Transamerica Medicare Supplement Plans Review

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A.M. Best financial strength rating: A BBB rating: B Consumer Affairs rating: 3.8 stars

Quick Transamerica Medicare Supplement Plans review: Transamerica Medicare Supplement Insurance (Medigap) plans are offered in 19 U.S. states and are underwritten by Transamerica Life Insurance Company (Direct).

Transamerica is a financial services company that recognizes the importance of making a connection between health and wealth. Transamerica understands that “without health, wealth is harder to achieve and maintain.” Established in 1904, Transamerica has a long-standing reputation for financial stability and risk management. The company was acquired by the Aegon Group in 1999 and serves as one of the largest Aegon subsidiaries in the U.S.

The company offers the most popular Medigap plans A, F (only for Medicare beneficiaries who were eligible before January 1, 2020), G, and N. Transamerica’s Medigap plans are unique compared to most other carriers’ plans because of their pricing structure, which is based on issue age. Issue age policy premiums are locked in when you first enroll and only rise with inflation.

You must contact a Transamerica agent to discuss Medigap plan details and rates which are not readily accessible on Transamerica’s website.

Pros and Cons of Transamerica Medicare Supplement Plans

What we like about Transamerica Medigap plans: The drawbacks of Transamerica Medigap plans:
  • Issue age pricing stability
  • Incentive to purchase plan when you are first eligible
  • Company considers your financial stability along with your health
  • Limited offerings in 19 states
  • Plan information not visible on company website
  • Company does not accept electronic billing from providers

What Do Transamerica Medicare Supplement Plans Cover?

Also known as Medigap, Transamerica Medicare Supplement plans work with Original Medicare Parts A and B. They help reduce your out-of-pocket costs by lowering or eliminating copays, coinsurance payments, and deductibles. Coverage is valid at Medicare-participating doctors and hospitals across the United States even when traveling, and plans are guaranteed to be renewable as long as you continue to pay your premiums. Medicare Supplement policies are compatible with Part D plans that can lower your prescription drug costs.

Once you are a Transamerica Medicare Supplement plan member, the following services and discounts are included:

  • EasyPay program (save 5% on your premium)
  • Routine dental, vision, and hearing (additional premiums may apply)

Transamerica Medicare Supplement Plan Options

There are 10 universal Medigap policies known as plans A, B, C, D, F, G, K, L, M, and N, including standardized benefits and copay reductions. Plans C and F are only available to existing Medicare enrollees who became eligible for Medicare before 2020. New beneficiaries can sign up for a Medigap plan without restrictions during their seven-month initial enrollment period. Otherwise, insurers can base eligibility on your medical history.

Except for Plan F, you’re responsible for paying your $233 Part B deductible (in 2022) for medical services and diagnostics. Medigap policies can reduce or eliminate your Part A hospital deductible, which can save you up to $1,556 per benefit period in 2022. Some plans may pick up excess charges beyond Medicare-approved amounts, and they can limit your out-of-pocket expenses.

Transamerica’s Plan A is the most basic coverage and includes hospital copayment costs up to a year after Medicare benefits are used up, the first three pints of blood, hospice care, and Part B coinsurance after your annual deductible is met.

Plan G is the most comprehensive plan available to beneficiaries who are Medicare eligible after January 1, 2020. Unlike Plan F, it doesn’t cover the Part B annual deductible, but does cover excess charges and up to 80% of foreign travel emergency expenses.

Plan N is a lower cost alternative to Plan G and includes copays for office and emergency room visits. It does not cover excess charges from providers who do not accept the approved Medicare amount for services rendered.

Monthly premiums vary by the age, tobacco use, and gender of the applicant. Keep in mind that Medigap plans are per person, so if you’re married, both you and your spouse need to purchase one. All of Transamerica’s Medigap plans have issue age pricing.

Compare some of your Transamerica Medicare Supplement Plan options before making a decision. You can compare plans on Medicare.gov, but will need to contact a Transamerica agent to determine your monthly premium

Here are a few examples from Transamerica’s Iowa offerings in 2022:

Plan name Monthly premium† Part A hospital deductible Part B medical deductible Member responsibility for excess charges Out-of-pocket maximum
Plan A $77 – 275 $1,556 $233 All costs N/A
Plan G $84 – 342 $0 $233 $0 N/A
Plan N $65 – 258 $0 $233 Up to $20 for office visits or up to $50 for ER care N/A

*Based on pricing in Des Moines, IA for a 65 year old female, no tobacco use
†Rates are based on medical eligibility, gender, and your age at the time of enrollment

Transamerica Medicare Supplement Plans Reviews and Ratings

Trusted ratings and reviews can help you understand how an insurer’s plans stack up against the competition. See how A.M. Best, the Better Business Bureau and Consumer Affairs rate Transamerica’s Medicare Supplement plans underwritten by Transamerica Life Insurance Company..

A.M. Best financial strength rating: A A.M. Best is a credit rating agency that specializes in the insurance industry.

An A rating in this category indicates that A.M. Best believes Transamerica has an excellent ability to meet its insurance obligations.

BBB rating: B Although the Transamerica Life Insurance Company is not accredited through the Better Business Bureau, it has a B rating. There have been 328 complaints closed in the past three years. The B rating is due to a small number of complaints that were not responded to or not resolved.
Consumer Affairs rating: 3.8 stars Consumer Affairs gave Transamerica a rating of 3.8 stars based on only 16 customer reviews. Beneficiaries appreciate the carrier’s customer service, but noted they do not accept electronic claims from providers.
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Certified Senior Advisor (CSA)®

As a health care professional since 1987, Kelly Blackwell has walked alongside and cared for seniors as they journey through the season of their fourth quarter of life. Blackwell holds a Bachelor of Science in nursing from the University of Northern Colorado, a Master of Science in health care administration from Grand Canyon University, an interprofessional graduate certificate in palliative care from the University of Colorado Anschutz Medical Campus and holds a Certified Senior Advisor® credential from the Society of Certified Senior Advisors.

Blackwell contributes to the University of Colorado-Anschutz blog and has been published in “The Human Touch” distributed by the University of Colorado Center for Bioethics and Humanities. She cowrote “Dying Is” for Pathways Hospice.

A registered nurse, Blackwell understands health insurance choices influence quality of life and are driven by values, goals, and beliefs. She’s passionate about engaging with, educating, and empowering seniors as they navigate the health care system. She’s equipped to lend an experienced, compassionate voice to beneficiaries seeking information about Medicare Advantage Plans.

As a CSA®, Blackwell has access to valuable resources for Medicare beneficiaries. Her work as a bedside nurse and clinical manager has given her the opportunity to see how Medicare rules, regulations, and benefits work when patients need them. With a passion to learn and to make a difference in the lives of seniors, Blackwell supports seniors through Medicare and fourth-quarter life decisions.

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