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Atlantic Coast Life Insurance Company, a South Carolina-headquartered private insurer that has been operating since 1925, has finally announced that it is including Medicare Supplements to its roster of offerings. At present, it has been approved to provide Medigap plans in nine U.S. states, including Alabama, Arizona, Connecticut, Illinois, North Carolina, Nevada, Oklahoma, South Carolina and West Virginia. Philadelphia has been filed but has yet to receive an official approval.

Atlantic Coast Life Insurance was founded in 1925 and started its distribution network in the Southeast area through a network of individual agents in South Carolina and through funeral homes. At present, the company is licensed to conduct business in multiple states across the country. As of 2018, ACL’s expansion has reached 34 states, with eight more under pending status.

According to its website, its invested assets include preferred and common stocks (blue-chip stocks), real estate, mortgage loans, long-term bond holdings, policy loans, and cash, though majority of its investments are held in agency CMBS, corporates, CMOs, U.S. Treasury notes, and taxable municipals.

AM Best Rating Services gives it a financial strength rating of B++ (Good) as of November 16, 2018 with a Stable outlook. Atlantic Cost Life Insurance reportedly has a financial size of VII or between $50 million to $100 million.

Medicare is the U.S. federal health insurance program designed for people aged 65 years and older. Most individuals being applying for the plan of their choice a few months before their birthday. Medicare has four parts: A, B, C, D, each covering different items and payment terms.

Overall, it does not fully cover all of a senior citizen’s possible healthcare needs, due to federal budget limitations. This is why Medicare Supplements (also called Medigap) were created to cover those out-of-pocket expenses that the Original version does not shoulder.

Medicare Supplements are provided by private insurance agencies but are regulated by the federal government, so the basic inclusions are the same across states and regardless of the provider. However, the monthly premiums may vary slightly depending on whether or not the private insurance agency decides to include extra services and add-ons to the base plans.

In place of Medigap, retirees may also opt for Medicare Advantage plans, which are also provided through private companies. Examples of Medicare Advantage are PPOs and HMOs.

Medicare Supplement Plan F has a regular and a high-deductible version. The difference between the two is that for the high-deductible plan you will need to pay for Medicare-approved costs up to a $2,300 deductible before your Medigap plan shoulders any other expenses.

The basic inclusions of a Medigap Part F policy are as follows:
– Part A coinsurance and hospital expenses up to an extra 365 days after Original Medicare benefits are exhausted
– Part B coinsurance or copayment
– First 3 pints of blood
– Part A coinsurance or copayment for hospice care
– Coinsurance for skilled nursing facility care
– Part A and Part B deductibles
– Part B excess charges
– Up to 80% of emergency medical costs when you travel outside of the U.S.

ACL’s Medicare Supplement Plan G offers the same basic inclusions as Plan F, but without the Part B deductible. According to the Centers for Medicare & Medicaid Services, the annual deductible for Part B policy holders in 2019 is $185, up from $183 in the previous year.

Medicare Part B covers outpatient products and services, including physician visits, outpatient hospital services, durable medical equipment (DME), some accredited home health services, and other medical and health products not covered under Part A. DMEs can include diabetic supplies or CPAP machines.

ACL’s Medicare Supplement Plan N policy offers the same basic services as Plan F, except that it does not cover Part B deductible and Part B excess charges.

Plan N is one of the more popular Medigap policies across the country because it provides lower monthly premiums without necessarily letting go of the key benefits of a supplement plan. Another reason why it is a popular choice among senior citizens is that it covers both Part B coinsurance and skilled nursing facility coinsurance, which can means thousands of dollars in savings per year. If you suddenly find yourself needing assistance in such a facility, it can quickly put a strain on your financials, so having this checked ensures that more of your money is kept with you.

With regard to Part B coinsurance or copayment, Plan N shoulders 100% of coinsurance, except for a copayment of as much as $50 for emergency room visits that do not end up in inpatient hospitalization and as much as $20 for some clinic visits. If you do get admitted to the hospital, Plan N will cover your Part A deductible, and if your admission goes beyond the total number of days that Part A covers, Plan N will take care of the related expenses for the next 365 days.

Meanwhile, Part B excess charges refer to the additional fees that a doctor may charge beyond the amount that has been approved by Medicare for a specific service or procedure. In some states, physicians are allowed to tack on up to 15% of the set amount. Without coverage for Part B excess charges (as with Plan N), you will need to pay the 15% out of pocket.

If you feel that you have no need for such coverage (for example: if you have no plans to travel outside of your state), then Plan N would be a practical and more budget-friendly option. If in doubt, it’s best to speak with a qualified Medigap advisor so all your choices are clear and possible scenarios are explored.