Colonial Penn Medicare Supplement Plans Reviews

The Colonial Penn Life Insurance Company is a private insurer that sells Medicare supplement (Medigap) plans. Colonial Penn is an affiliate of the Bankers Life and Casualty Company.

A.M. Best Rating: A-
A.M. Best Outlook: Stable
S&P Rating: BBB+
Established: 1998
NAIC Number: 62065

Colonial Penn provides 12 Medicare supplement (Medigap) plan options generally in most states throughout the country.

Colonial Penn Medigap plans help cover some of your out-of-pocket medical costs after original Medicare has paid its part.

You should consider buying a Medigap plan when you turn 65 years old and enroll in Medicare Part B

The Medigap plans that Colonial Penn sells are:

Plan A
Plan B
Plan C
Plan D
Plan F (discontinued)
Plan F (high deductible, discontinued)
Plan G
Plan G (high deductible)
Plan K
Plan L
Plan M
Plan N

Medigap plans are standardized in most states and must follow specific state regulations. The exceptions are Massachusetts, Minnesota, and Wisconsin, which have their own regulations and plan names.

In all the other states, every single Medicare supplement plan of a certain letter must provide you with the same level of coverage, no matter which insurer is selling it or where it’s being sold. To illustrate, Plan A in New York will need to cover the same services as Plan A in California.

Plan availability and costs, on the other hand, could differ depending on your location, age, and other factors. Some plans may also come with extra benefits beyond the standard coverage like memberships to gyms and fitness programs like Silver Sneakers, 24/7 nurse facility, access to telemedicine services etc.

We’ll go over the particulars of what each Colonial Penn Medigap plan covers.


Should you buy Colonial Penn Medigap (Medicare Supplement) or Medicare Advantage Plans?

When it comes to buying a Medicare Supplement insurance, many agents and Medicare recipients view the Medicare Supplement Plan F as the “Cadillac of Medicare Supplement plans.”

Now before we examine the Medicare Supplement let’s make sure that you understand some basic information about the insurance product. Medicare, a government run health program helps provide health insurance coverage for people 65 and older as well as some who are under 65 and disabled. Medicare by itself does not provide adequate health insurance coverage, there are many gaps in coverage where a recipient would be responsible for payment. A Medicare Supplement is a health insurance plan that helps fill in the gaps where Medicare doesn’t cover, which is why it is also called Medigap Insurance.

The three biggest factors to look at are their financial situation, health history, and their personal opinions on health care.”

Financial Situation:

At FBC Medicare Agents, We first make sure our client is able to afford a Medicare Supplement. Plan F used to cost usually at $95 and goes up from there for a standard Plan F. However, they are discontinued now to make all Medicare beneficiaries spend out-of-pocket costs when they use healthcare services.

Seniors who qualify for Medicare beginning on or after Jan. 1, 2020, won’t have the ability to buy Plans C or F, but there are still many good Medicare supplement options and closest alternatives to Medicare supplement Plans C and F from various carriers. We recommend choosing comprehensive Medigap Plans D and G from Colonial Penns, Aetna or Cigna, if you can afford them.

The monthly premium for any Supplement Plans will vary by the area you live in, the insurance company you select, your age, whether or not you smoke, and sometimes by underwriting guidelines. You must also plan on choosing a Medicare Prescription Drug plan (avg. cost around $40-70/month and continue to pay your Medicare Part B premium). The cost of the plan will go up over time.

If you are able to afford a Supplement plan you should buy one now, preferably when you first are eligible for Medicare and you no longer have any other creditable health coverage. When you are first eligible for a Medicare S you are not required to go through underwriting, the cost is lower, and your acceptance is guaranteed.

The longer you wait the more you risk the chance of not being able to afford a plan or qualify for one. Although higher in price than a Medicare Advantage plan, the health insurance coverage provided by the Medicare Supplement is superior if you get Medicare Supplement Plan F.

Health History:

“A Medicare Supplement is a good fit for people of all health situations or for anyone who has a family history of poor health, or currently has a medical condition that is going to require frequent trips to their doctor, specialist, or hospital.” Why? Well, if you choose a Medicare Advantage plan and you have poor health (and let’s face it we never know what our health will be in the future) your frequent trips to seek Medicare services are going to add up with all the co-pays you must pay. Granted there is usually a maximum out of pocket cost with a Medicare Advantage plan which is typically around $4000-$6,000 per year. Generally speaking, a Supplement is a predictable cost plan.

Your Personal Choice:

Again a Medicare Supplement comes out on top when you look at your freedom to choose. Is it important to you to have the ability to go to any hospital or doctor you want for any procedure, or would it be acceptable to you to pay significantly less on your health care and have a large network to choose your hospital and doctor from?”

A Medicare Supplement Plan like Colonial Penn, for the most part, gives you the freedom to use any hospital or doctor you wish which is attractive to many recipients. Most Medicare Advantage plans require you to receive services from an in-network provider and may require a referral from your Primary Care Physician before you may see an in-network specialist.

Colonial Penn Medicare Plans

Colonial Penn Medicare Supplement Plan A

Similar to Medigap plans from other carriers, