TransAmerica Medicare Supplement Plans

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TransAmerica Medicare Supplement PlansTransAmerica Medicare Supplemental plans have been serving United States citizens for almost five decades. TransAmerica Life Insurance Company is a member of the Aegon group.

Their subsidiaries are Stonebridge Life Insurance and TransAmerica Premier. Based out of San Francisco CA, they were found in 1904 and now serve over 19.5 million customers.

They have a ton of experience when it comes to helping seniors with their Medicare Supplement policies. Conservative rate increases make Transamerica Medicare Supplement plans a popular choice.

TransAmerica Medicare Supplement Plans

Supplement plans will cover some expenses like deductibles and co-payments that are not covered by Original Medicare.

TransAmerica is well-known for their work in both life insurance and Medicare supplement plans.

Medicare supplements offer comprehensive coverage to traditional Medicare ensuring the best health care for beneficiaries.

TransAmerica Medigap Insurance Eligibility & Enrollment

TransAmerica Medicare Supplement eligibility requires that you’re above 65 years old or living with a disability.

Living with long- term conditions like end-stage renal disease, lateral sclerosis, or Lou Gehrig’s disease means approval.

Transamerica Medigap plans require enrollment in Medicare Part A and B.

You should apply during your Open Enrollment Period (OEP). Usually, the OEP lasts for six months.

It starts three months before your 65th birthday, and it ends three months after you attain 65 years of age.

Take advantage of the Open Enrollment Period because:

  • During this time, all insurance carriers are required by law to sell you any plan regardless of your health condition
  • The carriers will not charge you a premium higher than the normal rates
  • Enrolling in a TransAmerica Supplement during Open Enrollment will mean guaranteed coverage.

If the Open Enrollment Period ends before you enroll, the insurance carriers may deny your application. Similarly, some carriers may accept your application but charge you a higher monthly premium.

Part B recipients that lose Medicaid qualify for GI rights on a Medigap policy in California and Texas. Beneficiaries in Oregon can enroll in Plan A or F with GI rights.

Health Benefits Covered by Transamerica Medigap

These plans complement Original Medicare rather than substitute it. This is because it only provides coverage for the gaps that exist in Original Medicare.

For instance, if Medicare offsets 80% of your medical expenses, a supplement plan may help you pay the remaining 20%.

These plans help you pay for your Part A and Part B coinsurance or co-payment. Furthermore, the plans may cover your medical expenses in a skilled nursing facility or hospice care.

Medical emergency costs in a foreign country may also have some coverage.

Please be aware that policies don’t cover your vision care, ear care, and dental care expenses.

TransAmerica Medicare Supplement Insurance Options

Different types of policies offer different benefits. Plans that offer to pay more costs have higher insurance premiums while those that offer fewer benefits are relatively cheap. Each plan letter has to offer the same benefits regardless of the insurance provider who offers them.

Below we examine the different plan options available.

Transamerica Medigap Plan A

Plan A is the most basic of all the Medigap plans. Medigap Plan A covers the hospital coinsurance and includes 365 days of extra coverage after Original Medicare.

It’ll also cover the 20% coinsurance left over after Medicare pays its portion of the medical bills.

Transamerica Medigap Plan C

Plan C is identical to Plan F in every way except for excess charge coverage. An excess charge is a 15% charge above the Medicare-approved amount that providers can charge.

This is most popular for Beneficiaries living in states not allowed to bill excess charges.

Medigap Plan C provides Medicare Beneficiaries the basic Medigap benefits and includes: 

  • Part A hospital deductible for inpatient services
  • Skilled nursing facility coinsurance (for days 21 – 100)
  • Part B deductible for qualified medical and hospital services, generally for outpatient services
  • Foreign travel medical emergency coverage

Although, it should be advised that Plan C, as well as Plan F, is being discontinued. This is due to the Medicare and Chip Reauthorization Act (MACRA). These changes will take place in 2020

Transamerica Medicare Supplement Insurance Plan F

Plan F is considered the full coverage plan of Medicare. Transamerica Medicare Supplement Insurance Plan F picks up the beneficiary’s portion of the cost for Medicare-approved services.

Most beneficiaries choose this plan because they want easy to understand the coverage that pays for everything. Plan F is truly the most comprehensive Medigap on the market.

