Why 2018 Transamerica Medicare Supplement Plans so attractive?

Transamerica Medicare Supplement - Transamerica Medigap

Transamerica Medicare Supplement Plans (Medigap Plans) from Transamerica Life Insurance Company (TLIC) offer a variety of Medigap plans in many US States. TLIC has more than a century of experience and offering a wide array of innovative financial services and products. Like all Medigap vendors, the company helps with your out of pocket costs that are not covered by Original Medicare Parts A and B.

Like all Medicare Supplement vendors, Transamerica Medicare Supplement operates in the world of Standardized Medigap Plans. There are 10 standardized plans denoted by a letter (Medigap Plan A through Medigap Plan N), each with its own set of benefits. Whatever vendor you choose for your Medigap plan, benefits are defined only by the type of plan you’ve selected, and not by the carrier.

It’s also important to emphasize the other standard features of all Medigap providers:

  • Each vendor offers multiple plans to meet your needs. Some plans, like Medigap Plan F, are typically provided by most vendors. Other plans, such as Medigap Plan G and Medigap Plan N, are offered by most (but not all) vendors.
  • There is no network to worry about. Any doctor accepting Medicare will accept any of the Medigap plans no matter who the carrier is.
  • Processing of Medigap claims is centralized and identical from vendor to vendor. There is virtually no claims paperwork.
  • Your policy is guaranteed renewable, i.e., it cannot be canceled at any time.
  • You cannot be singled out for a rate increase, your premium will change only with a rate increase in your classification group in the geographic area of your state.

Familiarize yourself with Medicare Supplement. Watch video from Liberty Medicare YouTube Channel.

For video and transcript, click here.

So, with the commonality among different Medicare Supplement providers, what differentiates Transamerica from other Medigap insurance companies?

The differences between Transamerica Insurance and other Medigap vendors are in four areas:

  • Affordable Medicare Supplement Rates
  • Low Premium Rates Change
  • Different Approach in Medical Underwriting
  • Name Recognition and Financial Strength Ratings.

1. Transamerica Medicare Supplement: Affordable Medicare Supplement Rates

Transamerica Life Insurance Company offers Medigap plans A, B, F, G and N in 27 US States, including 6 of 8 states where Liberty Medicare is licensed to do business – Pennsylvania, New Jersey, Maryland, Ohio, Virginia, and Delaware.  A chart below shows available Medigap plans in those states for ages under 65 and above 65. Notice that in some states, when you have Medicare under the age of 65 (Medicare based on disability), you may not be allowed to buy a Medigap policy, or a list of available Medigap plans may be limited.

State Are Plans Available for under 65? Plans for Age below 65 Plans for Age 65+
DE Yes A,F,G,N A,F,G,N
MD Yes, but limited A A,F,G,N
NJ Yes, but limited C A,F,G,N
OH No N/A A,F,G,N
PA Yes A,B,F,G,N A,B,F,G,N
VA No N/A A,F,G,N

 

In many states, Transamerica Medicare Supplement rates are VERY COMPETITIVE. The tables below provide Transamerica Premium vs. Premiums Range of other Medigap vendors (with A.M. Best ratings equal or above B++) for Medigap Plan G.  Plan G does not cover Part B deductible, but  is less expensive than the Medigap Plan F. As of 2020, Medicare Supplement plans will no longer sell NEW Medigap Plan F; this is one of the reasons why Medigap Plan G gained in popularity recently.

Rates are shown in Pennsylvania, New Jersey, Maryland, and Ohio for males and females ages 65, 70 and 75.

Female, 65 years old
Zip Code Location Transamerica – Premium Premiums Range – Other Vendors Rank by Premium
19116 Philadelphia, PA $127.30 $127.30-$444.55
1
15203 Pittsburgh, PA $117.42 $117.42 – $396.52
1
08034 Cherry Hill, NJ $129.85 $122.93 – $168.41
2
07106 Newark, NJ $129.85 $122.93 – $176.91 2
21205 Baltimore, MD $122.46 $119.32 – $355.87 2
44101 Cleveland, OH
$112.39 $105.17 – $334.90
3
43202 Columbus, OH $102.57 $94.15 – $334.90 6

 

