Last Updated on
Transamerica Medicare Supplement Plans
Last Updated on
Following is a review of Transamerica and Transamerica Medicare Supplement products. Before jumping into the review, let’s answer a common question we receive about Medicare Supplements. Is Medigap the same as a Medicare Supplement? Yes, the names are interchangeable. Medicare supplements cover the gap in coverage that Medicare does not cover. Medigap is a quicker way to describe this product.
To find the best pricing for all Medicare Supplement plans, we advise you to shop among a wide variety of carriers in your market. Beware, the cheapest price is not always the best option. Pricing is important, but company strength, plan offering, customer service, rate increase history and claims processing must be considered before you make a decision.
3 Most-Popular Transamerica Medicare Supplement Plans
Supplement Plan F
Plan F is the most comprehensive Medicare Supplement available. It covers everything that the original Medicare does not pay in full. For years, this has been the most frequently purchased plan because of its comprehensive coverage.
- Medicare Part A & Part B coinsurance
- Hospital costs are covered for 365 days after you deplete the Medicare benefit
- First 3 pints of blood needed
- Nursing Facility Coinsurance
- Medicare Part A & B deductibles
- Emergency Medical expenses in a foreign country
- Part B excess charges
If you see a physician who excepts Medicare and your treatment is a covered expense, you will not have any out-of-pocket medical expense.
Supplement Plan G
Plan G covers almost every Medicare Supplemental benefit, except Part B’s annual deductible. The out-of-pocket spending will be higher than Plan F. This is the most popular plan with Transamerica because it is cheaper than Plan F. The amount you save in premium is generally more than the deductible, which in most cases justifies Plan G over F. Rate increases tend to be less on average with Plan G.
Supplement Plan N
Medicare Plan N is a good option for healthy seniors who don’t see the doctor very often. You can potentially save up to 25% of your monthly premiums on this plan. You will have a small office co-pay with Plan N, but will save on your insurance premiums.
It does NOT cover:
- Part B deductible
- Part B excess charges
- Doctor office co-pays
- $50 Emergency Room Visits
Transamerica Supplement Benefits
Like all Medicare supplement plans, you should apply during your personal open enrollment period. Each person’s enrollment period lasts for 6 months, beginning 3 months prior to their 65th birthday and ending three months after turning 65.
The enrollment period is important because all carriers are required to sell you a plan regardless of pre-existing health conditions. If you enroll during this period, coverage will begin immediately. Outside of the enrollment period, you can be subject to stricter underwriting guidelines which could reject your application or increase your rate structure.
Transamerica Supplement Discounts
Transamerica also offers discounts that depend on the plans you choose.
If all members of the household use Transamerica Medigap coverage, each person will receive a discount on their premiums.
Transamerica Underwriting Guidelines
If you are outside the open enrollment period, you will have to fit its underwriting guidelines to be considered for coverage.
The following conditions will issue a decline:
- Cancer (within the last 2 years)
- Heart Disease (within the last 2 years)
- Narcotic Pain Meds for ongoing pain management
For other conditions, Transamerica Medicare Supplement insurance is unique among competitors in what health conditions will be considered for coverage. Here’s a sample of how they view a wide variety of health conditions.
- Must be diet or oral med controlled (not insulin)
- Fits with a height/weight chart
- BP must be less than or equal to 140/85
- Will be considered for coverage if treated medically by psychiatrist.
- Pending Surgery or treatment
Coverage is not considered pending surgery or treatment.
Once surgery/treatment is complete, coverage will be considered with updated medical information.
Other Services Offered by Transamerica
Transamerica has robust online access and offerings. No matter the day or time, once you register with their online customer service center you can view or update policies and access claims forms whenever they are needed.
Transamerica offers Medicare Supplement plans F, G, & N among other plans in 27 states
Transamerica Medicare Supplement Premiums
*The following rates are from zip code 20120 in Centreville, VA for females age 65. Rates vary based on zip code, gender, age and, in some areas, health.
- Plan A: $74.98
- Plan F: $126.72
- Plan G: $93.79
- Plan N: $75.04
It’s important to keep in mind that all Medicare supplements are federally standardized. This means they must cover the same exact benefits. This makes shopping around a critical step in the Medicare supplement decision process. Be sure to check out the other important factors that should be driving your Medicare supplement decision.
Transamerica Insurance Company has offered insurance products since 1904. You probably know them because of their iconic pyramid skyscraper hovering over the San Francisco skyline. Transamerica was founded in San Francisco by Amadeo Giannini, but didn’t start using the brand name Transamerica until the 1950s. Known primarily for life insurance products, Transamerica has offered Medicare supplement products for many years under the name Stonebridge Life. In 2015, Stonebridge announced it was transferring its supplement products to the Transamerica name. One indicator you must consider when choosing a supplement carrier is financial strength. Competitive pricing doesn’t matter if the company can not pay claims.
Here’s how to tell if a company is financially secure. Insurance companies are given a rating by various organizations to indicate financial health. The most popular rating agency is AM Best. Make sure you find the company’s rating before purchasing their products.
AM Best rates Transamerica with an A+ rating.
Is Transamerica a Good Medicare Supplement?
We highly recommend Transamerica because the company offers a good Medicare Supplement and is financially strong with stable competitive rates. We have found Transamerica easy to work with over the years, and our clients are satisfied with their products and service.
Because of the differences in companies and products, it helps to work with an agent who can shop your supplement coverage among a wide variety of companies. Pricing and accessibility can vary among the states, and we work nationwide. You can feel confident that Medicare Nationwide has tailored a program to your needs and geography and can follow you wherever you live. Not only is finding competitive coverage important but understanding your coverage and which plans to choose is critical. The professionals at Medicare Nationwide can help you sift through all the options among Medicare supplement plans.
Contact one of our agents today or get a quick competitive Medicare supplement quote now.