at a glance
- Colonial Penn offers 12 Medicare supplement (Medigap) plan options in most states throughout the country.
- Medigap plans through Colonial Penn cover some of your out-of-pocket medical costs after original Medicare has paid its portion.
- The best time to buy a Medigap plan is when you turn 65 years old and enroll in Medicare Part B
The Colonial Penn Life Insurance Company is a private insurer that sells Medicare supplement (Medigap) plans. Colonial Penn is an affiliate of the Bankers Life and Casualty Company.
In this article, we’ll go over what each Colonial Penn plan offers and what it may cost.
Medigap plans offer standardized coverage in most states and must follow specific state regulations. The exceptions are Massachusetts, Minnesota, and Wisconsin, which have their own regulations and plan names.
In the rest of the country, each Medicare supplement plan of a certain letter must offer the same level of coverage, no matter which insurer is selling it or where it’s being sold. For example, Plan A in New York must cover the same services as Plan A in California.
Let’s take a look at what each plan offered by Colonial Penn covers.
|Plan A||Plan B||Plan C||Plan D||Plan F||Plan G||Plan K||Plan L||Plan M||Plan N|
|Part A coinsurance||yes||yes||yes||yes||yes||yes||yes||yes||yes||yes|
|Part A deductible||no||yes||yes||yes||yes||yes||50%||75%||50%||yes|
|Part A hospice care coinsurance or copayments||yes||yes||yes||yes||yes||yes||50%||75%||yes||yes|
|Part A hospital costs for an additional 365 days||yes||yes||yes||yes||yes||yes||yes||yes||yes||yes|
|Part B coinsurance or copayments||yes||yes||yes||yes||yes||yes||50%||75%||yes||yes, but with $20 copay for some medical office visits and $50 copay for emergency room visits|
|Part B deductible||no||no||yes||no||yes||no||no||no||no||no|
|Part B excess charges||no||no||no||no||yes||yes||no||no||no||no|
|skilled nursing facility care coinsurance||no||no||yes||yes||yes||yes||50%||75%||yes||yes|
|first 3 pints of blood||yes||yes||yes||yes||yes||yes||50%||75%||yes||yes|
|foreign travel coverage||no||no||80%||80%||80%||80%||no||no||80%||80%|
Plan availability and costs, however, may differ based on your location, age, and other factors. Some plans may also come with extra benefits beyond the standard coverage.
Next, we’ll go over the specifics of what each Colonial Penn Medigap plan covers.
- Colonial Penn Medicare Supplement Plan A. Plan A covers Medicare Part A coinsurance for inpatient hospital stays. Plan A also covers hospice care coinsurance or copayments, Medicare Part B coinsurance and copayments, and the first 3 pints of blood you may need.
- Colonial Penn Medicare Supplement Plan B. Plan B covers everything that Plan A covers, plus the Part A deductible.
- Colonial Penn Medicare Supplement Plan C. Plan C covers everything that Plan B does, plus skilled nursing facility care coinsurance, the Part B deductible, and 80 percent of foreign travel medical emergency costs (up to plan limits). Plan C is not available to people who first became eligible for Medicare on or after January 1, 2020.
- Colonial Penn Medicare Supplement Plan D. Plan D covers everything Plan C covers except the Part B deductible.
- Colonial Penn Medicare Supplement Plan F. Plan F covers everything Plan D covers, plus the Part B deductible and Part B excess charges. Like Plan C, Plan F isn’t available to people who first became eligible for Medicare on or after January 1, 2020.
- Colonial Penn Medicare Supplement Plan G. Plan G offers comprehensive supplemental coverage. It covers everything Plan F does, except the Part B deductible. It may be a good choice for people who are newly eligible for Medicare but want significant coverage.
