We are proud to present our clients with Colonial Penn Medicare Supplement. If you like to learn more about Colonial Penn and its services give us a call at 800-208-4974.
Colonial Penn Company Overview
Colonial Penn offers Medicare supplement plans through one of their affiliated companies; Colonial Penn Life Insurance Company and Bankers Life and Casualty, both are part of CNO Financial Group. Colonial Penn has been around since 1879, with a strong history of marketing and selling life insurance policies through television ads.
The company offers standardized Medicare supplement plans in most states. They do not offer Rx plans or Medicare Advantage plans.
Colonial Penn Financial Stability
Colonial Penn is a very financially sound company. The parent company, CNO Financial is publicly traded under the stock symbol “CNO” (NYSE). They are headquartered in Indiana. Their revenue in 2014 was 4.1 billion with a net income was 51 million.
Colonial Penn Life Insurance company maintains an A- rating with A.M. Best and a BBB+ rating with S&P. Colonial Penn is headquartered in Philadelphia, PA.
Colonial Penn Medigap rates vary depending on your age, geographic location, and the offered plan.
The best time to enroll for a Colonial Penn Medigap plan is during the three months before you turn 65 years old, during the Initial Enrollment Period. During this time, you can sign up for any plan you want, regardless of health. If you are under 65 years old, you can enroll if you are entitled to Medicare Parts A and B.
Colonial Penn Medicare Supplement Plan Highlights
Colonial Penn offers Medicare supplement plans that can help reduce out of pocket costs and save you money in the long run. Here are some highlights of Colonial Penns offerings:
- 30 day free look period
- Portable coverage
- A+ rating
- Can visit any Medicare-approved doctor or provider
Colonial Penn Medicare Supplement Plan F
Colonial Penn Medigap Plan F is one of the more comprehensive Medicare supplement plans available. This plan covers basic benefits plus Part B excess charges and Part B deductibles. This plan also covers all copays and coinsurance, which greatly reduces out of pocket costs/expenses.
Here are some of the advantages of Medigap Plan F:
- 100% coverage, no out-of-pocket costs
- Foreign travel coverage (limited amount)
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Colonial Penn Medicare Supplemental Plan G
Plan G also offers a robust coverage plan that will surely fill the 20% that Original Medicare doesn’t cover. Folks who are Medicare-eligible can sign up for Plan G and get coverage for:
- Part B Coinsurance or Copayment
- Blood (Only first 3 pints)
- Medicare Part A deductible
Plan G is also known for having the best value since it’s identical to Plan F but at a more affordable rate. It’s very cost saving in comparison to Plan F. On average, the plan can cost you it cost $25 – $50 less per month than Plan F and can save folks $240 – $500 per year.
Colonial Penn Medigap Plan N
Colonial Penn also provides a Medicare supplement Plan N, one of the more affordable plans out of all the other Medigap Plans. This plan provides all the basic benefits, plus fully covers Medicare Part B coinsurance costs. The only thing you are required to pay for is the 20$ copays for doctors or office visits and up to $50 for emergency room visits.
Here are a few more highlights of Plan N:
- Hospital coverage up to 365 days after Original Medicare
- Part A deductible
- Skilled nursing facility
Read More: Plan N vs G
Are Colonial Penn’s Rates Competitive?
At the time of writing this, Colonial Penn’s Medigap rates are not competitive in most areas. For example, a plan F for a 65-year-old female, a non-tobacco user in Arizona, would be $185 per month. Remember, all Medigap plans are standardized so that you can get the same exact Plan F with another carrier for a lower price.
The best rates for Plan F in Arizona range between $116 – $135 per month. If you are looking at Colonial Penn as an option, contact us at (800) 208-4974, and we can show you what else is available at a cheaper rate.
We do recommend Plan G over Plan F for the reasons mentioned in my blog post. Colonial Penn does offer a Plan G, and a Plan N. Their rates are not competitive across the board for all plans. Often folks are talked into signing up with an overpriced carrier, and when they find out, it’s too late to make a change due to a health issue.
It is important to start with the most competitive, A-rated carrier.
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Our Professional Opinion
Overall we do NOT recommend Colonial Penn for your Medicare supplement insurance.
Colonial Penn and Bankers Life have a poor reputation among independent agents and customers for their unethical sales tactics and poor customer service. Their plans are also vastly overpriced when comparing the same exact Medicare supplement plan with another carrier such as Aetna or Mutual Of Omaha.
Rate increases with Colonial Penn have been higher than the industry average. Colonial Penn Medicare supplement plans are not sold by independent agents.
Therefore, if you have one, you were likely not shown plans with other competitive companies because the agent that sold you the Colonial Penn policy only works with one company; Colonial Penn.
thumbIf you currently have a Medicare supplement plan with Colonial Penn you may be overpaying. Contact us at (800) 208-4974 or request a free quote to find out if you can qualify for a lower rate with a more competitive carrier.
Colonial Penn Medicare Supplement Review
Call us at (800) 208-4974 for a free Medicare supplement quote!
Alex Wender is the founder and CEO of Bluewave Insurance. He has been blogging about Medicare-related topics since 2010. Since then, he and his agency have helped thousands of people across the country choose the right Medicare to fit their needs.