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Transamerica Medicare Supplement Plans 2020-2021

Original Medicare coverage helps with certain medical costs, but it doesn’t cover an enrollee’s entire health care costs. Original Medicare only pays for approximately 80% of your expenses; the remaining 20% is attributed to the plan holder in out-of-pocket costs.

Medicare Supplement plans (also known as Medigap plans) work to fill in these gaps, covering a portion of the expenses not included by Original Medicare.

Transamerica is an insurance company with plenty of experience helping seniors with Medicare Supplement policies. With a Medicare Supplement plan, you can be confident that certain out-of-pocket costs (deductible, copayments, coinsurance) will be promptly covered by Transamerica.

About Transamerica

Transamerica started as far back as the early 1900s and is currently ranked as one of the top U.S life insurers. The insurance company is noted by many major insurance rating organizations for having an impressive A+ financial strength rating – an important consideration when choosing a Medicare Supplement carrier.

Transamerica Medicare Insurance

Transamerica’s primary focus is life insurance, but the insurer added Medicare Supplement plans to its offerings in 2015. At the time of writing, Transamerica offers Medicare Supplement plans in most US states through Transamerica Life Insurance Company.

Those who qualify for Medicare can benefit from the additional support that these insurance policies offer.

Transamerica Medicare Supplement plans

Transamerica offers Medicare Supplement Insurance to support those struggling to pay the associated Original Medicare costs. Medicare standardizes Medicare Supplement Insurance policies from Transamerica and every other insurer.

Companies can offer any of the ten Medigap plans (A, B, C, D, F, G, K, L, M, and N) as well as high-deductible versions. Each plan letter comes with the same benefits regardless of the insurance provider.

Transamerica has opted to carry Plans A, F, G, K, and N in most US states.

Transamerica Medicare Supplement plans Infographic

Plan A

Plan A is the most basic supplement plan. The plan covers coinsurance for your Part A and an additional 365 days of coverage for hospital care when the original Medicare benefits end. This will also cover your Medicare Part B 20% coinsurance, which Medicare will not cover for outpatient expenses.

Medigap Plan A will also cover coinsurance for hospice care Part A and your first 3 pints of blood if you need a transfusion. You are responsible for deductibles, excess charges, skilled nursing facility coinsurance, and foreign travel.

Plan F

Medicare Supplement Plan F has long been considered one of the most popular plans of the ten available, namely due to its comprehensive coverage that includes Part B deductible. However, in 2020, Plan F was made unavailable to new Medicare enrollees. Plan F is now only available to a closed pool of people who enrolled in Plan F before January 1, 2020.

Plans G

Medicare Supplement Plan G is similar to Plan F but doesn’t cover the Medicare Part B deductible. For new Medicare enrollees unable to receive Plan F, Plan G is a suitable alternative. Once you have paid the Part B deductible, Plan G will pay the same as Plan F for the remainder of the calendar year.

Plan K

Plan K is for individuals who want low premiums in exchange for a big portion of their potential expenses on the back end. It covers Part A coinsurance, 50% of your Medicare Part B copayment, blood, hospice, and skilled nursing. Importantly for many, it covers half of the Part A deductible.

Plan N

When it comes to affordable plan options, Plan N is an absolute frontrunner. With affordable copays for doctor and emergency room services, this a plan that primarily suits money-conscious individuals.

Plan N offers the same coverage as Plan G, except the policy does not cover:

  • Part B deductible
  • $0-$20 office visit copayment
  • $50 copay at the emergency room
  • Part B excess charges

Prescription Drug Plan (Part D)

Transamerica offered prescription drug plans (Part D) up until 2017 when the insurer decided to cancel the service. Prescription drug coverage is not included in Medicare Supplement plans, so plan holders must enroll in a stand-alone prescription drug plan if they require this coverage.

Transamerica Providers

Medicare beneficiaries enrolled in a Transamerica Medicare supplement plan have national coverage. Plan holders can see any provider that accepts Medicare – no matter what type of provider.

Transamerica Carrier Ratings

Transamerica boasts some of the highest ratings attainable from rating agencies. Strong ratings ensure you are dealing with an insurance company that treats plan holders fairly and can pay contributions on time.

Transamerica has an A+ rating from AM Best, the number one authority that rates Medicare Supplement insurers.

Transamerica Reviews

Transamerica is a favorite amongst Medicare enrollees thanks to its stable rates and financially strong position. Our clients consistently find Transamerica easy to work with and are satisfied with the coverage and service. In terms of coverage, pricing, and customer experience, Transamerica excels.

Transamerica FAQ

What Type of Insurance is Transamerica?

Transamerica built its reputation in life insurance but began offering Medicare Supplement plans in 2015. Transamerica offers Medigap Plan A, Plan F, Plan G, Plan K, and Plan N in most US states.

Is Transamerica Trustworthy?

Yes. Since the insurer’s inception over a century ago, Transamerica has built an outstanding reputation for being a high-quality financial product provider and life insurance provider. Transamerica benefits from a solid reputation, strong financial strength, and appealing rate changes in equal amounts.

Who can sign up for a Transamerica Medicare Supplement Plan?

Transamerica Medicare Supplement plans are available to any individual enrolled in Original Medicare (Part A and Part B).

The best time for Medicare beneficiaries to enroll is during the initial Open Enrollment Period, a 6-month window that begins when your Medicare Part B is activated. During this 6-month window, insurance companies cannot deny you coverage or charge higher premiums for any existing medical conditions.

If you apply after your Open Enrollment Period, you fall outside of the protected enrollment period. Insurers can decide if they wish to accept or decline your application and impose an inflated premium based on your health conditions.

Does Transamerica Medicare Supplement Rate Increase?

Yes. Just like other Medicare Supplement insurers, Transamerica plans experience annual rate changes. The rate change varies by state and type of Medigap plan, but the average rate increase for Transamerica is 9%.

For an accurate estimate of Medicare Supplement plans in your area, use our free quote tool. Simply enter your zip code, and browse dozens of Medigap plans in your area, including Transamerica.

If you would like more information about Medicare Supplement plans and your options, speak to one of our licensed agents today at 1-844-236-0228.

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