by Russell Noga | Updated August 9th, 2023
Original Medicare Parts A & B offer valuable financial assistance to seniors for their healthcare expenses as they age. Medicare is a federally-funded program offering support for the costs relating to hospital and medical care in your golden years.
However, Medicare Parts A & B don’t cover the full costs of Medicare Part A & B services.
A Medigap plan can partially or fully cover the out-of-pocket Medicare Part A & B expenses left for you to settle. Medigap can help you avoid dipping into your retirement savings to pay an unexpected medical bill that could ruin your financial planning.
Medigap plans are available from private healthcare providers like GPM. The best time to sign up for Medicare is during “Open Enrollment.”
This period starts on your 65th birthday and lasts six months. GPM must accept your application and approve you during this time, even if you have pre-existing health conditions.
This post unpacks the Medigap range available from GPM. We’ll examine the plans they have on offer, the benefits of each plan, average premium rates, and perks.
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GPM Medicare Supplement Plans at a Glance
- GPM is a Mutual Of Omaha affiliate company.
- GPM has some of the highest rate increases in the Medigap market.
- The company offers a niche selection of Medigap plans.
- Beneficiaries can get extra benefits through the Mutually Well program.
Who Is GPM?
Founded in 1934, the GPM Health and Life Insurance Company was originally called Government Personnel Mutual Life Insurance Company. Today, the business is an affiliate of Mutual Of Omaha.
What Medicare Supplement Plans Does GPM Offer?
GPM sticks to offering the three most popular Medigap policies, Plans F, G, & N. It also provides Plan A as per CMS guidelines.
Plan A – Basic benefits. No coverage for the Medicare Part A deductible, but it covers Part B coinsurance and copayments.
Plan F – The most comprehensive Medigap plan. This policy includes a benefit for the Medicare Part B deductible.
Plan G – Near-comprehensive coverage of Medicare Part A & B benefits. It doesn’t cover the Medicare Part B deductible.
Plan N – This policy has copayments for seeing the doctor and visiting the emergency room. It doesn’t cover the Medicare Part B deductible or excess charges when seeing practitioners charging more than Medicare-approved rates.
GPM Medicare Supplement Plans – Benefits & Coverage
The CMS is a federal agency regulating the Medigap industry across all providers. They ensure GPM and all other insurers stick to offering standardized benefits for Medigap plans. As a result, the policy you buy from GPM will have the same Medicare Part A & B benefits as a plan from any other provider.
All Medigap plans offer the following benefits for Original Medicare Parts A & B.
- Part A coinsurance and hospital costs for up to 365 days after using up Medicare benefits.
- Part A hospice care coinsurance or copayment.
- Part B coinsurance or copayment.
- Blood transfusion costs for the first three pints of blood.
Plans F*, G, and N offer additional Medicare Parts A & B benefits.
- Part A deductible.
- Part B excess charges (Plan N doesn’t cover these charges).
- Skilled nursing facility care coinsurance.
- 80% of emergency healthcare costs when traveling outside the US for 60 days. ($250 deductible and $50,000 maximum apply).
- Unlimited coverage for all out-of-pocket costs.
*Plan F offers a benefit covering the Medicare Part B deductible. The CMS is phasing out this policy due to it offering this benefit. As a result, seniors eligible for Medicare after January 1, 2020, may not apply for Plan F. However, if you’re eligible for Medicare before this date, GPM must honor your application to join Plan F.
However, the insurer may ask you to undergo medical underwriting. If the underwriting results show you have pre-existing health conditions, GPM will charge above-market rates for your premiums or potentially deny your application. You can avoid underwriting if you have a guaranteed issue right to Plan F. Call our team to see if you qualify for guaranteed issue rights.
What GPM Medicare Supplement Plans Don't Cover
GPM Medigap plans only cover the out-of-pocket costs associated with Medicare Part A & B benefits. You don’t get coverage for prescriptions. There’s no coverage for dental, vision, and hearing services. Medigap won’t cover the costs of stays at unskilled nursing homes or private duty nursing.
Medigap plans don’t cover cosmetic procedures. They don’t offer coverage for preventative treatments at the chiropractor, physiotherapist, acupuncturist, or podiatrist unless deemed medically necessary by your doctor.
GPM Medicare Supplement Plans – Premiums
GPM uses a risk assessment to set your premiums when you apply for a Medigap policy. Your risk profile for its Medigap scheme consists of factors like your age, gender, smoking status, and location in the United States.
Premiums vary widely from average rates, depending on your risk profile. Here are the average policy premiums for Medigap plans from GPM, based on the risk profile for a 65-year-old female nonsmoker.
*Your premiums may vary depending on your risk profile.
GPM Medicare Supplement Plans – Additional Benefits & Discounts
GPM Medicare beneficiaries get a household discount of up to 12% and access to the Mutually Well program.
Mutually Well provides up to 30% savings on selected health and wellness products and services, including chiropractic, acupuncture, massage therapy, fitness equipment, personal training, diet programs, and more.
Members can purchase the Mutually Well Gym Membership for $25 a month and gain access to select gyms and fitness locations across the country.
GPM Medicare Supplement Plans – Third-Party Ratings & Reviews
GPM has an A- rating with AM Best for financial strength and an A- rating with the Better Business Bureau.
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Frequently Asked Questions
What are GPM Medicare Supplement Plans?
Call Us for More Information on GPM Medicare Supplement Plans
Reach out to our team at 1-888-891-0229 for a free consultation on GPM Medigap plans. Our fully licensed agents offer free consultations on Medigap plans to suit your healthcare requirements. We’ll get you the best rates on any plan in any state.
If you can’t call us right now, leave your details on our contact form. We’ll get a Medigap professional to call you. Or you can use the tool on our site to get a free automated quote on any Medigap plan.
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.