Wellabe Medicare Supplement Review

Pros and Cons :

  • Comprehensive Coverage
  • Financial Stability
  • Longevity and Experience
  • Employee Support and Inclusivity
  • Innovative Offerings

  • Complexity in Selection
  • Potential Cost
  • Limited Geographical Coverage
  • Health Inquiries and Eligibility
  • Rebranding Transition

Overall Rating: 4.5/5
4.5/5
Rating Stability: 4.5/5
4.5/5
Financial Stability: 4/5
4/5
Coverage Area: 4/5
4/5
Competitive Rates: 4.5/5
4.5/5

Our Take

Wellabe has put a lot of thought into their ancillary products and seems to be putting a lot of price pressure on competitors in certain states with reasonably priced Medicare supplement plan offerings.

Wellabe has been dedicated to enhancing the lives of its customers by offering solutions that safeguard their health and financial security.

Wellabe Medicare Supplement Review

 

Wellabe is dedicated to cultivating an internal environment that values inclusivity, well-being, and growth for all team members, aiming for their success. They offer various resources like employee support groups, innovative professional development opportunities, competitive benefits packages, and more. This commitment stems from their focus on fostering a workplace where employees can flourish. Since 1929, Wellabe has been dedicated to enhancing the lives of its customers by offering solutions that safeguard their health and financial security.

 

Discover Wellabe

The company, initially founded in 1929 as American Republic Insurance Company by Watson Powell, started with a modest 200 charter policies. Since its inception, it has been driven by the mission to provide accessible personal insurance services. Despite facing the challenges of the Great Depression just six months later, the company’s prudent financial management ensured its survival. Over time, it expanded its operations beyond Iowa to other states, with Wellabe’s six insurance entities now licensed in 49 states and the District of Columbia, earning recognition from AM Best for their strong financial standing.

Powell’s founding vision emphasized a culture of compassion, a principle that has endured through decades of growth. As they transition to the Wellabe brand, this ethos remains unchanged, reflecting their commitment to caring for customers and supporting them in achieving well-being. The name “Wellabe” embodies their pledge to always be present for their customers, delivering on promises and aiding in their welfare.

With nearly a century of experience, Wellabe remains steadfast in their dedication to customer care, innovation, and organizational evolution, ensuring they continue to make a positive impact in the lives of those they serve.

In April 2023, AM Best gave Wellabe, Inc.’s six insurance company subsidiaries the Financial Strength Ratings of A (Excellent) with a stable outlook. This rating refers to the overall financial status of the companies and is not a recommendation of specific policy provisions, rates, or practices.

 

American Enterprise Group (AEG) Transforms into Wellabe™

In June, American Enterprise Group, Inc. (AEG) revealed its new name, Wellabe™, after 94 years in business. The name, pronounced well-uh-be, reflects their commitment to always being there for customers and partners. The rebrand includes a new logo, website (wellabe.com), and strategy aimed at enhancing brand visibility and customer service. While the six insurance subsidiaries will keep their names, they’ll operate under the Wellabe brand for a clearer message.

Debbie DeCamp, AEG’s chief marketing officer, explained the significance behind the change, emphasizing its role in strengthening their connection with customers. The transition to Wellabe officially began on June 26, 2023, maintaining the company’s products and service quality while fostering greater unity among employees.

CEO Swank expressed optimism for the future, highlighting the team’s efforts in achieving this milestone. The rebrand signifies a commitment to helping others stay well-prepared and protected.

 

The Subsidiaries

  • American Republic Corp Insurance Company
  • American Republic Insurance Company
  • Great Western Insurance Company
  • Medico Corp Life Insurance Company
  • Medico Insurance Company
  • Medico Life and Health Insurance Company
  • Administers for Pioneer Mutual Life Insurance Company

 

Discovering the Depths of Wellabe: Unveiling Its Offerings

Preneed Funeral insurance

Preneed Funeral insurance plans aim to equip people for the future, allowing them to live more fully in the present. Advance funeral planning empowers individuals to alleviate concerns and enhance their daily lives. These insurance plans facilitate a personalized funeral service agreement with a chosen funeral home, giving individuals control over every aspect, from the casket to floral arrangements and family transportation. Wellabe offers three distinct Preneed Funeral insurance plans, ensuring there’s an option tailored to each individual’s needs.

