Transamerica Medicare Plans Review
Transamerica Life Insurance Company offers Medicare Supplement Insurance plans (also called Medigap) in a number of states. Learn more about Medicare Supplement plans and about the pros and cons of plans offered by Transamerica.
Transamerica is an American insurance company that offers a number of insurance products, including Medicare Supplement Insurance plans, which are often referred to as “Medigap.”
Medicare Supplement plans can pay for many of the out-of-pocket expenses that are tied to Original Medicare (Medicare Part A and Medicare Part B). These costs can include things like deductibles, copayments and coinsurance you may face when you receive services covered by Medicare. Without a Medicare Supplement plan, you could be forced to pay many of these costs out of your own pocket.
For example, if you go to the doctor’s office for a visit that’s covered your Medicare Part B benefits, you typically are required to pay a 20% coinsurance for the cost of your visit (if you’ve already met your Part B deductible, which is $203 for the year in 2021). These coinsurance and deductible costs can add up quickly and can potentially be very high, depending on the types of treatment you receive. If you have a Medigap plan, you could have some or all of that coinsurance cost paid for by your plan.
Medicare Supplement Insurance is sold by private insurance companies and works right alongside your Original Medicare coverage, which is provided by the federal government. Medicare Supplement Insurance is accepted by any health care provider who accepts Medicare.
Transamerica’s roots are more than 100 years old, and the company, now owned by Aegon, employs close to 8,000 people in the Americas. Transamerica Medicare Supplement plans are sold by Transamerica Life Insurance Company. Transamerica maintains strong credit and financial ratings from A.M. Best, Fitch, Moody’s and S&P Global.
Transamerica Life Insurance Company has been selling insurance products since 1961 and is licensed to sell policies in all states except New York. As of June 2020, the company had assets of over $137 billion.1
There are 10 standardized Medicare Supplement plans available in most states. The benefits of each type of plan are standardized, meaning the coverage for each respective plan is the same no matter where the plan is sold or the insurance company who provides it. In other words, the Medigap plans sold by Transamerica offer the same benefits as the same type of Medigap plan offered by any other insurance company.
The selection of plans can vary according to each insurance carrier in each location. For instance, Transamerica may sell certain Medigap plans in some counties and states but not others. And other insurance companies may offer a selection of plans in certain areas that differs from that of Transamerica.
Plus, although the benefits of each plan remain the same across the board, the cost does not. So the plans offered by Transamerica may be more or less expensive than the exact same plan sold by a competing carrier.
There are nine benefits areas that may be covered by a Medicare Supplement Insurance plan, and each type of plan provides a unique combination of coverage in each of these benefit areas. The Medicare costs that a Medigap plan pays for may be covered in full, at 75 percent, 50 percent or not at all, depending on the plan.
You can use this Medicare Supplement plans comparison chart to compare the types of Medigap plans that are available in most states.
|Medicare Supplement Benefits||A||B||C1||D||F1||G||K||L||M||N|
|Part A coinsurance and hospital costs||✓||✓||✓||✓||✓||✓||✓||✓||✓||✓|
|Part B coinsurance or copayment||✓||✓||✓||✓||✓||✓||50%||75%||✓||✓|
|First 3 pints of blood||✓||✓||✓||✓||✓||✓||50%||75%||✓||✓|
|Part A hospice care co-insurance or co-payment||✓||✓||✓||✓||✓||✓||50%||75%||✓||✓|
|Co-insurance for skilled nursing facility||✓||✓||✓||✓||50%||75%||✓||✓|
|Medicare Part A deductible||✓||✓||✓||✓||✓||50%||75%||50%||✓|
|Medicare Part B deductible||✓||✓|
|Medicare Part B excess charges||✓||✓|
|Foreign travel emergency||80%||80%||80%||80%||80%||80%|
|1. Plans C and F are not available to new beneficiaries who became eligible for Medicare on or after January 1, 2020.
2. Plans F and G also offer a high deductible plan which has an annual deductible of $2,370 in 2021. Once the annual deductible is met, the plan pays 100% of covered services for the rest of the year. The high deductible Plan F is not available to new beneficiaries who became eligible for Medicare on or after January 1, 2020.
3. Plan K has an out-of-pocket yearly limit of $6,220 in 2021. Plan L has an out-of-pocket yearly limit of $3,110 in 2021.
4. Plan N pays 100% of the Part B coinsurance, except for a copayment of up to $20 for some office visits and up to $50 for emergency room visits that don’t result in an inpatient admission.
View an image version of this table.
To discuss Medicare plans with a Transamerica representative directly, you can call 866-205-9120.
1 Transamerica Life Insurance Company. Be Well. Build Wealth. https://cdn.brandfolder.io/86JM1UOD/as/qfaev5-ayzis0-8n9oib/TLIC_Financial_Strength_Flyer.pdf.