Male, 65 years old
Zip Code Location Transamerica – Premium Premiums Range – Other Vendors Rank by Premium
19116 Philadelphia, PA $136.54 $136.54 – $444.55 1
15203 Pittsburgh, PA $125.95 $125.95 – $396.52 1
08034 Cherry Hill, NJ $139.28 $130.29 – $193.58 2
07106 Newark, NJ $139.28 $130.29 – $203.33 2
21205 Baltimore, MD $131.34 $131.34 – $409.25 1
44101 Cleveland, OH $120.53 $120.28 – $334.90
2
43202 Columbus, OH $110.00 $108.27 – $334.90
2

 

Female, 70 years old
Zip Code Location Transamerica – Premium Premiums Range – Other Vendors Rank by Premium
19116 Philadelphia, PA $135.01 $135.01 – $444.55
1
15203 Pittsburgh, PA $124.54 $124.54 – $396.52
1
08034 Cherry Hill, NJ $137.71 $137.71 – $180.24
1
07106 Newark, NJ $137.71 $137.71 – $189.24 1
21205 Baltimore, MD $129.87 $129.87 – $355.87 1
44101 Cleveland, OH $119.18 $113.80 – $334.90
3
43202 Columbus, OH $108.77 $106.58 – $334.90 4

 

Male, 70 years old
Zip Code Location Transamerica – Premium Premiums Range – Other Vendors Rank by Premium
19116 Philadelphia, PA $144.48 $144.48 – $444.55
1
15203 Pittsburgh, PA $133.27 $133.27 – $396.52 1
08034 Cherry Hill, NJ $147.35 $147.35 – $207.33
1
07106 Newark, NJ $147.35 $147.35 – $217.74
1
21205 Baltimore, MD $138.96 $138.96 – $409.25 1
44101 Cleveland, OH $127.53 $127.31 – $334.90 2
43202 Columbus, OH $116.39 $116.39 – $334.90 1

 

Female, 75 years old
Zip Code Location Transamerica – Premium Premiums Range – Other Vendors Rank by Premium
19116 Philadelphia, PA $156.22 $192.75 – $444.55 1
15203 Pittsburgh, PA $144.10 $144.10 – $396.52 1
08034 Cherry Hill, NJ $159.33 $159.33 – $379.52 1
07106 Newark, NJ $159.33 $159.33 – $379.52 1
21205 Baltimore, MD $150.24 $150.24 – $383.77 1
44101 Cleveland, OH $137.89 $132.26 – $334.90 2
43202 Columbus, OH $125.84 $125.76 – $334.90 2

 

Male, 75 years old
Zip Code Location Transamerica – Premium Premiums Range – Other Vendors Rank by Premium
19116 Philadelphia, PA $175.15 $222.15 – $444.55 1
15203 Pittsburgh, PA $161.56 $161.56 – $404.03 1
08034 Cherry Hill, NJ $178.64 $178.64 – $379.52 1
07106 Newark, NJ $178.64 $178.64 – $379.52 1
21205 Baltimore, MD $168.46 $168.46- $441.34 1
44101 Cleveland, OH $154.59 $154.21 – $347.13 2
43202 Columbus, OH $141.08 $141.08 – $334.90 1

 

As you may see from the tables above, Transamerica Medicare Supplement Rates are either the lowest or very close to being the lowest (see Rank by Premium). Together with low premium rates change (see below), Transamerica provides excellent opportunities for clients.

2. Transamerica Medigap: Low Premium Rates Change

Transamerica established ambitious pricing goal with rate stability using reasonable initial pricing and modest rate increases. The last announced annual rate increase was very modest by today’s standards (see the Table below). In most states, Medigap Plan N has 0% increase, and Medigap Plan G has 3 to 5% DECREASE. It is a VERY LOW rate of change. The typical annual increase is 7-10%, sometimes even 20-25%.

