Company History and Background
Founded in 1922, State Farm started as a mutual insurance company. Initially, the company solely provided auto-insurance policy to farmers, under the name State Farm Mutual Automobile Insurance Company. However, over the years, State Farm has grown to become a group of companies, providing quality business, home insurance, life insurance, and health insurance. Headquartered in Bloomington, Illinois, State Farm offers their various products to all states across the United States through several insurance agents.
Financial Strength and Ratings
State Farms is a financially secure insurance provider, offering their insurance products exclusively through over 19,000 agents. In 2018, State Farms ranked number 36 on the Fortune 500, and for many years, the company has maintained a top position in the home and auto insurance industry. Also, State Farms boasts over 84 million accounts and they rank as the 83rd largest bank in the U.S. Currently, the company is rated A- by the Better Business Bureau (BBB) and A++ Superior rating from A.M. Best.
State Farm Medicare Supplement Insurance Policies
Although State Farm is well-known for its auto-insurance, home insurance policy, and financial products. The company also writes nearly 900,000 health policies which include a handful of Medicare supplement policies. Medigap coverage options provided by State Farm include Medicare Parts A, B, C, G, N, and F, though, plan list may vary by state. Potential customers can check what plan is available in their state, on the company’s website. State Farm Medicare supplement policies are very beneficial, especially Plan F, which offers the most comprehensive coverage options.
No, they do not offer Medicare Advantage plans. However, State Farm does offer Medicare Supplement (Medigap) plans to eligible Medicare beneficiaries.
Candidates aged 65 and above are eligible for Original Medicare Part A and B as well as the rest of the Medicare supplement plans offered by State Farm. Also, candidates with certain disabilities and or medical conditions may enroll as well.
State Farms rates are not very competitive in most areas. Monthly premium ranges between $100-$250 per month depending on location, age, and gender. On the other hand, their plans do have a high level of insurance coverage. If you have any questions about State Farms premium pricing in your state, contact us at 800-208-4974, we’d be happy to answer any questions you may have.
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State Farm Plan F Medigap Policy
Medigap plan F offers the most comprehensive coverage compared to other plans offered by State Farm. For customers seeking a Medicare plan with much better value than Plan C, and a negligible difference between rates, Plan F may be a good fit. State Farm also offers Plan F high deductible, which costs less than the standard Plan F. However, plan F high deductible clients will have to pay for deductibles up to a certain amount before their Medigap kicks in.
Plan F covers plan B excess charges and includes all the costs covered by plan C. However, candidates on Plan F will have to pay 80% of the cost of their foreign emergency care already covered by the policyholder after they have paid $250 deductible (subject to a lifetime maximum of $50,000). Other forms of Medigap coverage offered by plan F includes the following;
- Medicare Part A coinsurance and hospital costs.
- Medicare Part B copayment.
- Medicare Part B coinsurance.
- Skilled nursing facility and hospice coinsurance.
State Farm Medicare Supplement Plan C
Medicare supplement insurance Plan C from State Farms provides coverage for more options not included in the core benefit pack. This plan is a middle ground between Plans A and F, as candidates on Plan C only have to pay for coverage they need. Medicare supplement Plan C also covers emergency care in a foreign country (covering 80% of expenses that would have been covered by Medicare in the U.S, within the 60 days of the trip), and Part A skilled nursing facility coinsurance. Other added benefits of State Farm Plan C include the following:
- Medicare Part A coinsurance with additional 365 days coverage after Medicare benefits expire.
- The first 3 pints of blood per year (if needed).
- Medicare supplement Part B deductibles.
State Farm Medicare Supplemental Insurance Plan G
With State Farm’s Plan G Medigap policy, candidates get similar advantages with Plan F, however, the Part B deductible is not covered ($226 in 2023). This option is a good match for those who want plan B excess charges covered but cannot afford the more comprehensive plan F. Medicare supplement Plan G offers the core benefits provided by Original Medicare Part A, as well as Part A deductible. This option also offers the following coverage:
- Medicare Part B excess charges.
- Skilled nursing facility and Hospice coinsurance.
- Foreign Travel Emergency care (subject to life plan maximum).
State Farm Medigap Plan N
Medicare supplement Plan N comes with the same benefits as plan D. One major difference between both plans is that Plan N covers 100% of Part B coinsurance excluding minor copays for emergency and office visits that don’t result in an inpatient admission. Other benefits of plan N include:
- Foreign Travel Emergency care (subject to life plan maximum).
- Skilled nursing facility and Hospice coinsurance coverage.
- Medicare Part A deductible.
How to file a claim with State Farm
State Farm has sparse information on how customers can file Medicare supplement insurance claims on their website. Nevertheless, their website has a section that states that claims can be filed using the State Farm mobile app, by calling 800-SF-CLAIM (800-732-5246) or contacting a State Farm agent.
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If you need assistance with picking the State Farm Supplement plan for you, give us a call at 800-208-4974, our trusted insurance agents will be happy to answer any questions.
Which is the best Medicare Supplement Plan Overall?
State Farm Medicare supplement plans offer customers a decent number of options to help them choose a suitable package that fits both their budget and healthcare needs. Even though all plans come with unique benefits, Plan F offers more comprehensive coverage. This plan also offers a lower premium cost for more coverage.
Our Expert Advice
State Farm is a solid company in the industry, thus, we highly recommend them. Although the company offers a limited number of Medicare supplement plans and they are generally not very competitive on price, their credibility in the industry precedes them. Customers are also likely to find good value in the plans offered, especially for plan F. Ultimately, what determines whether State Farm Medicare Supplement is the best for you, depends on what plans are available in your state.
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For a free quote and rates comparison between State Farm Insurance and similar Medicare supplement providers, please call us at 800-208-4974.
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