Colonial Penn Medicare Supplement Plans

The Colonial Penn Life Insurance Company is an affiliate of the Bankers Life and Casualty Company. A private insurance company, Colonial Penn, sells Medicare Supplement plans, also called Medigap plans. Below is a quick overview of Colonial Penn’s offerings, as well as some talk about what a plan might cost you.

What are Colonial Penn Medigap Plans?

For starters, it’ll be helpful to quickly go over what a Medigap plan even is. A Medigap plan is a standardized health coverage that fills in the gaps Original Medicare leaves behind. In total, there are 12 Medigap plans, though if you’re new to Medicare, only 10 of these options are available to you. While not all companies offer all 12 plans, Colonial Penn likely carries every single one where you live.

Because the plans are standardized, their care is the same no matter who you are or where you live. Well, unless you live in Massachusetts, Minnesota, or Wisconsin, in which case your state has its own regulations and plans. But the other 47 states offer the same coverage for the same letter plan. So, for example, if you have Plan D and live in California, you have the exact same coverage as a person with Plan D who lives in Louisiana.

The only difference between the standardized coverage plans will be the price. Monthly rates will vary quite a bit depending on where you live. As a general rule, the higher the cost of living where you live, the higher your monthly premiums will be.

What Medigap plans does Colonial Penn offer?

One caveat to this next portion is that costs vary by individual, and plan offerings will differ by location. Some plans may also come with extra benefits beyond the standardized coverage.

Nevertheless, here is the general specifics of each Colonial Penn Medigap plan.

Colonial Penn Medicare Supplement Plan A: Plan A covers Medicare Part A coinsurance for inpatient hospital stays. Additionally, Plan A pays for hospice care coinsurance or copayments, Medicare Part B coinsurance and copayments, and the first 3 pints of blood you may need.

Colonial Penn Medicare Supplement Plan B: Plan B has everything Plan A has, but it will also cover your Medicare Part A deductible.

Colonial Penn Medicare Supplement Plan C: Plan C covers everything that Plan B covers, but it will also cover you for skilled nursing facility care coinsurance, Medicare Part B deductible, and 80 percent of foreign medical emergency costs, up to your plan’s limits.

Unfortunately, the federal government has decided to phase out Plan C for anyone new to Medicare. So, if you are joining Medicare on or after January 1, 2020, you can no longer enroll in Plan C.

Colonial Penn Medicare Supplement Plan D: Plan D comes with all of the same benefits as Plan C, except it does not cover your Medicare Part B deductible. There is no plan to phase out Plan D.

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Colonial Penn Medicare Supplement Plan F: Plan F covers everything that Plan D covers, but Plan F will also cover your Medicare Part B deductible and Part B excess charges. Plan F is the most comprehensive Medigap plan on the market.

Similar to Plan C, though, Plan F is being phased out. If you have joined Medicare on or after January 1, 2020, you are not eligible for Plan F.

Colonial Penn Medicare Supplement Plan G : Plan G offers similarly comprehensive coverage as Plan F does. However, Plan G does not cover your Medicare Part B deductible, which was $203 in 2021. Plan G is a good option if you’re newly eligible for Medicare and want as much coverage as possible.

Plan G also has a high-deductible option. If you cannot afford or do not want the expensive monthly premiums that Plan G offers, you can exchange lower premiums for a higher deductible.

Colonial Penn Medicare Supplement Plan K: Plan K will cover your Medicare Part A coinsurance as well as hospital costs for up to an additional 365 days after your Medicare benefits have been exhausted. Further, Plan K pays for 50 percent of your Part B coinsurance or copayments, the first 3 pints of blood you may need, Part hospice care or coinsurance, skilled nursing facility care coinsurance, and the Part A deductible.

Colonial Penn Medicare Supplement Plan L: Plan L covers all of the same Medicare Part A costs as Plan K. However, Plan L will cover you at 75 percent for your Part B coinsurance or copayments, the first 3 pints of blood you needs, Part A hospice care or coinsurance, skilled nursing facility care coinsurance, and the Part A deductible.

Colonial Penn Medicare Supplement Plan M: Medigap Plan M covers your Medicare Part A coinsurance, plus your hospital costs for up to an additional 365 days after your Medicare benefits have been used up. Plan M also covers your Part B coinsurance or copayments, hospice care coinsurance or copayments, the first 3 pints of blood you need, Part A hospice care or coinsurance, and skilled nursing facility care coinsurance. Plan M will also cover 80 percent of foreign travel emergency medical care, up to your plan’s limits.

Colonial Penn Medicare Supplement Plan N: If you have Plan N, you will pay a copayment of up to $20 for doctor’s office visits. Additionally, you’ll be responsible for a copayment of up to $50 for emergency room visits that do not result in inpatient hospital admission. With the addition of these two benefits, Plan N covers everything else that Plan M does, plus the entire Part A deductible.