Medigap Supplement Plan F benefits include the basic Medigap benefits and includes: 

  • Part A hospital deductible for inpatient services
  • Skilled nursing facility coinsurance (for days 21 – 100)
  • Part B deductible for qualified medical and hospital services, generally for outpatient services
  • Part B excess charges benefit for charges exceeding the normal Part B limit
  • Foreign travel medical emergency coverage

Transamerica Medicare Supplement Plan G

When it comes to the most bang for your buck, Transamerica Plan G is the number one choice. This option covers the same benefits as Plan F, with only one exception.

That exception being Plan G does not cover the Medicare Part B deductible, the small annual one.

For most Medicare beneficiaries these savings could be $250 or more each year. And that’s after paying the yearly Part B deductible.

Transamerica Medigap Plan G offers beneficiaries the required basic benefits as well as: 

  • Part A hospital deductible for inpatient services
  • Skilled nursing facility coinsurance (for days 21 – 100)
  • Part B excess charges benefit for charges exceeding the normal Part B limit
  • Foreign travel medical emergency coverage

TransAmerica Plan N

When it comes to the most affordable plan option with solid coverage, Plan N is the obvious choice. With affordable co-pays for the doctor and emergency room services, money-conscious beneficiaries go with this plan option.

Medicare Supplement Plan N contains the basic benefits, as well as, additional coverage for hospitalization. This policy doesn’t cover the Medicare Part B deductible.

In addition to the basic benefits Medigap Plan N also covers: 

  • Part A coinsurance (generally 20% of Medicare-approved costs) for hospital outpatient services
  • Part B hospital deductible for inpatient services after a $50 co-payment ER and/or a $20 co-payment for a
  • doctor’s office visit
  • Skilled nursing facility coinsurance (for days 21-100)
  • Foreign travel medical emergency coverage

Other Medigap plans include Plan L, which kicks in after you exhaust a set deductible. Plan M is a good option for people who want lower premiums but a high out of pocket spending.

Also, Medigap Plans K, D, and B are available in certain areas.

Transamerica Rate Increases

The average rate increase for Transamerica in 2019 in 9%; however, it’s important to remember that rate increase vary by state and plan letter. Some companies won’t have high increases for several years and then one year the increase will be much higher.

The best way to ensure you get quality coverage at the lowest rate and rate increase is to work with a broker that represents multiple carriers. When a broker makes commission no matter which policy they sell you, they sell you the best policy.

TransAmerica Medicare Advantage Plans

Currently, TransAmerica Medicare Advantage Plans don’t exist.

Medicare Part D Plans offered by TransAmerica

At the end of 2016, Transamerica Part D plans came to an end. Medicare Supplement’s don’t include prescriptions; therefore, it’s necessary to enroll in a stand-alone prescription drug plan.

The best Part D plan for you depends on the prescriptions you take, and pharmacies you use.

TransAmerica Providers

Networks don’t exist on TransAmerica Medicare Supplement plans. Any Medicare Beneficiary can see any provider that accepts Medicare. It doesn’t matter what type of provider.

Those enrolled in a Medigap plan don’t need to worry about referrals. You can see any doctor that accepts Medicare Assignment.

Over 90% of providers throughout the United States take Original Medicare. However, Medicare Advantage plans replace your Original Medicare, confine policyholders to restrictive networks, and limitations.

TransAmerica Reviews

Including its parent company, TransAmerica provides insurance and financial solutions to more than 20 different markets throughout the world.

TransAmerica is considered a very stable company with plenty of financial surpluses to take care of their members.

However, TransAmerica does have many solutions that can be catered to your individual needs.

TransAmerica Carrier Ratings

TransAmerica boasts an A+ rating from AM Best. This means Medicare Beneficiaries know claims are taken care of quickly.

AM Best is the number one authority that rates Medicare Supplement companies.

They are also given an A+ rating from the BBB.

TransAmerica Medicare Supplement Plans Through MedicareFAQ

At MedicareFAQ, we pride ourselves in putting the beneficiary first. Our number one objective is to educate you on all facets of Medicare and ensure you understand your options.

We can make you confident in your coverage; we give you the information needed to make an informed and educated decision.

Next, we provide solutions catered to your individual needs and we help you throughout the process. At Elite Insurance Partners and MedicareFAQ, you’re more than a client, you’re family.

Choosing the right Medicare protection for you.

There are many factors to take into consideration when choosing the plan to best suit your needs. Don’t waste your valuable time calling every company and researching online for that same information.

Let us shop around for you and provide the best rates and carriers for your needs. Don’t wait until you have a condition diagnosed then try to get coverage. Call us today to get a free quote or complete our online rate form!

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