Wellabe’s Preneed insurance plans are crafted to adapt to the evolving funeral market, ensuring stability for policyholders. Premiums remain consistent, and policies remain active as long as premiums are paid on time, irrespective of health conditions. Depending on individual circumstances, one may choose from different plans:

  • Voyage Plan: Ensures that premiums paid do not exceed the death benefit returned, with options for single or multi-year payment plans. Minimal health inquiries grant first-day coverage, while a graded death benefit option is available if necessary.

 

  • Course Plan: Offers a competitive growth rate on the policy’s dollar amount, with slightly lower premiums compared to the Voyage plan. Similar payment options are available, with health inquiries determining eligibility for immediate full coverage or graded death benefit.

 

  • Destination Plan: A single-payment annuity suited for imminent funeral needs, requiring no health questions. The death benefit is determined by the higher value between the premium paid and the cash value accumulated.

 

Wellabe Dental Services

 

Dental insurance

Wellabe offers Gold and Platinum plans suitable for individuals of all ages who prioritize preventive care, aim to sustain dental health, seek additional coverage for basic and major dental services, require immediate coverage for services like X-rays and fillings, and are concerned about the expenses associated with major dental procedures such as crowns and implants.

Securing dental coverage that is both comprehensive and affordable shouldn’t be a challenge. Wellabe ensures simplicity and affordability in their dental plans because they believe it’s the right approach.

 

Hospital Indemnity Insurance

Hospital Indemnity Insurance serves as a valuable supplement to existing health coverage, providing financial assistance for expenses not covered by traditional plans.

Wellabe’s Hospital Indemnity plan offers numerous benefits. There’s no deductible, so policyholders can access coverage immediately. Payments are guaranteed regardless of other insurance, providing financial security. Recipients can use payments flexibly. Ages 60-79 are accepted automatically. Cohabitants receive a 7% premium discount. There’s freedom to choose any hospital. Continuous coverage is ensured with timely premium payments.

 

For individuals aged 18 to 85, eligibility for Hospital Indemnity insurance is available. This insurance provides a cash benefit for each day spent in the hospital. The insured individual has the flexibility to select:

  • The duration of coverage (options include 3, 6, 7, 8, 9, 10, 21, or 31 days)
  • The daily cash benefit amount (ranging from $100 to $600, in $25 increments)

 

Should the insured individual stay out of the hospital for a continuous period of 60 days, the benefit period of their policy resets.

 

Hospital Indemnity Insurance Coverage Includes:

  • Emergency room services for injuries
  • Monitoring in observation units
  • Inpatient mental health services
  • Travel to medical facilities and hospital stays

 

Optional Rider Benefits:

Policyholders can opt for additional benefits at an extra cost, such as:

  • Ambulance or urgent care center services
  • Coverage for a cancer diagnosis
  • Outpatient surgery
  • Outpatient therapy and chiropractic care
  • Skilled nursing services

 

First Diagnosis Cancer Insurance

The First Diagnosis Cancer insurance, tailored for individuals aged 18–79, boasts several attractive features. There are no policy or application fees involved. Customers can select cash benefits in increments of $5,000 within the range of $10,000 to $25,000, catering to their needs. Upon enrollment, individuals can designate the benefit amount they would receive upon a qualifying diagnosis. Noteworthy benefits include:

  • Gender-neutral pricing
  • Payments unaffected by existing insurance coverage
  • Coverage encompassing first diagnosed internal cancer or malignant melanoma
  • A brief 30-day waiting period commencing from the policy date
  • A 10% discount on premiums for households where multiple individuals aged over 18 are covered
  • Coverage guaranteed to be renewable upon timely payments

 

Additionally, for an added fee, there’s an option for inflation protection. This feature automatically increases the cash benefit by 5% annually, maintaining its value over the life of the policy.

