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Transamerica Medicare Supplement Review

Fill out the Customized Quote to get rates for the Transamerica Medicare Supplement

Transamerica Medicare Supplement offers plans A, C, F and N, but there may be certain restrictions on availability if you are in a Guaranteed Issue (GI)period. Transamerica rates their product 3 different ways depending on the state it is being offered.  The most common is an attained age rate which means your rates will go up each year you get one year older.  The second is an issue age rate which will typically start out a bit higher, but won’t incur age increases each year.  The last, and only offered in one state is a community rated which means that everyone pays the same amount regardless of age.  NONE of these mean you won’t get an increase due to other factors including inflation and claims ratios.

About the Transamerica Medicare Supplement

Transamerica began in San Francisco in 1904 by Amadeo Gianni, an Italian immigrant determined to help the majority of people with financial services and not just the wealthy.  He later started a bank named the Bank of Italy and soon after helped the people rebuild after the massive destruction from the earthquake and devastating fire of 1906.

24 years after he first began, the Bank of Italy merged with Bank of America and soon after took on Occidental Life Insurance company which still exists today. In 1956, the insurance side of the company split off, became Transamerica Corporation and in 1999 it became a part of one of the world’s leading financial entities Aegon where it remains today.

The financial strength of Tranamerica has been awarded an A class rating by A.M. Best, Fitch,Moody’s and Standard & Poor’s.  The chart below are the current ratings as of 7/7/2016, found in the Transamerica Financial Strength brochure. You can read more more about their financial strength at www.transamerica.com.

Transamerica Financial ratings

The Medicare Supplement product is part of the Transamerica Premier Life Insurance Company Division headquartered in Cedar Rapids, Iowa began offering individual plans in 2013 and is now available in 28 states.  The product was originally sold by one of their subsidiaries, Stonebridge Life, beginning in 2013.  Since then, Transamerica has adsorbed Stonebridge along with Monumental Life into one product offering. Transamerica is now one of the best Medicare Supplement companies

The following are some sample rates and financial data you may want consider when evaluating this company for a Medicare Supplement.

SAMPLE RATES IN CENTRAL OHIO (Effective 07/01/2016)

PLAN F

  • 65 year old Female Plan F with a requested effective date of July 1, 2016 is $132.22 per month.
  • 65 year old Male –  Plan F with a requested effective date of July 1, 2016  is $141.27 per month.

There is no household discount availableTransamerica supplement plan F

 

 

 

 

 

PLAN G

  • 65 year old Female Plan F with a requested effective date of July 1, 2016 is $121.92 per month.
  • 65 year old Male –  Plan F with a requested effective date of July 1, 2016  is $130.27 per month.

There is no household discount availableTransamerica supplement plan G

 

 

 

 

PLAN N

  • 65 year old Female Plan F with a requested effective date of July 1, 2016 is $101.90 per month.
  • 65 year old Male –  Plan F with a requested effective date of July 1, 2016  is $108.86 per month.

There is no household discount availabletransamerica supplement plan N

 

 

 

 

 

If you are not in an Open Enrollment or a Guaranteed Issue period, as with most other companies, you will have to pass the questions to qualify for their Medicare Supplement plan.  Transamerica is somewhat more stringent is some areas, and more lenient than other companies others.

KEY HEALTH QUALIFIERS

The first consideration is the applicants height and weight.  This is one of the few companies that will charge a premium according to where the person falls in the height and weight guidelines instead of either accepting or declining (except California, New Jersey, Florida, North Dakota and Washington).  If you have been declined for being over or under the limits, this could be a great option for you.  If you are diabetic, you will have to pass a separate maximum weight limitation which is not as lenient as a non-diabetic.

  • Tobacco rates will not apply during Medicare Part B open enrollment or a GI period.  Great news for tobacco users and even more of an incentive to buy it as soon as you are eligible even if you are in perfect health.
  • Diabetics that do not use insulin and are well controlled or even on blood pressure medications with good control and no increases in medications may qualify.
  • Maintenance medications for heart disease, stroke and carotid artery disease, heart rhythm disorder or 2 years after a heart attack may qualify if they are asymptomatic.
  • Applicants who have had cancer but no surgery or treatments in the last 2 years.
  • Respiratory disorder with less than 3 medications will be considered and are not an automatic decline.

Conditions that will result in a decline include (but not limited to) the following:

  • Use of oxygen
  • A stroke or TIA with residual effects
  • An illness reasonably expected to result in death in the next 18 months
  • Cancer or treatment or surgery for Cancer in the last two years
  • Implantation of a pacemaker or defibrillator
  • Any organ transplant and current use of anti rejection medications
  • Any type of mental or nervous disorder that requires the use of a psychiatrist
  • Current use of narcotic pain medication
  • Diagnosed or treated for Alzheimer’s or Dementia
  • Pending surgery or treatments
  • Psychosis, Parkinson’s, Multiple Sclerosis and Muscular Dystrophy
  • Use of insulin, steroids, or any medication that is administered in an physician’s office
  • HIV/AIDS/ARC
  • Advised to have surgery for cataracts in the next 12 months

The basic underwriting process includes a prescription history report, MIB (Medical Information Bureau) report and a telephone interview (PHI).  Stability and control of conditions will be verified by the PHI and information from the phone interveiw and application will be verified using the two reports.

Non-Medical Criteria

  • Transamerica will not accept an check from a third party checks including charitable organizations and foundations.  This guideline has been adopted by most insurance companies  typically due to regulations in the IRS tax code.
  • Power of attorney signatures are will not be accepted.
  • Applications cannot be backdated to retain the rate at a younger age as with most life insurance policies.

As always, for a better understanding of Transamerica Premier Life Insurance Company Medicare Supplements, ;feel free to consult with our independent agents for an object opinion by calling 614-402-5160.

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