Colonial Penn Medicare Supplement Plans

Colonial Penn Medicare Supplement plans might be an option for you if you are enrolled in Medicare Part A and Medicare Part B or if you are going to be enrolling in the Medicare program soon. You might be concerned about how much you will have to shell out for copayments, deductibles, coinsurance, and other costs that Original Medicare doesn’t cover. Colonial Penn Medicare Supplement plans can help ease your mind and provide you with the extra coverage that you are looking for.

What Medigap Plans does Colonial Penn Offer?

Colonial Penn Medicare Supplement plans — and all Medicare Supplement plans — are just plans that work in conjunction with Original Medicare. Some of the exciting things that you’ll probably want to know about these Medigap plans have been listed here:

  • It works with your Medicare coverage.
  • You’ll have nationwide network freedom, so you don’t have to worry about looking for healthcare providers in specific networks. This is true in all 50 states throughout the United States, which is great if you love to travel or want freedom.
  • There are no referrals required.
  • There are little to no annual plan changes, and each plan level’s benefits are standardized.
  • You can enjoy very predictable, reliable coverage.
  • In comparison to Medicare Advantage plans, Medicare Supplement plans are preferred by most doctors and hospitals.

Colonial Penn Medicare Supplement Plan G

Colonial Penn Medicare Supplement Plan G is another plan that you can consider. It offers robust coverage similar to what is provided with Medigap Plan F.

A few things you may want to know about these Medicare Supplement plans:

  • Medigap Plan G is the fastest growing Medicare Supplement plan.
  • Does not include Medicare Part B deductible.
  • Usually has lower premiums than Medicare Part F, making up for the cost of the Medicare Part B deductible in most cases.
  • Even though Medigap Plan F is being phased out for new Medicare enrollees in 2020, Medigap Plan G will still be available.

Colonial Penn Medicare Supplement Plan N

Eleven percent of people with Medicare Supplement plans have Medicare Supplement Plan N. This plan is top-rated for a reason: it has affordable monthly premiums compared to Medigap Plan F or Medigap Plan G, the other two most popular plans. It also offers more coverage than plans that provide basic range, such as Medigap Plan A.

Naturally, since Colonial Penn Medicare Supplement Plan N is cheaper than the more comprehensive plans, you aren’t going to have as much coverage. Some cost-sharing is required. However, overall, it’s an excellent plan option for someone who wants a balance of benefits and affordability.

A few things you’ll want to know about these Medicare Supplement plans:

  • A $20 copay will be required when you go to the doctor.
  • A $50 copay will be required when you go to the emergency room.
  • Medicare Part B excess charges are not covered.
  • In addition, the Medicare Part B deductible is not included.

Colonial Penn Medicare Supplement Plan F

By far, the most popular plan in all states that offer standardized plans is Medigap Plan F. Colonial Penn, which CNO Financial backs, offers these plans. If you’re hoping for a plan that has robust, comprehensive coverage, Colonial Penn Medicare Supplement Plan F might be the best plan for you.

These benefits are offered with Colonial Penn Medicare Supplement Plan F. Since Medicare Supplement plans are the same from company to company, you can enjoy these benefits if you choose another company like Aetna, Cigna, Bankers Life, or Mutual of Omaha, too:

  • Part A hospital coinsurance
  • The hospital costs up to 365 days after benefits through Original Medicare are exhausted.
  • Part A hospice care copays or coinsurance
  • Part A deductible
  • Part B deductible
  • Part B preventive office visit coinsurance
  • Part B coinsurance or copays
  • Medicare Part B excess charges
  • First three pints of blood needed for a medical procedure
  • Coinsurance for care in a skilled nursing facility
  • Limited foreign travel emergency care
  • There is no out-of-pocket limit

This is the only one of the Medicare Supplement plans that is available in both a standard and high deductible option. Colonial Penn offers both insurance plans, so it might be the right company to purchase your Medicare Supplement policy from if you’re interested in Medigap Plan F to enhance your Medicare benefits.

