Thrivent Financial is a not-for-profit financial services organization that offers Medicare supplement products. The company is a member-owned fraternal benefit society deemed for Christians praised for its range of insurance options.
The company Medicare supplement plans, including A, B, F, G, and N.
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Thrivent Financial Background
The formation of Thrivent Financial for Lutherans was the result of a merger of the Aid Association for Lutherans (AAL) and the Lutheran Brotherhood (BL) in 2001. The AAL was founded in 1902, and the BL was formed some years later in 1917. Both offered insurance contracts to Lutherans.
Thrivent’s headquarters are in Minneapolis. The company currently has more than 2.5 million members, 3,000 employees, and 2,000 financial representatives.
In 2013, Thrivent expanded its service delivery beyond Lutherans to all Christians. The company also removed “for Lutherans” from its name to accommodate this change.
Thrivent for Lutherans Ratings (Financials)
The Better Business Bureau (BBB) ranks a company’s customer satisfaction, and an A.M Best rating indicates a company’s financial health. A Fitch rating is also insightful as the agency bases its ratings on the company’s debt and their sensitivity to systemic changes such as interest rates.
Thrivent Financial has been a BBB accredited company since April 1999, and they currently have an A+ rating.
The company also earned an A+++ (Superior) rating from AM Best. The agency cited Thrivent’s “balance sheet strength as well as its strong operating performance, favorable business profile, and solid enterprise risk management.” A.M. Best also noted, “Thrivent’s continued growth by expanding its customer membership in the Christian community and highlighted the loyalty it enjoys among its membership base.” 
Thrivent holds an AA+ rating from Fitch as well, which is the second-highest of Fitch’s nineteen categories.
Forbes Magazine rates Thrivent Financial highly with superior customer service, and, in 2019, Thrivent made the Fortune 500 list.
Thrivent Financial Medicare Supplement Costs
Thrivent Medigap plans vary with cost depending on several factors such as your age, location, and health. To give you an idea here are some sample rates from different areas in the country for the popular plans F, G, and N for a 65-year-old female nonsmoker, rates are quoted per month.
|Location||Plan F||Plan G||Plan N|
*Rates vary based on location, age, and health. Call us at (800) 208-4974 for a free quote comparison today.
Thrivent Financial for Lutherans Medicare Plans
Thrivent offers Medicare supplement insurance plans (Medigap), which help with medical expenses that the Medicare program won’t cover, such as a variety of deductibles or co-payments.
Under federal law, companies can offer up to ten Medicare supplement insurance plans, including a high-deductible plan. The plans are labeled A through N – with each including a slightly different set of benefits.
All but three states require companies to standardize Medicare supplement insurance policies. Massachusetts, Minnesota, and Wisconsin require companies to sell benefit plans as defined by their state laws.
Thrivent offers Medicare supplement insurance plans, including A, B, F, G, N. The three most popular plans are F, G, and N, the benefits for these plans are outlined in the chart below.
|Medigap Benefits||Plan F||Plan G||Plan N|
|Medicare Part A Coinsurance||100%||100%||100%|
|Medicare Part B Coinsurance||100%||100%||100% **|
|Blood (First 3 Pints)||100%||100%||100%|
|Part A Hospice Coinsurance||100%||100%||100%|
|Skilled Nursing Facility Coinsurance||100%||100%||100%|
|Medicare Part A Deductible||100%||100%||100%|
|Medicare Part B Deductible||100%||X||X|
|Medicare Part B Excess Charges||100%||100%||X|
*Plan N has an office visit copay up to $20 per visit.
* Foreign travel is covered as reimbursement for emergencies, learn more about the travel coverage on Medigap plans here.
By purchasing any plan from Thrivent, you become a benefit member. Membership provides access to education resources, discounts, and exclusive fee services, such as:
- 40 percent off diagnostic hearing services at 3,800 providers nationwide
- 15 to 60 percent off prescriptions at 62,000 pharmacies
- 20 to 50 percent off dental procedures via the Maximum Care Discount Network
- 20 to 40 percent off vision services via the EyeMed Vision Care Access Plan D discount program
- Resources for independent living
Thrivent does offer membership without plan purchase for an annual fee of $19.95. Applicants must be Christian. Premiums for the actual coverage purchased are determined using one of two pricing methods: issue-age or attained-age.
What is included with a Medigap plan from Thrivent?
- 30-day free look period
- 12-month-rate guarantee
- Guaranteed renewable for life
- Freedom to choose any provider that accepts Medicare
- Portable coverage
- Household discount (where available)
Thrivent Medicare Supplement Plan F
Plan F is the most comprehensive Medicare Supplement plan available with Thrivent Financial. With this plan, you have ZERO out-of-pocket responsibilities. Plan F is the only plan that provides 100% coverage for the gaps left-over by Original Medicare.
(Take note that, as mentioned, some states, such as Minnesota and Massachusetts, have different options.)
According to Medicare, as of January 1, 2020, Medigap plans sold to new recipients won’t be able to cover Part B deductibles due to changes in federal law. As a result, Medicare says, Plans C and F won’t be available to accept new Medicare recipients from this date. Though, those who were previously enrolled will keep their benefits and can apply for these plans to switch providers if they so wish.
Thrivent Medicare Supplement Plan G
Thrivent Medicare Supplement Plan G is one of the most comprehensive plans that Thrivent Financial offers to its policyholders. Plan G covers all basic Medicare benefits except for the Part B deductible, which is $198 for the year in 2020. There are no office copays with Plan G.
Plan G is the most popular plan offered by Thrivent. With Plan F no longer available for folks new to Medicare, this plan is now the most comprehensive plan to choose from (for folks new to Medicare after Jan. 1st 2020).
High Deductible Plan G
High Deductible Plan G became available in early January 2020. It is a supplemental plan that offers the same coverage as the original High Deductible Plan F.
The 2020 deductible for “High Deductible Plan G” is $2,340. Policyholders of this plan would need to meet the deductible in a calendar year before the plan starts to pay out benefits. This policy is a good option for someone who is looking for a lower monthly premium in exchange for more out-of-pocket costs.
Thrivent Medicare Supplement Plan N
Medicare Supplement Plan N is an affordable alternative to Plan F and Plan G. The coverage of Plan N is also relatively comprehensive, the Part A Deductible, Skilled Nursing copayment, and Hospice Coinsurance are all covered. There is an office visit copay at the doctor with Plan N.
Like Plans F and G, the out-of-pocket limit is not applicable. Unlike Plan G, Plan N coverage does not include Medicare Supplement Part B excess charges or your Medicare Part B deductible. As a result, you would be responsible for a co-payment when seeing a doctor or specialist. This copay varies between $0 – $20.
Our Review of Thrivent Financial
Overall we do recommend Thrivent as a carrier option for your supplemental insurance. They are very strong financially and rates are competitive in many areas across the country.
What To Do Next?
- If you are looking for quotes – We can provide you with a free rate comparison for all plans and companies, call us directly at (800) 208-4974 or use our online quoting here.
- If you have general questions related to Medicare – or questions particular to Thrivent Financial call us at (800) 208-4974
- If you are not ready to speak with us – feel free to read more about Medicare carriers here.
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