- Colonial Penn Medicare Supplement Plan K. Plan K covers Medicare Part A coinsurance as well as hospital costs for up to an additional 365 days after your Medicare benefits have been exhausted. It also pays for 50 percent of your Part B coinsurance or copayments, the first 3 pints of blood you need, Part A hospice care or coinsurance, skilled nursing facility care coinsurance, and the Part A deductible.
- Colonial Penn Medicare Supplement Plan L. Plan L covers all the same Medicare Part A costs as Plan K. It also covers 75 percent of your Part B coinsurance or copayments, the first 3 pints of blood you need, Part A hospice care or coinsurance, skilled nursing facility care coinsurance, and the Part A deductible.
- Colonial Penn Medicare Supplement Plan M. Plan M covers Medicare Part A coinsurance as well as hospital costs for up to an additional 365 days after your Medicare benefits have been used up. It also covers your Part B coinsurance or copayments, hospice care coinsurance or copayments, the first 3 pints of blood you need, Part A hospice care or coinsurance, and skilled nursing facility care coinsurance. This plan covers 80 percent of foreign travel emergency medical care (up to the plan limits).
- Colonial Penn Medicare Supplement Plan N. With Plan N, you must pay a copayment of up to $20 for doctor’s office visits. You’ll also have a copayment of up to $50 for emergency room visits that do not result in inpatient hospital admission. Otherwise, this plan covers everything Plan M does, plus the entire Part A deductible.
Colonial Penn Medigap plan costs vary from location to location. You can search these plans by ZIP code using Medicare’s plan comparison tool.
The table below provides some price ranges around the country for the Medigap plans Colonial Penn sells.
|Location||Plan||Type of pricing||Monthly premium|
|Hartford, CT||Plan A||community pricing||$158–$1,233|
|Hartford, CT||Plan B||community pricing||$157–$907|
|Hartford, CT||Plan C||community pricing||$296–$389|
|Maricopa, AZ||Plan D||issue-age pricing||$116–$302|
|Maricopa, AZ||Plan F||issue-age pricing||$134–$459|
|Maricopa, AZ||Plan F (high deducible)||issue-age pricing||$36–$71|
|Des Moines, IA||Plan G||attained-age pricing||$97–$363|
|Des Moines, IA||Plan G (high deductible)||attained-age pricing||$32–$72|
|Des Moines, IA||Plan K||attained-age pricing||$41–$113|
|Portland, OR||Plan L||attained-age pricing||$84–$191|
|Portland, OR||Plan M||attained-age pricing||$116–$213|
|Portland, OR||Plan N||attained-age pricing||$100–$236|
The type of pricing indicated above can affect your costs over time. Here’s what each type means:
- Community pricing. Premium costs don’t vary based on your age.
- Issue-age pricing. Premium costs are low for younger insurance purchasers, and these costs won’t increase as you get older.
- Attained-age pricing. Premiums are low for younger insurance purchasers but continue to rise as you get older, making them potentially quite expensive over time.
Not every plan offered is available in every state, county, or ZIP code. To see if Colonial Penn offers a specific Medigap plan in your area and how much it will cost for you, visit the company’s website here.
Original Medicare (parts A and B) doesn’t cover 100 percent of your medical costs. Medigap plans are supplementary insurance that help cover some of the remaining costs after Medicare has paid its share.
You can purchase Medigap plans through private insurance companies. Their coverage and costs vary by plan and location.
Medigap is not the same as Medicare Advantage (Part C). Part C plans offer coverage that original Medical doesn’t, such as dental and vision care. Part C plans may also cover prescription drugs.
You can’t purchase a Medigap plan if you have Medicare Advantage.
Current Medigap plans don’t offer prescription drug coverage. You can purchase a Medicare Part D plan in addition to Medigap if you have original Medicare.
- Colonial Penn is a private insurance company that sells Medicare supplement insurance (Medigap) plans.
- This company offers 12 plan options throughout many areas of the United States.
- While the basic level of coverage is the same no matter where you live, the cost of each plan will vary based on your location, age, and certain health factors.