When can I enroll in a Medicare Supplement Plan?

You can sign up for Medicare Supplement plans at any time. However, if you have Medicare Part A and Medicare Part B and don’t have a Supplemental policy, then shopping for Colonial Penn Medigap plans now is a good idea.

However, be aware that the best time that you can sign up is during your Medicare Enrollment Period. You will be given six months around your 65th birthday. This period is known as the Initial Enrollment Period or the Medigap Open Enrollment Period. This is the best time to sign up for these reasons:

  • You’ll have guaranteed issue rights, so you can’t be turned down for a plan just because of your medical conditions.
  • You’ll probably get better rates since you can’t be charged higher rates because of medical conditions.
  • You’ll be able to take advantage of the benefits of your coverage right away, reducing your out-of-pocket costs.

You may also qualify for other special periods without medical underwriting in certain situations. If you lose your employer-sponsored coverage or if you’re enrolled in a plan with network restrictions (such as Medicare Advantage) and move out of your plan’s network, for example, you’ll be allowed to shop for a plan without medical underwriting.

Of course, even without medical underwriting, different companies charge different rates. It’s always wise to get quotes from other companies to ensure you’re getting the best rates. If you are shopping for coverage outside of a special period, it’s even more important to shop around. Then, you can help increase your chances of finding a plan, which is a concern if you have health conditions.

Do Colonial Penn Medigap Plans Cover Medications?

A Medicare Part D prescription drug plan will not be included when you purchase any Medigap plans, whether you purchase Colonial Penn Medicare Supplement plans or Medigap plans from any of the best Medicare Supplement insurance companies.

If you want prescription drug coverage, you’ll need to purchase a stand-alone Medicare Part D prescription drug plan. You can purchase this plan from the same company that you buy your Supplemental policy from, or you can buy from another company. It’s wise to compare Medicare Supplement quotes for rates to get the best deal on your Medicare Part D plan.

Also, be aware that signing up sooner rather than later is best. It’s best to sign up right away so that you won’t have extra out-of-pocket expenses for your medication. Plus, if you don’t buy creditable coverage as soon as you’re eligible for Medicare, then you will be subject to the Medicare Part D late enrollment penalty.

Another option for buying this coverage is signing up for a Medicare Advantage plan. Unlike Colonial Penn Medicare Supplement plans, Medicare Advantage plans (Medicare Part C) don’t work with Medicare. Instead, they provide replacement coverage. In addition, these plans, which are often HMO or PPO plans, sometimes include extra perks, including Medicare Part D prescription drug coverage.

Colonial Penn Medicare Supplement Plans Review

If you want to enhance the coverage you get through Medicare Part A and B, signing up for one of Colonial Penn’s plans might be the best idea. It’s not the biggest provider of Supplement plans, but it is a well-known, well-established health and life insurance company with good A.M. Best ratings and strong financial strength. In comparison to the mom-and-pop insurance companies that have been targeting Baby Boomers and offering them insurance policies in recent years, Colonial Penn Life Insurance Company is probably a better choice. It is well-known for selling term and whole life insurance policy options, but it offers health insurance options, too, from Plan K to Plan L to Plan F.

Of course, checking out rates from other companies is a good idea, too. After signing up for Medicare Part A and Medicare Part B, you’ll want to compare your options. You can compare Medicare Supplement plan quotes with ease online with the help of our website. Just look at our Medicare Supplement plans comparison chart to determine which plan you want.

Mark Prip

For more than two decades, Mark Prip at My Medigap Plans has been an authority figure in the insurance industry and continues to uphold a mission to provide customers with comprehensive information about Medicare, life, and dental coverage. His expertise is unmatched - having helped thousands of Medicare beneficiaries personally choose suitable healthcare plans for themselves - making him stand out above other competitors.