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TransAmerica Medicare Supplement Plans


TransAmerica Medicare Supplement PlansTransAmerica Medicare Supplement plans have been serving United States citizens for years. The life insurance company is a member of the Aegon group. Based in San Francisco, California, TransAmerica was founded in 1928 and now serves over 29 million customers.

This company has a wealth of experience helping seniors with their Medigap policies. Conservative rate increases make TransAmerica plans a popular choice.

TransAmerica Medicare Supplement Plans for 2021

It is important to note that TransAmerica no longer issues new Medicare Supplement policies, effective September 28, 2020. However, this won’t affect beneficiaries with effective policies, which can still be renewed.

Different Medigap plans offer different benefits and are identified by letters A through N. Plans covering more costs have higher premiums, while those with fewer benefits are relatively cheap.  As Medigap plans are standardized by the federal government, each plan letter must offer the same benefits regardless of the carrier. The three most popular Medicare Supplement plans are Plans F, G, and N.

TransAmerica Medicare Supplement Plan F

Plan F is the Medigap plan that offers the most complete coverage. Unlike any of the other plan options, it covers the Part B deductible. However, your eligibility for this plan depends on when you first became eligible for Medicare. Plan F is discontinued for those eligible after the cutoff but is still available for those who qualify. People who choose this plan want the coverage that pays for everything.

TransAmerica Medicare Supplement Plan G

For those ineligible to enroll in Plan F, Plan G is the number one choice. With the exception of the Part B deductible, Plan G covers everything that Plan F does. Although this plan doesn’t cover the Part B deductible, TransAmerica rate increases are historically lower than for Plan F.

TransAmerica Medicare Supplement Plan N

If you do not live in a state that allows excess charges, Plan N is a wise choice. This plan offers the same coverage as Plan G except it doesn’t pay Part B excess charges. Additionally, Plan N comes with reasonable monthly premiums, making it a more affordable option.

TransAmerica Rate Increases

The average rate increase for Transamerica Medicare Supplement plans is 9%. However, it’s important to remember that rate increases vary by state and plan letter. Some companies won’t have high increases for several years but eventually, the rates may rise drastically in one year.

So, what’s the best way to get quality coverage at the lowest rate through a carrier with historically low rate increases? Work with a broker representing multiple carriers. When a broker makes a commission no matter which policy they sell, they sell you the best policy for your needs.

TransAmerica Providers

TransAmerica Medigap plans don’t involve networks. In fact, networks don’t exist in any Medicare Supplement plan, regardless of carrier. As long as your provider accepts Medicare assignment, you can consider them to be in-network for your Medicare and Medigap coverage. Considering over 90% of providers treating adults accept assignment, this gives beneficiaries a decent selection of options for care.

Because those with a Medigap plan can see any doctor accepting assignment, there’s no need to worry about referrals. In contrast, Advantage plans replace Original Medicare so patients must utilize networks and get referrals to see specialists.

TransAmerica Reviews

TransAmerica has a reputation as a very stable company with the financial ability to take care of its members. It’s an attractive option as a Medicare Supplement carrier due to lower rate increases. However, you can no longer newly enroll in Medigap plans through TransAmerica, so for most, it is not a viable option.

For the remaining beneficiaries who still have policies through TransAmerica, we recommend thorough research of all local options if you plan to switch carriers. In the event that you are unhappy with your new plan or carrier, you wouldn’t be able to go back.

TransAmerica Carrier Ratings

TransAmerica boasts an A+ rating from AM Best. This means Medicare beneficiaries’ claims are taken care of quickly. AM Best is the number one authority that rates Medicare Supplement companies.

TransAmerica Medicare Advantage Plans

Currently, TransAmerica does not offer Medicare Advantage plans.

TransAmerica Medicare Part D Plans

As of 2017, Part D prescription drug plans are no longer available through TransAmerica. Additionally, unlike the Medigap plans they no longer sell, those who had Part D prescription drug coverage through TransAmerica were not able to renew their plans.

If you choose to enroll in a Medigap policy, it won’t include prescription drug coverage. Thus, it’s important to obtain this coverage through a Part D plan. The best Part D plan for you is one that covers your prescriptions and preferred pharmacies.

FAQs

Does TransAmerica still offer Medicare Supplement plans?
No, TransAmerica no longer offers Medicare Supplement plans to new enrollees. However, those with established policies are able to renew.
Do TransAmerica Medicare Supplement plans cover Silver Sneakers?
TransAmerica Medigap plans do not include SilverSneakers. Carriers offering SilverSneakers include Cigna.
Does TransAmerica insurance have Medicare Advantage plans?
No. Medicare Advantage plans are not available through TransAmerica.

How to Apply for a TransAmerica Medicare Supplement Plan

TransAmerica is no longer selling new Medigap policies. If you’re shopping around for a Medigap plan, we can help you explore other carrier options.

At MedicareFAQ, we pride ourselves on putting the beneficiary first. Our number one objective is to educate you on all facets of Medicare and ensure you understand your options. That way, you receive the best coverage for your needs, regardless of carrier.

If you’re ready to be confident in your coverage, give us a call at the number above. Don’t have time to pick up the phone now? Complete our rate comparison form to see rates near you. Soon, an agent who is licensed in your state will be in touch.

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Lindsay Engle

Lindsay Engle is the Medicare expert for MedicareFAQ. She has been working in the Medicare industry since 2017. She is featured in many publications as well as writes regularly for other expert columns regarding Medicare. You can also find her over on our Medicare Channel on YouTube as well as contributing to our Medicare Community on Facebook.

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