Transamerica Medicare Supplement Premium Rate Increase for 2018

State Plans Adjusted Percentage New Rate Effective Date
Delaware (DE)

A, F

G

N

6% increase

2% increase

0% increase

4/1/2018

Maryland (MD)

A, F

G

N

9% increase

3% decrease

0% increase

5/1/2018

New Jersey (NJ)

A

C, F

G

N

0% increase

6% increase

5% increase

0% increase

 5/1/2018
Ohio (OH)

A, F

G

N

3% increase

7% decrease

0% increase

 3/1/2018
Pennsylvania (PA)

F

A, B, G

N

6% increase

5% decrease

0% increase

 5/1/2018
Virginia (VA)
 

3. TransamericaMedicare Supplement: Different Approach to Medical Underwriting

Transamerica Medical Underwriting includes some typical questions, such as:

  • Have you ever been diagnosed with, treated, or advised to receive treatment for Alzheimer’s Disease, dementia,
    mental incapacity, organic brain disease or any other cognitive disorder?
  • Within the past 2 years have you:
    • Been diagnosed, treated or advised to receive treatment for cancer (other than basal cell carcinoma)?
    • Been diagnosed, treated or advised to receive treatment for heart attack, coronary or carotid artery disease (not including high blood pressure), peripheral vascular disease, congestive heart failure or enlarged heart, stroke, transient ischemic attacks (TIA) or heart rhythm disorders?

Any “YES” answer to such questions automatically precludes you for Medigap plan enrollment.

Here is how Transamerica Medical Underwriting is different:

DIABETICS

  • To be considered for coverage the applicant:
    • Must be diet or oral med controlled (HgA1c less than 8.0).
    • Must fit within “Diabetic Weight” on height/weight chart.
    • BP readings must be less than or equal to 140/85.
      • BP readings would not typically be asked with standalone hypertension.
    • No increases in medication in the past 2 years.
  • Any use of insulin to control or manage diabetes will result in a declination.
  • A “Diabetic Weight” column is included in height/weight chart.
  • Applicants with diabetes and high blood pressure will require a PHI.

NARCOTIC PAIN MEDICATION

  • Any use of narcotic pain medication for the control or management of “pain issues” will not qualify for coverage.

MILD ANXIETY/DEPRESSION

  • Applicants prescribed a medication by their Primary Care Physician for mild anxiety/depression that is well controlled can qualify for coverage.
  • If, however, the applicant is seeing a psychiatrist for counseling/treatment they will not qualify for coverage.

PENDING SURGERY OR TREATMENT

  • Pending treatment/surgery/doctor follow-up or scheduled testing advised by the applicant’s physician will not qualify for coverage.
  • Applications can be re-considered once treatment/testing has been completed.
    • A new application must be completed in these situations with updated medical information.

4. Name Recognition and Financial Strength Ratings

Transamerica Life Insurance Company is a very well recognized name in the insurance industry. Financial Strength Ratings are measures of a company’s financial strength and its operating performance. It is less critical for Medicare Supplement Plans than for other Health Plans (See How important is Medicare Supplement Insurance Company Rating?). Nevertheless, since it is a measure of a company’s financial stability, it adds to company respectability and to positive client perception.

Transamerica Premier Life Insurance Company has excellent financial strength ratings (2018):

  • A.M. Best:  A+
  • Fitch: A+
  • Moody’s: A1
  • Standard & Poor’s: AA

A.M. Best is generally used as a measure of financial stability for Medigap vendors. Very few companies have an A+ rating.

5. How to Enroll in TransAmerica Medigap Plan?

Transamerica is one of the few vendors that exclusively use agencies to enroll new clients; you may NOT obtain a policy on your own. Liberty Medicare is appointed by Transamerica to sell their Medigap plans in the following states: Pennsylvania, New Jersey, Maryland, Ohio, Virginia, and Delaware.  Please use our expertise for any of your Transamerica Medigap needs.

Let Liberty Medicare Help You

Liberty Medicare is here to help you in all stages of comparing, selecting and enrolling in the best and most suitable Medicare Supplement Plan for you.

All our services are entirely free to you. We’ll help you:

  • Find all plans available to you and compare their benefits
  • Determine your eligibility (particularly if medical underwriting is required)
  • Find the least expensive Medicare Medigap plan for your needs
  • Understand your options when switching plans

Liberty Medicare represents many well-known Medicare Supplement providers in Delaware, Illinois, Maryland, New Jersey, New York, Ohio, Pennsylvania, and Virginia.  Learn more about all the benefits of working with Liberty Medicare.

If you are looking for Medicare Medigap coverage, let us help you. To view real quotes from Medigap plan providers, please fill out our Medicare Supplement Quote form, or give us a call at 877-657-7477.

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