by Russell Noga | Updated November 21st, 2023
Are you enrolled in Original Medicare Parts A & B? These federally-funded healthcare plans provide seniors with financial assistance for hospital and medical expenses during retirement. A Medigap plan bolsters your Medicare coverage, helping you partially or fully cover your out-of-pocket costs associated with Medicare Parts A & B.
Medigap policies are available for private healthcare companies, with dozens of providers to choose from for your plan. You can sign up for Medigap during the “Open Enrollment” period in the six months after your 65th birthday. During this time, the insurer must accept your application to join its Medigap scheme, even if you have a pre-existing condition.
This post looks at the Medigap range available from Transamerica. We’ll examine the benefits, premiums, perks, and plans available from this leading Medigap provider.
Transamerica Medicare Supplement Plans at a Glance
- Transamerica offers Medigap plans in 50 states.
- The company has six Medigap plans available.
- Transamerica offers mid to high-range pricing on Medigap premiums.
- The company offers vision, hearing, and dental benefits for an additional policy fee.
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Who Is Transamerica?
Founded in 1904, Transamerica is one of the country’s oldest healthcare insurers. The Aegon Group acquired Transamerica in 1999, making it one of the biggest Aegon subsidiaries in the United States. The company serves over 11 million customers throughout the US, and its merger with Aegon allowed Transamerica to expand its reach from offering Medigap plans in 19 states to 50 states.
What Medicare Supplement Plans Does Transamerica Offer?
Transamerica offers six Medigap plans.
Plan A – This policy is ideal for low-income seniors. You get Coverage for Medicare Part A services but no coverage for the Medicare Part A deductible. There’s also coverage included for the Medicare Part B coinsurance and copayment charges.
Plan B – Plan B is a step up from Plan A. You get the same coverage for Medicare Part A & B expenses and coverage for the Medicare Part A deductible.
Plan F – This policy offers beneficiaries the most comprehensive level of cover in the Medigap range. It also includes coverage for the Medicare Part B deductible.
Plan G – Plan G is the best option for seniors newly eligible for Medicare that want near-comprehensive coverage of Medicare Part A & B expenses. The only expense it doesn’t cover is the Medicare Part B deductible.
Plan K – Plan K is a cost-sharing model covering 50% of most Medicare Part A & B expenses. Plan K comes with an out-of-pocket limit of $6,940. This policy doesn’t cover the Medicare Part B deductible.
Plan N – Plan N has copays at the doctor and emergency room. This policy doesn’t cover Medicare Part B excess charges or the Medicare Part B deductible.
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Transamerica Medicare Supplement Plans – Benefits & Coverage
Transamerica’s Medigap business is regulated by the CMS, a federal agency. The CMS ensures Transamerica offers the same standardized benefits in its Medigap range as all other industry providers. Buying a Medigap plan from Transamerica features the same Medicare Part A & B benefits as plans from any other Medigap insurer.
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 is undergoing phasing out from the Medigap range due to its coverage of the Medicare Part B deductible. Seniors qualifying for Medicare after January 1, 2020, can no longer enroll in Plan F. However, if you are eligible for Medicare before the cut-off date, you can request a Plan F policy from Transamerica or any provider offering this plan.
However, if you have yet to enroll in a Medigap plan, Transamerica might request you to undergo medical underwriting before issuing you a Plan F policy. In some instances, you might qualify for guaranteed issue rights to Plan F. If that’s the case, you don’t have to undergo a medical underwriting. Our Medigap agents offer you a consultation to understand your position and see if you qualify.
What Transamerica Medicare Supplement Plans Don't Cover
Transamerica Medigap plans don’t cover medical and hospital expenses not covered by Original Medicare Parts A & B. Medigap doesn’t cover the costs of stays at unskilled nursing facilities or private-duty nursing.
Medigap plans don’t offer coverage for preventative services at chiropractors, physiotherapists, podiatrists, or acupuncture therapists. There’s no coverage for hearing, dental, or vision services or your monthly prescriptions.
However, Transamerica offers an add-on plan that covers dental, vision, and hearing services. We’ll discuss these benefits later in this post.
Transamerica Medicare Supplement Plans – Premiums
Transamerica is in the mid to high range for monthly premiums on most policies. However, it has one of the lowest rates on Plan F in Washington. Here are the average rates for monthly premiums in Washington based on a 65-year-old female nonsmoker.
