Our Mission is to Become America’s Most Respected
Medicare Insurance Brokerage …
Treating clients as if they were our own family members
Treating clients as if they were our own family members
When it comes to choosing the right insurer to take care of you in your twilight years, you will need to look at a company’s history and financial stability to ensure that you are amply supported. Transamerica is one of the largest insurance companies in the United States and traces its beginnings as far back as the 1900’s. Its reach became much wider when it joined Aegon NV, one of the biggest financial organizations in the world, in 1999. At present, Transamerica serves over 13 million clients in the U.S. and enjoys an A+ (Superior) rating from A.M Best and Fitch, an A1 rating from Moody’s, and an AA rating from Standard & Poor’s.
The company’s Medicare Supplement (Medigap) policies are underwritten through Transamerica Life Insurance Company. While it offers majority of the standardized plans sanctioned by the federal government, the policy options vary depending on the state. Its most popular Medigap policies include Plan A, Plan B, Plan F, Plan G, Plan K, and Plan N.
Medicare supplements cover those parts of your healthcare needs that are not included in the Original Medicare policy. While Original Medicare Part A and Part B already take care of a significant portion of your outpatient and hospitalization expenses, it’s not likely that you will have any more income coming when you become a senior citizen. Medigap was created for this purpose—to shoulder the “gap” so that you end with little to zero billing.
Transamerica Medicare Supplements are preferred by many Americans because it is backed by a heavily funded and stable financial institution. This means that you have a peace of mind knowing that your money is in good hands and that you will be able to receive the benefits due you if and when the time comes.
In terms of its range of services, Transamerica offers Medigap policies not just for those who have already turned 65 years old, but also for those below 65 years but have a disability. Take note that you might not be allowed to avail of any Medicare Supplement in some states if you are already enrolled in Medicare based on disability. If there are Medigap plans available, the options will be limited.
Transamerica Medicare Supplement premiums are also priced lower than the average range offered by other insurance providers. In Philadelphia, for instance, Medigap premiums offered by other agencies range from $127 to $444 per month, but the company prices it at around $127. The firm’s premiums are located at the lower end of the pricing spectrum, thus making it a popular choice among boomers who would to avail a stable healthcare policy but without breaking the bank.
The best time to apply for a Transamerica Medicare Supplement is during the Open Enrollment period. This is the first 6 months after you turn 65 years old, during which insurance providers are required to approve your application for any Medigap policy without the pressure of underwriting. They also cannot charge you higher fees or reject you at this time just because you have a pre-existing medical condition. Going beyond this grace period gives insurers an opportunity to decline your application and you will have to go through a rigorous underwriting process, so make sure to do it during your window.
Setting aside a part of your earnings or retirement savings in your senior years for Medigap premiums is a huge decision to make. This is all the more crucial if you do not have a regular income and will have to dip into your saved funds to avail one. If you are not sure which Medigap plan to enrol in and you are about turn 65, it’s best to consult a qualified advisor so all your options are laid out and made clear before you spend anything.