 

Short-term Care Insurance

Short-term Care insurance provides coverage for extended care in your home, encompassing both medical and non-medical assistance. You can choose a daily benefit amount of up to $300 per day for a maximum of 360 days of home health care. Your plan pays you a full cash benefit for each day you receive care. If you recover fully from the condition requiring care and go without care for 180 consecutive days, your benefits will be restored once.

Individuals aged 40 to 89 are eligible to apply for Short-term Care insurance, with health status influencing premiums and coverage. The better your health, the more comprehensive your coverage.

 

In addition to coverage for care, Wellabe’s Short-term Care insurance plan offers additional benefits to ensure readiness and protection:

  • Household Improvement Benefit: Provides $500 for home modifications aimed at enabling you to stay at home, such as installing ramps, widening doorways, modifying bathrooms, etc.

 

  • Care Coordination Benefit: Offers $500 to assist in setting up a care plan when the need arises.

 

While Medicare Parts A and B cover some home health services and inpatient skilled nursing facility care costs, they do not cover extended care. Copays under Part A and the deductible under Part B typically apply, resulting in significant out-of-pocket expenses. Short-term Care insurance can bridge these gaps.

Moreover, it can be a viable option for those who cannot qualify for or afford Long-term Care insurance. Short-term Care insurance has fewer qualification restrictions and covers a broader range of care types. It often comes at a lower cost compared to Long-term Care insurance and provides benefit payments more promptly. Given that many individuals with Long-term Care insurance require care for less than one year, Short-term Care insurance presents a practical alternative.

 

Wellabe Vision Services

 

Vision and Hearing Insurance

VSP Individual Vision Plans offer top-tier vision coverage at affordable rates, providing comprehensive services tailored to individual needs. With two plan options available, individuals can choose the coverage that suits them best, whether for themselves, an additional person, or their entire family. These plans empower users to dictate how and when they utilize their benefits, ensuring that their unique prescriptions and materials are fully covered.

  • Early detection of health conditions, such as diabetes, is facilitated through the annual WellVision Exam®, aiding in proactive healthcare management.
  • Immediate enrollment and utilization of benefits are possible at a vast network of over 41,000 providers.
  • Optimal benefit utilization is encouraged by visiting VSP Premier Program Locations.
  • Additional perks include an extra $20 allocation for select frame brands, along with savings of up to 30% on lens enhancements.
  • Simplified claims processing is facilitated by VSP and the user’s healthcare provider, alleviating administrative burdens.

 

Start Hearing offers comprehensive assistance, whether or not individuals have insurance or a referral. From locating a provider and scheduling appointments to ordering hearing aids and ensuring they fit correctly, the program covers all aspects. Families enrolled in this complimentary program can benefit from:

  • Discounts of up to 48% on cutting-edge technology, including hearing aids and options for tinnitus.
  • One year of complimentary office visits.
  • A 60-day risk-free trial period.
  • Access to a vast network of over 3,000 hearing professionals across the country.
  • Three years’ worth of batteries at no cost.
  • A warranty plan that includes free repairs and coverage for loss and damage.
  • Flexible financing options.

 

Group Annuity Funding Agreement

The Group Annuity Funding Agreement (GAFA) provides a fixed interest rate asset accumulation product suitable for financing both Qualified and Non-qualified benefit plans. Qualified plans, which encompass various retirement and healthcare savings vehicles, such as 401k plans, HSAs linked to high-deductible health plans, defined contribution plans, defined benefit plans, and profit sharing plans, can benefit from GAFA. Non-qualified plans, including Supplemental Executive Retirement plans (SERP), also find suitability with GAFA.

