by Russell Noga | Updated October 2, 2024
Prosperity Medicare supplement plans help seniors cope with the out-of-pocket costs associated with Original Medicare Parts A & B. Original Medicare doesn’t cover all medical and hospital costs associated with your treatments and care. A Medigap plan partially or fully covers the remaining expenses.
Private healthcare insurance companies, like Prosperity, offer Medigap plans, and you can sign up for a policy during the six months after turning 65, known as “Open Enrollment.” Prosperity must accept your application to join its Medigap scheme during this period, even if you have pre-existing health conditions.
This post unpacks the Medigap offering from Prosperity. We’ll look at their range of Medigap plans, the average rate for plan premiums, the benefits you receive, perks, and more.
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Prosperity Medicare Supplement Plans at a Glance
- Prosperity offers Medigap plans in 24 states.
- The company focuses on providing the most popular plans, A, F, G, & N.
- Prosperity offers a good household discount of up to 7%.
- Beneficiaries don’t have options for add-on policies for dental, vision, or hearing services or options for discounted rates with partners offering these services.
Who Is Prosperity?
Incorporated in 2009, Prosperity Life Insurance Group started offering Medigap policies in 2010. The company has headquarters in New York and VA. Prosperity uses its subsidiaries in some states: S.USA Life Insurance Company, Inc in Mississippi, SBLI USA Life Insurance Company in Arizona, and Shenandoah Life Insurance Company. Prosperity offers Medigap policies in 24 states.
What Medicare Supplement Plans Does Prosperity Offer?
Prosperity focuses on offering the most popular Medigap plans A, F, G, and N. All Medigap providers must offer Plan A, as per CMS guidelines. Here’s a brief breakdown of the coverage available in each plan.
Plan A – This policy is the most basic offering in the Medigap range. You get coverage for most Medicare Part A benefits, except the Part A deductible. There’s also coverage for Medicare Part B coinsurance and copayments. It’s a good choice for low-income seniors seeking an affordable Medigap plan.
Plan F – Medicare Plan F offers beneficiaries the highest level of coverage of all the Medigap plans. It covers the Medicare Part B deductible, giving you true “first dollar coverage” for all Medicare Part A & B expenses. To enroll in Plan F you must have been enrolled in Medicare Part A prior to January 1st of 2020.
Plan G – This policy offers similar benefits to Plan F. However, Medigap Plan G doesn’t include coverage for the Medicare Part B deductible. It’s the best choice for seniors who don’t qualify for Plan F but want the highest level of coverage in the Medigap range.
Plan N –Medicare Supplement Plan N has lower premiums than both Plan F and Plan G. This policy has copayments at the doctor and emergency room, and it doesn’t cover Medicare Part B excess charges for seeing doctors charging more than Medicare-approved rates (Medicare assignment).
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Prosperity Medicare Supplement Plans – Benefits & Coverage
The CMS is a federal agency responsible for regulating the Medigap industry. They bring consistency to the market by ensuring all Medigap providers offer standardized benefits in Medigap plans. The benefits you get in a Prosperity Medigap plan are the same as with any other healthcare insurer offering Medicare supplement policies.
All Medigap plans offer the following benefits for Original Medicare Parts A & B.
- Part A coinsurance and hospital costs for up to 365 days after using Medicare benefits.
- Part A hospice care coinsurance or copayment.
- Part B coinsurance or copayment.
- Blood transfusion costs for the first three pints of blood.
Plans F*, G, and N offer additional Medicare Parts A & B benefits.
*Plan F is only available to seniors qualifying for Original Medicare before January 1, 2020. You cannot enroll in Plan F if you’re eligible after this date. However, if you qualify for Medicare before the cut-off, you can request a Plan F policy from Prosperity.
Prosperity might require you to undergo medical underwriting with your application. If you have pre-existing conditions, Prosperity can charge you higher-than-average premiums or deny your request to join its Medigap scheme. You might qualify for guaranteed issue rights that circumvent the need for medical underwriting.
Call our fully licensed Medigap agents, and we’ll discuss your options.
What Prosperity Medicare Supplement Plans Don't Cover
Medigap plans only cover expenses relating to Medicare Part A & B benefits. They don’t cover cosmetic procedures or preventative treatments at chiropractors, physiotherapists, acupuncturists, or podiatrists. In some instances, Medicare will cover these services if your doctor deems them medically necessary treatments.
