Medicare supplement insurance provided by Colonial Penn and related expenses
In the realm of Medicare supplement insurance, Colonial Penn stands out as a provider offering Medigap plans, including popular options like Plan G and Plan N. These plans are designed to fill the coverage gaps left by Original Medicare.
Colonial Penn's Medigap Plan G, for instance, covers nearly all out-of-pocket costs, except for the Medicare Part B deductible. This extensive coverage includes Medicare Part A and B coinsurance, Part A deductible, skilled nursing facility care coinsurance, blood (first 3 pints), hospice care coinsurance, Part B excess charges, and foreign travel emergencies.
Plan N, while similar, has lower premiums and includes cost-sharing such as copays for doctor visits and emergency room visits. However, it does not cover Part B excess charges and requires copays for doctor visits ($20) and emergency room visits ($50), as well as not covering the Medicare Part B deductible.
Availability of Colonial Penn's Medigap plans varies widely by state, with premiums also influenced by state regulations and underwriting rules. For example, in Maine, Colonial Penn's Plan G is available but at a significantly higher average monthly premium of $312.31 compared to other carriers like Transamerica or AARP, whose premiums are around $150-$175.
In contrast, in states like Florida and North Carolina, Colonial Penn is not specifically noted in search results for Plan G and Plan N. These plans are, however, popular Medigap options in general.
Monthly premiums for Colonial Penn's Medigap plans tend to be higher than averages from other carriers, as seen in Maine data, where Colonial Penn’s Plan G costs about $312 per month, considerably above the $135 average cost of Plan G in North Carolina.
The costs of Medigap plans vary based on factors such as age, gender, smoking status, and state regulations. Rates typically increase with age and are also influenced by whether the plan is community-rated, issue-age-rated, or attained-age-rated.
It's important to note that Medigap plans do not pay for uncovered Part D costs, and they do not work with Medicare Advantage. Instead, they complement Original Medicare by helping cover Part A deductibles, Part B deductibles, Part B coinsurance, Part B excess charges, hospice care coinsurance or copayments, skilled nursing facility care coinsurance, and up to 80% coverage for foreign travel emergency care.
For those seeking specific quotes and state-specific availability, contacting Colonial Penn directly is advisable. The Medicare online tool can also help find a Medigap plan in your area, with costs varying widely. For example, in Philadelphia, PA (19019), the Plan A premium ranges from $95 to $999, and the Plan F cost ranges from $156 to $1,226.
Colonial Penn Life Insurance Company, based in Philadelphia, administers these Medigap supplement insurance policies in partnership with Bankers Life. Colonial Penn, along with Bankers Life, is part of CNO Financial Group, Inc.
[1] Source: https://www.medicare.gov/supplement-plans/compare-medigap-policies/ [2] Source: https://www.valuepenguin.com/best-medigap-plans [3] Source: https://www.medicare.gov/supplement-other-insurance/compare-medigap-policies/compare.aspx?apphos=medsup&productType=Medigap&itemOverview=benefits [5] Source: https://www.valuepenguin.com/maine/medicare/medigap
- Colonial Penn, based in Philadelphia, is a health insurance provider that offers Medigap plans, including popular options like Plan G and Plan N, which are designed to cover the gaps left by Original Medicare.
- Plan G from Colonial Penn provides almost complete coverage, except for the Medicare Part B deductible, including Medicare Part A and B coinsurance, Part A deductible, skilled nursing facility care coinsurance, blood (first 3 pints), hospice care coinsurance, Part B excess charges, and foreign travel emergencies.
- Health organizations like Colonial Penn and Bankers Life (part of CNO Financial Group, Inc.) offer Medigap plans that offer benefits such as Part A deductibles, Part B deductibles, Part B coinsurance, Part B excess charges, hospice care coinsurance or copayments, skilled nursing facility care coinsurance, and up to 80% coverage for foreign travel emergency care.
- It's essential to understand that Medigap plans do not cover uncovered Part D costs or work with Medicare Advantage; instead, they complement Original Medicare to help manage health costs more easily.
