by Russell Noga | Updated May 8th, 2023
In a world where things are changing faster than you can blink, it’s more important than ever to ensure that your health is well taken care of. If you receive health insurance through Medicare, making sure that your out-of-pocket expenses are predictable and affordable is, no doubt, a top priority, and Medicare Supplement Insurance can help you achieve your goals.
There are several companies that offer supplemental insurance plans for Medicare. If you’re looking for a company that offers a variety of plans, charges affordable prices, provides reliable customer service, and has a proven track record of success, American Republic might be the right option for you. To ensure you make the most informed decision, however, practicing due diligence is essential. To help you determine if American Republic Medicare Supplement Insurance is the right choice, we’ve put together this handy guide.
About Medicare Supplement Insurance
If you’ve recently enrolled in Medicare or you’re about to, you might be wondering what Medicare Supplement Insurance is.
Also known as Medigap, Medicare Supplement Insurance is supplementary insurance coverage that is designed to work alongside Original Medicare; in other words, it doesn’t replace Medicare, but supplements it. Original Medicare consists of two parts: Part A, which covers the cost of inpatient medical expenses, and Part B, which covers the cost of outpatient medical expenses. Though Part A and Part B do cover a lot of the costs that you’ll incur, they don’t cover everything. You’re responsible for the expenses that Original Medicare doesn’t cover. That’s where Medicare Supplement Insurance comes can help.
Medigap insurance covers the cost of the out-of-pocket expenses that are leftover from Original Medicare; copays, coinsurance, and deductibles, for example. There are 10 different Medicare Supplement Insurance plans, which are named for letters. The plans are sold by private insurance companies and are regulated by the federal government via the Centers for Medicare and Medicaid Services (CMS). The plans are standardized, which means that all plans that are the same letter have to provide the same standard benefits, no matter which company provides the plan, and no matter where the plan is purchased. Insurance companies may provide additional perks on top of the standardized benefits, however, are allowed to set their own rates, and have different eligibility requirements.
About American Republic Insurance Company
Founded in 1929 by Watson Powell, American Republic Insurance Company is considered one of the most trusted providers in the Medigap market. A visionary in the insurance industry, Powell started his company with the goal of providing affordable and reliable insurance plans. Today, American Republic is just as dedicated to providing the clients they service with high-quality, reliable services for a fair and affordable price.
American Republic Insurance Company is rated A (Excellent) by AM Best, which affirms the insurer’s financial strength. The company has a long-standing history of providing outstanding customer service. Thanks to their affordable rates, simple application process, fast approval process, and dependability, American Republic is one of the top Medicare Supplement Insurance companies; in fact, millions of Medicare beneficiaries choose this insurer for their Medigap coverage.
American Republic Medicare Supplement Plans
While American Republic offers several Medicare Supplement Insurance plans, the most popular policies include Plan F, Plan G, and Plan N. The plans the company offers provide coverage for the same standardized benefits that all Medigap plans are required to offer. With that said, the following is an overview of the coverage provided by American Republic’s most popular Medigap plans.
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American Republic Medicare Supplement Plan F
Plan F is the most popular Medigap policy, as it offers the most inclusive coverage; in other words, it covers the most out-of-pocket expenses left over by Original Medicare. The benefits that are provided by Plan F include the following:
- 100 percent of the Part A coinsurance and hospital expenses
- 100 percent of the Part B coinsurance and copayments
- 100 percent of the Part A deductible
- 100 percent of the Part B deductible
- 100 percent of the coinsurance or copayments for skilled nursing facility care
- 100 percent of Part A coinsurance or copayments for hospice care
- 100 percent of the first three pints of blood needed for medical procedures
- 100 percent of the Part B excess charges
- 80 percent of emergency medical care is provided within the first 60 days of traveling abroad
It is important to note that while Plan F does provide the most comprehensive coverage, individuals who became eligible for Medicare benefits after January 1, 2020, cannot purchase this plan. If you already had this plan before this date, you can keep it, and if you become eligible for benefits before this date but have yet to enroll, you can still purchase it.
