Nobody can rely on Original Medicare coverage to take care of all their medical health care costs. Only about 80% of your expenses will be paid by Original Medicare benefits so you have to cover the cost for the remainder of the balance which 20%. This quickly adds up and can be quite costly. By design, the Medigap plans are created to help cover the gaps in Medicare costs. This is where Transamerica Medicare supplement insurance plans will help out in terms over of covering the additional expenses that you normally pay out of pocket.
Transamerica started as far back as the 1900’s and is currently ranked as one of the top U.S life insurers as noted by many major insurance rating organizations giving them financial strength ratings from “very strong” to “A+ Superior rating coming from A.M. Best.
The says a lot with regards to how customers are treated with Transamerica which was recognized in it’s People’s Choice award by insur.com for the category in “customer satisfaction.”
Transamerica Life Insurance Company underwrites Transamerica’s Medicare Supplemental insurance and plans vary depending on which state you live in.
This is the most basic supplement plan. Plan A covers coinsurance for your Part A and an additional 365 days of coverage for hospital care when the original Medicare benefits end. This will also cover your Medicare Part B 20% coinsurance which Medicare will not cover for outpatient expenses. This includes things like your doctor visits or lab work and surgery, etc.
Medigap Plan A will also cover coinsurance for hospice care Part A and your first 3 pints of blood if you need a transfusion. You are responsible for covering deductibles for any excess charges and coinsurance for skilled nursing.
Plan F will provide more benefits than any of the other plans, but you pay more for the premium. However, you don’t have to be concerned about medical bills since it pays for the different gaps found in Medicare with the acceptation of any excess charges for Medicare Part B. There are options available for a higher deductible allowing you to have a lower premium for Plan F insurance coverage.
Plan G in recent years became more popular because Plan G has lower premiums in exchange for you paying the Medicare Part B deductible. Once you paid the Part B deductible; Plan G will then pay the same as Plan F for the remainder of the calendar year. Make sure you compare the numbers.
With these plans, you receive the same basic coverage found in the other plans minus the coverage for additional coinsurance or copays. So premiums will be lower than those for a more full coverage supplemental insurance.
If you are enrolled in Original Medicare Part A and Medicare Part B then you’re eligible to sign up for a Medicare Supplement Plan and if you do this quickly you can guarantee you will have the issuance of coverage.
There is an open enrollment period which you have 6 months after you have turned 65 to enroll in Medicare and insurance companies can not deny you coverage or charge higher premiums for any existing medical conditions.
If you wait until after the OEP “Open Enrollment Period” insurance companies can then decide if they wish to accept or decline your application in most of the states. Make sure you use the Open Enrollment Period to your advantage by applying during this time.