Medigap policies don’t cover the cost of stays at nursing homes or private duty nursing. There’s no coverage for prescriptions or hearing, dental, and vision services.
Prosperity Medicare Supplement Plans – Premiums
Prosperity uses a risk assessment when setting your premiums. Factors influencing your risk profile include your age, gender, location in the United States, and your smoking status. A 65-year-old female nonsmoker can expect to pay the following average premiums for Medigap plans with Prosperity.
*Your premiums may vary depending on your unique risk profile.
Prosperity Medicare Supplement Plans – Additional Benefits & Discounts
Prosperity offers a 7% household discount in most states. The company also has an app allowing members to file claims and manage their accounts. No additional coverage or discounts are available for vision, hearing, and dental services.
Prosperity Medicare Supplement Plans – Third-Party Ratings & Reviews
Prosperity has an A- rating with AM Best and an A+ rating with the Better Business Bureau (BBB).
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Frequently Asked Questions
What are Prosperity Medicare Supplement plans?
Prosperity Medicare Supplement plans are insurance policies that provide additional coverage to fill the gaps in Original Medicare. These plans help cover deductibles, coinsurance, and other out-of-pocket expenses, giving you greater financial protection.
Who is eligible to enroll in Prosperity Medicare Supplement plans?
Eligibility for Prosperity Medicare Supplement plans generally require individuals to be enrolled in both Medicare Part A and Part B. Enrollment is typically open to people who are 65 years or older, or those under 65 with certain disabilities.
What is the difference between Prosperity Medicare Supplement Plan G and Plan N?
Prosperity Medicare Supplement Plan G offers comprehensive coverage, including coverage for the Part A deductible, Part B excess charges, and skilled nursing facility coinsurance. Plan N provides similar coverage but with some cost-sharing, such as a copayment for office visits and emergency room visits.
What coverage and benefits are included in Prosperity Medicare Supplement plans?
Prosperity Medicare Supplement plans generally cover Medicare Part A and B coinsurance, and hospital costs, and provide coverage for additional services like preventive care, skilled nursing facility care, and foreign travel emergencies. The specific coverage may vary based on the plan.
Are there any additional benefits or perks offered by Prosperity Medicare Supplement plans?
While specific benefits and perks may vary, Prosperity Medicare Supplement plans may offer benefits such as coverage for prescription drugs, vision and dental care, fitness programs, and a 24/7 nurse helpline. It’s important to review the details of each plan to understand the specific benefits included.
How can I enroll in Prosperity Medicare Supplement plans?
To enroll in Prosperity Medicare Supplement plans, you can contact Prosperity directly or work with a licensed insurance agent who represents Prosperity. They can guide you through the enrollment process, help you choose the most suitable plan, and assist with any required paperwork.
Can I keep my current healthcare providers with Prosperity Medicare Supplement plans?
Prosperity Medicare Supplement plans work with any healthcare provider that accepts Medicare patients, giving you the freedom to choose your preferred doctors and specialists. It’s always recommended to check with your specific healthcare providers to ensure they accept Medicare assignment.
What factors should I consider when comparing Prosperity Medicare Supplement plans?
When comparing Prosperity Medicare Supplement plans, consider factors such as the specific coverage offered, premium rates, company reputation, customer service quality, and any additional benefits or perks that align with your healthcare needs.
Are there any discounts or savings opportunities available for Prosperity Medicare Supplement plans?
Prosperity may offer discounts or savings opportunities for Medicare Supplement plans. These can vary based on factors such as age, household discounts, or payment method discounts. It’s recommended to inquire directly with Prosperity or their authorized agents to learn about any available savings opportunities.
Where can I get more information about Prosperity Medicare Supplement plans?
To get more information about Prosperity Medicare Supplement plans, call us today at 1-888-891-0229.
Call Us for More Information on Prosperity Medicare Supplement Plans
Our fully licensed Medigap agents are available for a free consultation at 1-888-891-0229. Call us for a free quote and advice on the right Medigap plans for your healthcare requirements.
If you can’t call us right now, complete the contact form on this site, and we’ll get a Medigap agent to call you. Or you can use the automated quoting tool on our site to get a free quote on premiums for any Medigap plan.
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.