- Colonial Penn offers 11 Medicare supplement (Medigap) plans in most states throughout the country.
- Medigap plans through Colonial Penn cover some of the out-of-pocket costs left over 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. If you miss the 6-month open enrollment window, you may not be able to get a Medigap plan.
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.
The Medigap plans that Colonial Penn sells are:
- Plan A
- Plan B
- Plan C
- Plan D
- Plan F
- Plan F (high deductible)
- Plan G
- Plan K
- Plan L
- Plan M
- Plan N
Medigap plans are standardized 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.
Plan availability and costs, however, may differ based on location. 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
Like all Medigap plans, Plan A covers Medicare Part A coinsurance for inpatient hospital stays. This often includes an additional 365 days (1 year) of inpatient coverage after your Medicare benefits have been used up.
Plan A also covers hospice care coinsurance or copayments, Medicare Part B coinsurance and copayments, and the first three pints of blood you may need.
Colonial Penn Medicare Supplement Plan B
Plan B covers everything that Plan A covers, plus the Medicare Part A deductible.
Colonial Penn Medicare Supplement Plan C
Plan C is not available to people who first became eligible for Medicare on or after January 1, 2020. If you became eligible for Medicare before that date, you may be able to purchase Plan C. If you already have Plan C, you will be able to keep it.
Colonial Penn Medicare Supplement Plan D
Plan D covers everything Plan C covers — except the Part B deductible.
Colonial Penn Medicare Supplement Plan F
Like Plan C, Plan F isn’t available to people who first became eligible for Medicare on or after January 1, 2020. If you became eligible for Medicare before that date, you may be able to purchase Plan F or keep this plan if you already have it.
You can also choose a high-deductible version of Plan F (sometimes referred to as Plan FH).
It covers everything that standard Plan F covers; however, it requires you to pay all Medicare-covered coinsurance, copayments, and deductibles up to $2,340 — the deductible amount in 2020 — before your policy starts to cover any expenses.
For this reason, a high-deductible Plan F may be a good choice for you if you don’t anticipate needing a lot of coverage.
Colonial Penn Medicare Supplement Plan G
Plan G offers comprehensive supplemental coverage. It covers everything Plan F does, except the Part B deductible.
So, Plan G 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 pays for 50 percent of your Part B coinsurance or copayments, the first three pints of blood you need, Part A hospice care or coinsurance, skilled nursing facility care coinsurance, and the Part A deductible.
The out-of-pocket maximum for Plan K in 2020 is $5,880.
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 three pints of blood you need, Part A hospice care or coinsurance, skilled nursing facility care coinsurance, and the Part A deductible.
The Plan L out-of-pocket maximum in 2020 is $2,940.
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 three pints of blood you need, Part A hospice care or coinsurance, and skilled nursing facility care coinsurance.
While Plan M covers 50 percent of the Part A deductible, it doesn’t cover the Part B deductible or Part B excess charges.
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.
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 pricing examples in different locations.
|Location||Plan||Type of pricing||Monthly premium range|
|Hartford, CT||Plan L||Community pricing||$119–$301|
|Maricopa, AZ||Plan L||Issue age pricing||$71–$194|
|Warren, IA||Plan M||Attained age pricing||$109–$146|
|Portland, OR||Plan M||Attained age pricing||$95–$139|
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.
If you qualify for Medicare, you may be able to purchase a Medigap supplement from Colonial Penn.
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, use Medicare’s plan finder tool.
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.
The best time to buy a Medigap plan is when you first become eligible for Medicare. This 6-month Medigap open enrollment period begins the month you turn 65 years old and enroll in Medicare Part B. You can’t be turned down for a Medigap plan at this time, even if you have a health condition.
If you don’t purchase Medigap during this period, you may pay higher monthly premiums for your plan. It’s also possible that you can be turned down for a Medigap plan later.
- Colonial Penn is a private insurance company that sells Medicare supplement insurance (Medigap) plans.
- This company offers 11 plans 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.
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