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Transamerica Medicare Supplement Company Review
Last Updated on
Are you looking for the best pricing on Medicare Supplements?
To find the best pricing on all Medicare Supplement plans, we advise you to shop between 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.
Below is a review of Transamerica and their 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 as a quicker way to describe this product
Let’s look at Transamerica and their Medigap products
Transamerica Insurance company has been providing 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 products, Transamerica has offered Medicare supplement products for many years, under the name Stonebridge Life. In 2015, Stonebridge announced they were transferring all their 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.
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. Also 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.
With Transamerica, you can qualify for a pre-birthday discount if you apply in the three months before you turn 65.
They also offer discounts depending on the pay plans you choose with the company.
If all members of the household use Transamerica for Medigap coverage, each person will receive a discount on their premiums.
If you are outside the open enrollment period, you will have to fit their 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 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
They have 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 above 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. Meaning, 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 Medicare Supplement Plans
Let’s look specifically at the three most popular plans Transamerica offers.
Transamerica Medicare 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 that excepts Medicare and your treatment is a covered expense, you will not have any out-of-pocket medical expense.
Transamerica Medicare 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. Usually the amount you save in premium is more than the deductible which usually justifies Plan G over F. Rate increases tend to be less on average with G.
Transamerica Medicare Supplement Plan N
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
We highly recommend Transamerica. They are financially strong with stable competitive rates. We have found them 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 that 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 we have 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. We 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.