Colonial Penn Life Insurance Company, established in Philadelphia, Pennsylvania in 1957 by AARP co-founder Leonard Davis, has been providing insurance policies to seniors for over six decades. With a strong focus on integrity, customer focus, excellence, and teamwork, Colonial Penn has built a reputation for its dedication to meeting and exceeding the needs of its customers.
Colonial Penn Medicare Supplement Insurance Plans
Colonial Penn offers Medicare Supplement plans in most states across the US. While they do not provide access to Medicare Advantage or prescription drug plans, this allows them to concentrate their resources on enhancing the quality of care for their Medigap clients.
The Colonial Penn-Affiliated Companies
The following companies are affiliated with Colonial Penn:
- Bankers Fidelity
- American Benefit Life
- Resource Life
- The Capitol Life
Colonial Penn primarily specializes in life insurance and coinsurance. However, they also offer supplemental Medicare plans that help cover healthcare needs related to Medicare Part A and Medicare Part B.
Colonial Penn Medigap Plans
Medicare Supplement plans, also known as Medigap plans, are available in all 50 states and the District of Columbia through Colonial Penn. These plans serve as secondary coverage to your Original Medicare and cover portions of your Medicare out-of-pocket costs.
With Medigap plans, you pay a fixed monthly premium and minimal or no copayments when you use your healthcare coverage. By selecting a Medigap plan, you retain all the benefits of your Medicare coverage, including coverage for skilled nursing facilities, hospice care, and other costs such as your Part A deductible, Part B coinsurance, and Part B excess charges.
Colonial Penn Medicare Advantage Plans
Currently, Colonial Penn does not offer Medicare Advantage (MA) health plans. However, their Critical Illness plans can help cover gaps in existing MA plans, providing coverage for cancer, heart attacks, and strokes.
Colonial Penn Medicare Part D
Colonial Penn does not sell Part D drug plans. If you need assistance with selecting a Part D drug plan to help with your prescriptions, you can fill out their online request form for more information.
Colonial Penn Medicare Pros and Cons
When considering Colonial Penn for your Medicare coverage, it is essential to weigh the pros and cons:
Pros
- Financially sound company
- Issue Age policies available in most states
- Liberal underwriting
Cons
- Average rate increases
- No Medicare Advantage or Part D offerings
Colonial Penn Financial Strength Ratings
A company’s financial stability is crucial when evaluating Medigap plans, as it often corresponds to more stable rates and lower rate increases. While Colonial Penn has a decent financial rating, it is always wise to consider this factor when making a decision.
Colonial Penn Reviews
Colonial Penn offers ten Medigap health insurance plans throughout the United States, with plan availability varying based on your residence. They are known for their solid reputation and offer gym membership options in many states.
FAQs
How does Colonial Penn health insurance work?
Colonial Penn offers Medicare Supplement plans that help cover your cost share regarding Original Medicare. These plans are among the most comprehensive and least restrictive options available.
What Medicare supplements does Colonial Penn offer?
Colonial Penn sells Plans A, B, C, D, F, G, K, L, M, and Plan N. Plan availability may vary based on your location. They also offer high deductible Plan F and Plan G in certain areas.
Is Colonial Penn the same company as Bankers?
Yes and no. Colonial Penn and Bankers are both entities under their parent company, CNO Financial.
Will my Colonial Penn premium increase?
Yes, regardless of which Medigap plan carrier you choose, your rate will typically increase annually.
When can I enroll in a Colonial Penn policy?
You can enroll at any time, except if you have a Medicare Advantage plan. Unless you are in an Open Enrollment or Guaranteed Issue situation, you will undergo medical underwriting.
Your Open Enrollment period, when you first start Medicare, is the best time to enroll in a Medigap Plan, such as Plan B, Plan D, or Plan K.
How to Enroll in a Colonial Penn Medicare Plan
If you need assistance with your Medicare questions or need help determining which plan option best fits your needs, Colonial Penn has licensed agents available to assist you. You can reach out to them through their online request form or by giving them a call.
In conclusion, Colonial Penn offers a range of Medicare Supplement plans that provide comprehensive coverage and peace of mind for seniors across the United States. With their strong financial standing and commitment to customer service, they continue to be a trusted choice for Medicare beneficiaries.
