by Russell Noga | Updated February 5th, 2024
Are you contemplating Combined Insurance Medicare Supplement plans for your healthcare needs? You should be aware that, as of November 2021, new enrollments have halted. This article zeroes in on what this means for potential and existing Medigap policyholders, examining the coverage options available and the company’s financial standing to give you a solid footing for decision-making.
Key Takeaways
- Combined Insurance ceased offering new Medicare supplement insurance plans as of November 1, 2021, but their existing Medigap plans provide standardized benefits such as coverage for coinsurance and hospital days which simplify comparison across providers.
- Combined Insurance has maintained a stable A+ (Superior) financial strength rating from A.M. Best over the past five years, reflecting its reliability in the insurance market, especially concerning Medigap plans like Plan G, Plan N, and Plan F.
- While Combined Insurance offers a range of Medigap plans that complement Original Medicare Parts A and B, it does not provide Medicare Advantage or Part D prescription drug plans, requiring beneficiaries interested in these to consider alternative insurance providers.
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Understanding Combined Insurance Medicare Supplement Plans
Many beneficiaries have relied on Combined Insurance Medicare Supplement plans as a crucial safety net. These plans work alongside Original Medicare Parts A and B to minimize out-of-pocket expenses and provide uniform coverage. As long as premiums are consistently paid, these policies can be renewed, ensuring ongoing coverage for policyholders.
Nonetheless, as of November 1, 2021, the Combined Insurance Company of America has stopped offering new Medicare supplement insurance plans.
Standardized Benefits
Standardized basic benefits are a key feature of Medigap plans. These benefits encompass coverage for coinsurance for hospital days 61-90 and 60 lifetime reserve days. The standardization of Medigap benefits facilitates easier comparison across different providers by ensuring that the basic benefits are consistent for each plan, including copay reductions. Importantly, insurance companies cannot customize their Medigap standardized benefits.
Top Medigap Plans Offered
Combined Insurance, a subsidiary of ACE Group, has been recognized for their premier Medigap plans including Plan G, Plan N, and Plan F. Plan G, the most popular plan, covers Medicare Part A and Part B coinsurance, blood, hospice care, skilled nursing facility care, Part A deductible, Part B excess charges, and foreign travel emergency medical care.
Plan N, while not offered in Florida, has a unique pricing structure that distinguishes it from other Medigap plans.
Evaluating Combined Insurance Company's Financial Strength
Analyzing an insurance company’s financial strength is paramount in verifying its reliability. Combined Insurance holds robust financial ratings from A.M. Best and is accredited by the Better Business Bureau. This A+ (Superior) financial strength rating demonstrates its robust standing in comparison to other comparable insurance providers.
Over the past five years, this rating has remained constant, indicating the company’s stability and reliability in terms of issue age, allowing you to feel confident in their performance.
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Comparing Combined Insurance Medicare Supplement Plans
For a well-informed decision, it’s necessary to compare the Medicare Supplement plans that Combined Insurance offers. The company offers plans like Plan G, Plan N, and Plan F, which help cover coinsurance payments and other out-of-pocket expenses.
Plan F, in particular, distinguishes itself by offering comprehensive coverage for Medicare deductibles, copays, and coinsurance, effectively eliminating copays for covered services.
Plan F and Its Unique Features
Plan F from Combined Insurance offers first-dollar coverage, meaning beneficiaries are not obligated to make any out-of-pocket payments for covered services. This plan encompasses a comprehensive array of medical services, including:
- Medicare Part A deductibles
- Coinsurances
- Copays
- Medicare Part B coinsurance or copayments for outpatient care, doctor visits, and other medical services.
Enrollment Process and Customer Experience
The process to enroll in Combined Insurance Medicare Supplement plans is quite simple. Applicants have the option to enroll either through a phone call or an online rate form. Over-the-phone enrollment can be facilitated by contacting 1-800-225-4500, where a customer service specialist will assist you with the process.
Alternatively, enrollment can be completed online via the Self-Service Portal on the Combined Insurance website.
Alternative Options: What Combined Insurance Doesn't Offer
Despite being a popular choice for Medicare Supplement plans, Combined Insurance does not offer Medicare Advantage plans or Part D prescription drug plans, which is worth mentioning. For beneficiaries seeking these plans, alternative providers include:
- UnitedHealthcare
- Aetna
- Blue Cross Blue Shield
- Humana
- Cigna
- Anthem
- Kaiser Permanente
Supporting Businesses and Individuals with Supplemental Coverage
In addition to Medicare Supplement plans, Combined Insurance provides a wide variety of supplemental insurance products. These products include:
- Accident insurance
- Health insurance
- Disability insurance
- Life insurance
These products, with limited availability, are customized to cater to the requirements of businesses and individuals.
Supplemental coverage, including supplemental life, offers numerous advantages, such as:
- Enhancing comprehensive benefits packages
- Addressing out-of-pocket medical costs
- Providing financial security against expenses not included in major medical insurance.
Summary
In conclusion, understanding the nuances of Medicare supplement plans is more critical than ever given the recent discontinuation of Combined Insurance’s offerings. These plans have served as a lifeline for many, providing essential coverage beyond Original Medicare.
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Frequently Asked Questions
Is there a Medicare supplement that covers everything?
Yes, Medicare Plan F is the most comprehensive Medicare supplement that covers all copays, coinsurance, and deductibles, leaving you with no out-of-pocket costs.
What is the average cost of supplemental insurance with Medicare?
The average cost of supplemental insurance with Medicare varies by age, with premiums for Plan N ranging from $100.57 to $173.83 per month, based on the analysis. It is important to consider this variation when choosing a plan.
Why do people choose Medigap over Medicare Advantage?
People may choose Medigap over Medicare Advantage because Medigap plans offer additional coverage for those enrolled in Original Medicare, addressing gaps in coverage, while Medicare Advantage plans provide the same coverage as Original Medicare along with additional benefits like prescription drugs, vision, dental, hearing, and wellness services.
What is the downside of Medigap?
The downside of Medigap, specifically Plan N, includes having to pay the Part B Deductible yearly before insurance coverage begins, the need to pay monthly premiums even if health services are not used, and the potential for being charged a medical or ‘Part B Excess Charge’ by a doctor.
What are the Medicare Supplement plans offered by Combined Insurance?
Combined Insurance offers Medicare Supplement plans like Plan G, Plan N, and Plan F, which can help cover coinsurance payments and other out-of-pocket expenses.
Speak to the Professionals about Medigap Plans and Original Medicare
If you find understanding the benefits involved with Original Medicare and Medigap Plans challenging, you’re not alone. Whether it’s a Medigap plan, or you want to know more about Combined Insurance Medicare Supplement, we can help. Call our team at 1-888-891-0229 for a free consultation or complete the contact form on this site, and an expert will call you back at a convenient time.
We have decades of experience advising our clients on the complexities of Medicare and Medigap plans, the benefits, cost and deductibles. We’ll ensure you get the best rate in your state and advice you can trust.
Russell Noga is the CEO and Medicare editor of Medisupps.com. His 15 years of experience in the Medicare insurance market includes being a licensed Medicare insurance broker in all 50 states. He is frequently featured as a featured as a keynote Medicare event speaker, has authored hundreds of Medicare content pages, and hosts the very popular Medisupps.com Medicare Youtube channel. His expertise includes Medicare, Medigap insurance, Medicare Advantage plans, and Medicare Part D.