American Republic Medicare Plan G
Plan G is considered the most inclusive Medigap plan for individuals who became eligible for Medicare benefits after January 1, 2020. This plan covers all of the same out-of-pocket expenses as Plan F, except for the Part B deductible, as Medigap plans are no longer permitted to cover this expense. In 2023, the cost of the Part B deductible was $226 and it’s projected to be about the same for 2024.
American Republic Medicare Plan N
If you are in good health, don’t foresee needing a lot of medical care, and are looking for affordable Medigap insurance, Plan N might be the right choice for you. Plan N provides the same coverage as Plan G; however, it doesn’t cover the cost of Part B copays. You’ll need to cover this expense, which can cost up to $20 per doctor visit and $50 per emergency room visit (but if you are admitted to the hospital, the $50 copay will be waived).
American Republic Financial Ratings
|A.M. Best Rating||A-|
|Standard & Poors Rating||N/A|
Pros and Cons of American Republic Medicare Supplement Insurance
- Long-standing history
- Excellent financial rating
- Affordable premiums
- Quick approval process
- Not all plans are offered
- Availability is limited
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Frequently Asked Questions
What is American Republic Medicare Supplement insurance?
American Republic Medicare Supplement insurance, also known as Medigap, is a type of private insurance that helps cover the gaps in Original Medicare.
How does American Republic Medicare Supplement insurance work?
When you have American Republic Medicare Supplement insurance, it works alongside your Original Medicare coverage, helping pay for gaps in Medicare Part A and B. Each plan letter has different benefits.
What benefits does American Republic Medicare Supplement insurance offer?
American Republic Medicare Supplement insurance offers coverage for Medicare deductibles, copayments, coinsurance, and additional benefits like skilled nursing facility care and emergency medical expenses during travel abroad. Benefits are dependent on which plan letter you enroll in.
Can I choose any healthcare provider with American Republic Medicare Supplement insurance?
Yes, you can choose any doctor or healthcare provider that accepts Medicare with American Republic Medicare Supplement insurance.
Are pre-existing conditions covered by American Republic Medicare Supplement insurance?
American Republic Medicare Supplement insurance covers pre-existing conditions but they may require a waiting period depending on the situation.
How do I enroll in American Republic Medicare Supplement insurance?
To enroll, you need to be enrolled in Medicare Part A and Part B first to apply. Call us today to learn more at 1-888-891-0229.
Can I switch from another Medicare Supplement insurance to American Republic?
Yes, you can apply to switch to American Republic from another Medicare Supplement insurance, but you need to consider the underwriting rules and guidelines associated with the switch.
Are there any discounts or savings available with American Republic Medicare Supplement insurance?
American Republic may offer discounts or savings on premiums for eligible individuals, based on factors like age, household discounts, and tobacco use. Call us for details.
Does American Republic Medicare Supplement insurance cover prescription drugs?
No, American Republic Medicare Supplement insurance does not cover prescription drugs. You will need a separate Medicare Part D plan or other prescription drug coverage for that.
Can I cancel my American Republic Medicare Supplement insurance if I change my mind?
Yes, you can cancel your American Republic Medicare Supplement insurance, but it’s important to review the cancellation policy and any associated penalties or limitations beforehand. It’s best to speak to a licensed agent first prior to canceling any coverage. Call us today for help.
Main Types of Medicare Advantage
In addition to PPOs and HMOs, other types of Medicare Part C plans include:
- HMO point-of-service (HMO-POS)
- Private fee-for-service (PFFS)
- Medical savings account (MSA)
- Special needs plan (SNP)
Contact Us for a Free Consultation on Medigap Plans
If you have questions about Medicare Supplement plans, call our team at 1-888-891-0229. We offer professional advice on Medigap policies.
Our fully licensed agents offer free consultations to give you all the information you need about Medigap. If you want someone to call you back, leave your details on our contact form, and we’ll get a Medigap expert to reach out to you.
Russell Noga is the CEO of Medisupps.com, an online Medicare Agency and resource center helping Medicare beneficiaries learn about Medicare, Medigap and Part D drug plans, and Medicare Advantage plans since 2009. Russell is licensed in all 50 states and has been featured as a keynote speaker, and author of several publications, along with hosting the very popular Medisupps.com Youtube channel.