Colonial Penn Medicare Supplement Plans

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Colonial Penn Medicare supplement plans help pay some costs not covered by Original Medicare. The variety of available Colonial Penn Medicare supplement plans means that if you or a loved one needs some coverage for senior care or senior living options, there is potentially a plan that helps with those needs.

What Are Colonial Penn Medicare Supplement Plans?

Colonial Penn Life Insurance Company, an affiliate of Bankers Life and Casualty Company, abides by all regulations, including the rule that every insurance company identifies each Medigap policy as “Medicare Supplement Insurance.” Sold by private companies such as Colonial Penn, Medicare supplement plans help provide coverage for health care costs not covered under Original Medicare, and potentially help lower some costs associated with senior living and senior care options.

Colonial Penn Medigap plans offer coverage even if you develop health problems later. Medicare supplement plans through Colonial Penn offer coverage that travel with you throughout the U.S., allows you to keep your same doctor and visit any hospital with no networks or referrals necessary.

What Do Colonial Penn Medicare Supplement Plans Cover?

You must have both Medicare Part A and Part B to meet eligibility requirements for receiving a Medigap policy. The Official Medicare site provides an explanation of available plans and coverage offered under each Medicare supplement plan. This potentially includes some coverage for senior living and senior care needs.

Specific Medigap plan availability varies by insurance company and state. Colonial Penn indicates that the company offers Medicare supplement plans A, B, F, F with high deductible (FH), G, K, L, M and N. Plan C is available only in New Jersey.

Each plan varies in what it covers. For example, Plan A, as well as all other Colonial Penn Medicare supplement plans help pay coinsurance and hospital costs up to 365 days after Original Medicare benefits end for this coverage. Plan A does not cover your Medicare Part A deductible at all, while Plans K and M pay 50 percent of the costs and Plan L provides 75 percent coverage. Other Colonial Penn Medicare supplement plans do cover Medicare Part A deductibles.

Plans F and FH cover your Part B deductible. Plan A, B, F, FH, G, M, and N pay for your Medicare Part B coinsurance or co-pay. Plan K provides 50 percent and Plan L offers 75 percent coverage to help pay Part B coinsurance.

All plans cover the first three pints of blood and Part A hospice care co-payments and coinsurance with the exception that Plan K covers 50 percent and Plan L provides 75 percent coverage.

Neither Plan A nor Plan B offers coverage for skilled nursing facility care coinsurance, a feature of Plan F, FH and Plan G. Plan K provides 50 percent and Plan L offers 75 percent coverage, likely an important factor for those seeking assistance with senior care and senior living costs associated with skilled nursing facility care.

If you choose Colonial Penn Medicare supplement Plan F, FH, or G, you have coverage for Medicare Part B excess charges.

Coverage provided under each Colonial Penn Medigap plan likely play a role for those seeking coverage for senior living or senior care services.

How Much Do Colonial Penn Supplement Plans Cost?

Colonial Penn gladly answers your questions and features a “Frequently asked questions” (FAQs) page to answer common questions about coverage and how to pay your premiums.

Insurance companies price Medigap policies in one of three ways. Choose a Community-Rated policy and you pay the same as everyone else, regardless of age. The premiums do not increase with age.

Issue-Age-Rated policies are based on your age at the time you purchase the Medigap policy. Premiums do not increase with age but potentially increase with inflation.

Attained-Age-Rated policies likely seem the most affordable at first glance. However, your premiums increase as you age, making this policy typically the most expensive over time.

Insurance companies have the option to offer discounts, possibly an important feature for individuals seeking affordable Medigap plan coverage and affordable senior care and senior living options. Discuss any possible discounts with your Colonial Penn agent, whether you or your loved one currently receive adult day care, skilled nursing facility care or other senior care or senior living services.

How Do I Enroll In A Colonial Penn Medicare Supplement Plan?

Colonial Penn makes enrolling in a Medicare supplement plan an easy process. If you are disabled and under 65, speak to an agent about your Medicare supplement plan options.

Enroll during your first opportunity, which is the window from three months before you turn age 65 to three months after you turn 65 years of age. If you fail to do so, you have to wait until the next open enrollment period.

Contact Colonial Penn about available Medicare supplement plans in your area and plans that possibly help provide coverage for senior care and senior living needs.