The GAFA provides:

  • Interest rates exceeding current bank yields, devoid of market value risk akin to bond mutual funds.
  • GWIC’s A (Excellent) rating by AM Best ensures the guarantee of principal and interest.
  • Investments of annuity purchases in intermediate term, investment grade assets.
  • Crediting rates aligned with market rates at the time of purchase.

 

Medicare Supplement Insurance

Medicare Supplement insurance, also known as Medigap, serves as supplemental health coverage designed to bridge the disparities between what original Medicare covers and the overall expenses of medical treatments. It aids in covering expenses such as copays, deductibles, and coinsurance. 

Individuals aged 65 or older who are enrolled in Medicare Parts A and B are eligible to apply for Medicare Supplement insurance. While beneficiaries can enroll in a Medicare Supplement plan at any point in the year, the optimal time is during an open enrollment period that occurs within six months of turning 65. During this period, individuals can apply for a Medicare Supplement policy without undergoing health inquiries and secure the most favorable rate.

 

Medicare Supplement Insurance: A Better Value

In selecting a Medicare Supplement insurance plan from our offerings, individuals benefit from a compelling value proposition, including:

  • Attractive rates tailored for qualifying non-tobacco users
  • Cost savings facilitated by choosing automatic bank withdrawals from their checking or savings account
  • A discounted premium rate for those residing with a companion aged 50 or older, irrespective of their coverage status with us
  • Coverage for emergency healthcare during foreign travel outside the borders of the United States

 

Plans Tailored to Meet Individual Needs

In addition to reducing out-of-pocket expenses, their Medicare Supplement insurance plan provides benefits designed to be adaptable and suitable for their unique circumstances.

  • Variety of plan options: They can select from a range of competitive solutions that align with their requirements and financial constraints.
  • Guaranteed renewal: Their coverage remains intact regardless of changes in their health status, ensuring continuity of protection.
  • No waiting period for pre-existing conditions: Coverage for previous medical conditions commences immediately upon policy activation.
  • Provider flexibility: They have the freedom to choose any Medicare-accepting doctor or hospital, eliminating concerns about network limitations or specialist referrals.
  • 30-day money-back guarantee: If they opt to cancel their policy within the first month, they will receive a refund of premiums paid, minus any claims disbursed.

 

Understanding Your Options

Here at Medicare Nationwide we are here to assist individuals in choosing a Medicare Supplement insurance plan tailored to their specific requirements and financial constraints. Wellabe provides a range of options including Plan A, Plan F, Plan High-deductible F, Plan G, Plan High-deductible G, and Plan N.

 

Wellabe - Medigap Plan Chart

 

Medicare Supplement  Plan Premium Average Cost Monthly

Rates can vary based on where you live. We have provided illustrative rates, and you might find your location cheaper or more expensive.

 

  • The below rates were generated from ZIP code 96161 in TRUCKEE, CA, for Males and Females aged 65. Rates vary based on ZIP Code, Gender, Age, and, in some areas, Health.

 

PLAN

MALE

FEMALE

Plan F

$199.02

$199.02

Plan G

$166.50

$166.50

Plan N

$127.60

$128.62

  • The below rates were generated from ZIP code 80205 in Denver, CO, for Males and Females aged 65. Rates vary based on ZIP Code, Gender, Age, and, in some areas, Health.

 

PLAN

MALE

FEMALE

Plan F

$208.54

$210.65

Plan G

$155.37

$152.06

Plan N

$116.09

$116.09

 

In Summary

Wellabe’s journey from its founding in 1929 to its recent rebranding reflects a steadfast commitment to caring for both employees and customers. Their dedication to inclusivity, well-being, and growth is evident in the array of resources they offer their team members. 

Moreover, their focus on innovation ensures that their insurance solutions continue to adapt to the evolving needs of their clientele. With nearly a century of experience, Wellabe remains a reliable partner in safeguarding the health and financial security of individuals and families across the nation. 

To gain further insights about Wellabe, feel free to reach out to one of our reliable representatives. Prefer to chat by phone? Give us a call at 1-888-559-0103.