We are proud to offer IAC as one of our carriers. If you are looking for free quotes, contact us at (800) 208-4974.
IAC Company Background
Individual Assurance Company (IAC) was founded over 50 years ago as an insurance agency with the goal of meeting the insurance needs of their customers.
Over the years, the company has grown tremendously, offering a wide range of insurance plans for individuals in almost all states. Starting out as “Institutional Agencies Corporation,” the company began doing business in 1956.
In 1973, IAC established as a domiciled insurance company in Missouri. IAC maintains its headquarters in Edmond, Oklahoma.
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IAC Financial Ratings
The company has a stable outlook and maintains a B+ (Good) rating from A.M.s Best. They currently have almost $4 billion of insurance in force. This rating is only given to companies that have shown a stable financial outlook and strong balance sheets. This means that they have centered their goals around the customers and their stakeholders, creating value year after year.
Currently, IAC Medigap plans are available in 43 states. Although they are headquartered in Edmond, Oklahoma, you can still find their plans whether you’re in California or Texas. We advise that you speak with a licensed insurance agent to compare carriers and prices and determine if IAC is in your state.
Yes! With certain IAC Medicare supplement plans, foreign travel emergencies are covered, up to 80% of the cost. This gives many folks peace of mind when they are traveling abroad, making sure they get the proper care they need in case anything happens.
Medicare Supplement Plans Offered By IAC
IAC offers the three most popular Medicare Supplement Plans; F, G & N.
You get the following with a Medigap plan from IAC:
- 30 day free-look period
- Coverage is guaranteed renewable for life
- Portable coverage
- Ability to see any provider that accepts Medicare
- Household discount (when applicable)
Plans. F, G & N are the most commonly purchased Medicare Supplement plans. IAC offers these three plans in most states they are licensed in.
With the right supplement program, you can see any doctor or hospital in the country that accepts Medicare, no referrals needed. We recommend Plan G, see our explanation why.
IAC Medicare Supplement Plan F
Out of all the Medicare supplements IAC has available, one of the most popular and comprehensive plans is Plan F. With Plan F covers 100% of the gaps that Original Medicare doesn’t cover. In this case, it will greatly reduce out-of-pocket costs if anything were to happen to the policyholder.
Here are some of the coverage highlights of Plan F:
- Inpatient hospital coverage
- Overseas medical care (up to 80%)
- Part A deductible
With Plan F, you can save money in the long run if anything were to happen. However, this plan is only available to those who qualified for Medicare before January 1st, 2020. However, if you would like similar coverage, Plan G is a great alternative.
Individual Assurance Company (IAC) Medigap Plan G
IAC also offers Medicare Plan G, a plan that is identical to Plan F. The only difference is that the Medicare Part B deductible is not covered. Once you’ve paid off the Part B deductible, you are covered 100%, just like a Plan F.
However, on the bright side, Part B excess charges are covered with Plan G, plus you get all the basic benefits included in all Medicare supplement plans.
Here are some coverage highlights of Plan G:
- Preventative care coinsurance
- First 3 pints of blood
- Hospice care
Plan G also comes with so much more, like skilled nursing, travel coverage, and Part A deductible coverage. We recommend folks consult with a licensed insurance professional to see if Plan G is right for them.
IAC Medicare Supplement Plan N the Most Affordable Plan
Lastly, one of AIC’s most affordable plan is the Medigap Plan N. This is perfect for an individual that doesn’t need a lot of medical care and wants coverage for unexpected moments in life.
Here are some coverage highlights of Plan N:
- Hospital stay up to 365 days
- Outpatient care and procedures
- Part B copays
The advantages of Medicare supplement Plan N are simple. With the monthly premium at the lowest price, you can save money while at the same time making sure you have coverage for the “Gaps” the Original Medicare doesn’t cover.
IAC started offering Medicare Supplement plans a few years ago. Their rates are very competitive, especially with G and N. They offer a 7% household discount that is applied if you live with someone else. The other person in the household does not need to buy any insurance.
Since offering Medigap plans, IAC has shown to have conservative rate increases. These increases have been in line or lower than other carriers in the market.
They have one of the best application processes in the business and can issue policies within minutes of applying. Also, their customer service is excellent.
Don’t be scared away because you have never heard of IAC. They are a reliable option for your supplemental insurance.
Overall, we recommend IAC and would be happy to answer any questions you have and provide free quotes. Call us directly at (800) 208-4974.
IAC Medicare Supplement Review
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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.