by Russell Noga | Updated May 17th, 2023
If you just enrolled in Medicare or you’re about to, there’s no doubt you’ve received a lot of information from companies that offer Medicare Supplement Insurance from companies that offer these policies.
If you’re thinking about investing in one of these plans to help offset the out-of-pocket expenses that aren’t covered by Medicare, it’s important to do your due diligence by researching the different companies and policies and weighing your options before making a final decision.
Of the many insurance companies that offer Medicare Supplement Insurance, Family Life is a popular option among Medicare beneficiaries. Could it be the right option for you, too?
To help you make an informed decision, we’ve put together this guide, which includes pertinent information about Medicare Supplement Insurance and Family Life Insurance Company.
Compare 2024 Plans & Rates
Enter Zip Code
An Introduction to Medicare Supplement Insurance
Medicare is a health insurance program that is sponsored by the United States federal government via the Centers for Medicare and Medicaid Services (CMS).
The program is intended for individuals who are aged 65 and older, as well as individuals who have been diagnosed with qualifying chronic health conditions and disabilities. Millions of Americans rely on Medicare and while it does cover a variety of medical expenses, it doesn’t cover everything and beneficiaries are responsible for paying the expenses that aren’t included. Unfortunately, those out-of-pocket expenses can be exorbitant and can result in serious financial strain.
That’s where Medicare Supplement Insurance can help.
Medicare Supplement Insurance – also known as Medigap – is separate health insurance that is designed to fill in the gaps in Original Medicare coverage.
Part A of Original Medicare covers the cost of inpatient medical care and services, such as hospital stays and hospice care and Part B covers the cost of care and services that are received on an outpatient basis, such as doctor appointments and preventative healthcare. Medicare Supplement Insurance covers the costs that Original Medicare doesn’t cover, such as copays, coinsurance, and deductibles. Given the high cost of healthcare in the United States, Medigap can a real lifesaver.
There are a total of 10 Medicare Supplement Insurance plans, which are named for letters.
These policies are sold by private health insurance companies and benefits vary from plan to plan; however, all plans are standardized, which means that all plans of the same letter must provide the same coverage, regardless of the insurer and the location. To be eligible for Medicare Supplement Insurance, you have to be enrolled in both Part A and Part B of Original Medicare.
About Family Life Insurance Company
Founded in 1949 and headquartered in New York, Family Life Insurance Company is a subsidiary of Manhattan Life, a financial services organization that offers a wide variety of insurance products. Specializing in providing products and services that are specifically intended for senior citizens, Family Life Insurance offers Medicare Supplement Insurance plans and is a popular choice among Medicare beneficiaries.
The company has more than 65 years of experience providing quality products and services. With an A- rating from AM Best, one of the top rating agencies in the insurance market, Family Life Insurance has a strong financial rating and can meet the needs of its policyholders.
What Medicare Supplement Insurance Plans Does Family Life Offer?
As mentioned above, there are a total of 10 Medicare Supplement Insurance plans, which are named for letters: Plans A, B, C, D, F, G, K, L, M, and N. These policies are designed to help offset the costs that aren’t included in Original Medicare by covering part or all of Part A and Part B’s out-of-pocket expenses. Family Life Insurance Company offers several Medigap policies; however, the most popular options include:
Medicare Supplement Plan F.
This is the most popular Medicare Supplement Insurance plan, as it offers the most extensive coverage. Benefits include:
- Part A coinsurance and hospital expenses up to an extra 365 days after Part A benefits have been used up
- Part A deductible
- Part A hospice care coinsurance or copay
- Part B coinsurance or copay
- Part B deductible
- Part B excess charges
- Coinsurance for skilled nursing facility care
- Three pints of blood for medical necessary transfusions
- Emergency medical care while traveling abroad
- Unfortunately, while Plan F offers the most comprehensive coverage, it isn’t available to all Medicare beneficiaries. Only individuals who became eligible for Medicare benefits before January 1, 2020, can purchase this Medigap policy from Family Life Insurance or from any other insurance company.
Medicare Supplement Plan G
Plan G is considered a replacement for Plan F. All Medicare beneficiaries can purchase this policy, regardless of when they became eligible for Medicare benefits. Plan G offers the same benefits as Plan F, except the Part B deductible. If you purchase this policy, you will need to pay for the Part B deductible, which was $226 in 2023.
Medicare Supplement Plan N
Plan N is a popular Medigap policy among individuals who are in good health and who want to pay lower monthly premiums for their coverage. This plan offers the same benefits as Plan G, except the Part B excess charges and copay. Out-of-pocket expenses for copays can cost up to $20 per office visit and up to $50 per emergency room visit; however, in exchange, the monthly premiums for this plan are lower.
How Much Does Family Life Medicare Supplement Insurance Cost?
All insurance companies that offer Medicare Supplement policies set the rates for the plans they offer. With that said prices for Family Life Medigap insurance vary and depend on a variety of factors, including:
To ensure the lowest rates, the ideal time to apply is during the Medigap Open Enrollment period. During this 6 month period, which starts on the first day of the month you turn 65, your application cannot be subjected to medical underwriting, so your rates will be lower.
Compare 2024 Plans & Rates
Enter Zip Code
Frequently Asked Questions
What is Family Life Medicare Supplement?
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.