*Your premium rate may vary depending on your risk profile.
Transamerica Medicare Supplement Plans – Additional Benefits
Transamerica offers up to a 5% discount if you pay your monthly premiums using its EasyPay program for electronic Funds Transfer of your fees. Transamerica also offers its Medigap beneficiaries the option of signing up for coverage for routine dental, vision, and hearing services for an additional monthly premium.
Transamerica Medicare Supplement Plans – Third-Party Ratings & Reviews
Transamerica has a financial strength rating of A with AM Best. The company also has a B rating with the Better Business Bureau and a Consumer Affairs rating of 3.8 stars.
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Frequently Asked Questions
Which Medicare Supplement plans are offered by Transamerica?
Transamerica offers a range of Medicare Supplement plans, including Plan G, Plan N, and other standardized plans. These plans are designed to provide additional coverage to fill the gaps left by Original Medicare.
Who is eligible to enroll in Transamerica Medicare Supplement plans?
To be eligible for Transamerica Medicare Supplement plans, individuals must be enrolled in Medicare Part A and Part B. Enrollment is typically open to people who are 65 years or older, or those under 65 with certain disabilities.
What are the key features of Transamerica Medicare Supplement Plan G?
Transamerica Medicare Supplement Plan G offers comprehensive coverage, including coverage for Medicare Part A and B coinsurance, Part A deductible, Part B excess charges, and skilled nursing facility coinsurance.
What are the key features of Transamerica Medicare Supplement Plan N?
Transamerica Medicare Supplement Plan N provides coverage for Medicare Part A and B coinsurance, Part A deductible, and skilled nursing facility coinsurance. However, it does have some cost-sharing, such as copayments for office visits and emergency room visits.
What is the difference between Transamerica Medicare Supplement Plan G and Plan N?
The main difference between Transamerica Medicare Supplement Plan G and Plan N is that Plan G offers more comprehensive coverage, including coverage for Part B excess charges, while Plan N has cost-sharing in the form of copayments for certain services.
What coverage and benefits do Transamerica Medicare Supplement plans offer?
Transamerica Medicare Supplement plans typically offer coverage for Medicare Part A and B coinsurance, hospital costs, and may include coverage for additional services such as skilled nursing facility care, foreign travel emergencies, and more. The specific coverage details may vary based on the plan.
Are there any additional benefits or perks offered by Transamerica Medicare Supplement plans?
While specific benefits and perks may vary, some Transamerica Medicare Supplement plans may offer additional benefits such as coverage for prescription drugs, vision and dental care, fitness programs, and telehealth services. It’s important to review the details of each plan to understand the specific benefits included.
How can I enroll in Transamerica Medicare Supplement plans?
To enroll in Transamerica Medicare Supplement plans, you can contact Transamerica directly or work with licensed insurance agents who represent Transamerica. These agents can guide you through the enrollment process and help you compare plans.
What factors should I consider when comparing Transamerica Medicare Supplement plans?
When comparing Transamerica Medicare Supplement plans, consider factors such as the specific coverage offered, premium rates, company reputation, customer service quality, financial stability, and any additional benefits or perks that align with your healthcare needs.
Where can I get more information about Transamerica Medicare Supplement plans?
To get more information about Transamerica Medicare Supplement plans, you can visit Transamerica’s official website or contact them directly. Additionally, you can consult with licensed insurance agents who represent Transamerica to get personalized guidance and assistance in understanding the plan options.
Call Us for More Information on Transamerica Medicare Supplement Plans
For more details on Transamerica’s Medigap offering, call us at 1-888-891-0229. Our team of fully licensed Medigap agents offers a free consultation and quote on any Medigap plan from any provider. We’ll enroll you in a plan that suits your healthcare requirements and budget.
If you can’t call us right now, leave your contact details on our form, and we’ll get a consultant to connect with you. Or you can get a free quote using the automated tool on our site.
Russell Noga is the CEO and Medicare editor of Medisupps.com. His 15 years of experience in the Medicare insurance market includes being a licensed Medicare insurance broker in all 50 states. He is frequently featured as a featured as a keynote Medicare event speaker, has authored hundreds of Medicare content pages, and hosts the very popular Medisupps.com Medicare Youtube channel. His expertise includes Medicare, Medigap insurance, Medicare Advantage plans, and Medicare Part D.