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New Era Life Insurance Company Background & History
New Era Life is an insurance company that offers Medicare supplement plans, annuities, and whole life insurance. The company was incorporated in 1924, and the current management has been in place since 1989. They are headquartered in Houston, Texas. New Era Life offers Medicare supplement plans through one of the following subsidiaries:
- New Era Life Insurance Company
- Philadelphia American Life Insurance Company
- New Era Life Insurance Company of the Midwest
New Era maintains an A.M. Best rating of B++ which shows they are a financially stable company. The difference between an A-rated carrier and B+ should NOT be a major factor in deciding what carrier to go with and I explain why here.
New Era provides great Medigap plans for Medicare-eligible folks. They have excellent customer service, fast underwriting, and claims support. New Era also has competitive Medicare supplement rates that vary per state, but they make sure to make it affordable for varying budgets.
New Era offers Medigap Plan F to folks that were Medicare-eligible before January 1st, 2020. With this plan, you can get coverage for the Part A deductible, Part B deductible, skilled nursing, and more. This plan is one of the more comprehensive Medicare plans in the market.
What Plans Does New Era Offer?
|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|
New Era offers all the popular Medigap plans; F, G and N. If you have read any of my other blog posts then you know I always recommend Plan G over F.
Plan N is also a good option if you are not going to the doctor very often and want to enjoy a lower monthly premium. See the chart below of the standardized Medigap plans.
With all Medigap plans offered by New Era Life / Philadelphia American you get:
- 30 day free look period
- Portable coverage
- Guaranteed renewable for life
- Conservative rate increase history
New Era Life Medigap Plan F
Plan F is the most comprehensive Medicare Supplement plan available. However, only folks who became Medicare-eligible before January 1st, 2020, can sign up for this plan. This is due to the U.S. government’s decision to cut back on healthcare costs. However, there is still a similar alternative: Medicare Plan G, which is identical to Plan F. The only additional thing you have to pay for is the Part B deductible.
As you can see in the table above, F covers all costs not picked up in full by Orignal Medicare. This plan comes with a higher premium than Plans G and N. We recommend Plan G. Plan G provides the most value and long-term rate stability. New Era is competitive for Plan F in most states across the country.
New Era Life Medicare Supplement Plan G
Plan G is often referred to as the “Value” plan or “Gold” plan. This plan provides the most value for your premium dollar. The only benefit difference between F and G is an annual deductible of $226 in 2023. Other than that, the plans are identical. The premium difference, however, covers that benefit difference. Also, Plan G has historically had lower rate increases than Plan F.
Here are some of the reasons why folks sign up for Plan G:
- See any doctor that accepts Medicare
- No copayments
- No Excess Charges
Learn more: Medicare Supplement Plan G
New Era Life Medicare Supplemental Plan N
Plan N is a great option for those folks who want to save money on premiums and don’t see the doctor very often. With Plan N, you will have an office visit copay up to $20 for each doctor or specialist visit. Also, you will pay the Part B deductible, and Part B excess charges are not covered.
Here are some of the highlights of Plan N:
- First 3 pints of blood
- Medicare-approved services or supplies
- Medicare Part A deductible
Are New Era Life Insurance Rates Competitive?
New Era Life maintains some of the most competitive rates in many areas across the country. Depending on where you live, New Era / Philadelphia American could be the best choice for your Medicare supplement insurance.
One thing that we love about New Era, is the great rate increase history they have. Their rate increases are always in the single digits, even on their plan F.
Most companies, will at one time or another have a double-digit rate increase on their Plan F. New Era has a great handle on their rates and is one of the best in the business for rate stability.
We love working with them knowing our clients will not face big rate increases in the future.
New Era is also very competitive for folks who are over the age of 65 and looking to change carriers to take advantage of a lower rate. Let’s take a look at the following example, in Texas a 75-year-old female, nonsmoker comparing Plan F:
New Era: $162 per month
Colonial Penn: $270 per month
Humana: $245 per month
As you can see New Era is much less for the same exact Plan F. In addition, they have liberal health underwriting. If you have been denied by other carriers there is a good chance you can get approved with New Era.
Note: health questions do NOT apply if you are turning 65 or new to Part B.
Our Expert Advice
Overall we love recommending New Era Life / Philadelphia American to our clients for their Medigap insurance. We know that our clients will enjoy stable rate increases and will never have to worry about overpaying for their coverage. When our clients are happy we are happy.
thumbIf you are wondering if New Era is the carrier for you or if you have any Medicare-related questions please call us at (800) 208-4974. One of our licensed insurance agents will be able to help you with any questions or guide you to the Medicare supplement plan right for you.
New Era Life Review
Overall New Era / Philadelphia American is a strong recommendation. Contact us at (800) 208-4974 for a free quote.