% foreign travel emergency care (up to plan limits). You generally will have no out of pocket spending toward any Part A or B services.
Plan G: Functions exactly like Plan F, except for you pay the Part B deductible. Premiums are usually cheaper than Plan F, making Plan G a good value.
Plan K: This plan is for someone who wants lower premiums in exchange for covering a bigger portion of their potential expenses on the back end. It covers Part A coinsurance including 365 days additional coverage after original Medicare coverage ends. It also covers 50% of your Medicare Part B copayment, blood, hospice and skilled nursing. Most important, it covers half of the Part A deductible too. You pay your own Part B deductible, excess charges and foreign travel emergency.
Plan N: This plan has been growing in popularity. All gaps are covered except for the Part B deductible, excess charges and you also pay a copay at the doctor and emergency room.
Anyone who has reached aged 65 and enrolled in Original Medicare Part A and B coverage is eligible for a Medicare Supplement Plan. If you act fast after your original Medicare enrollment, you can have guaranteed issuance of coverage.
For the first six months after you turn 65 and enroll for Medicare, there is an open enrollment period. During this time, no insurance company can deny you or charge you a higher premium because of any medical conditions you have.
If you wait beyond this period, the insurance company can then decide whether to accept or decline you in most states. So, it’s in your best interest to take advantage of open enrollment! Apply for a Transamerica Medicare Supplement during your window.
If you need help making a decision on a supplement plan, we’re available to help you. More importantly, we’ll be there on the back-end of your policy for questions, problems or concerns. You will never have to deal with your Medicare benefits alone.
It can be difficult to know whether or not you have proper coverage, but we can help!
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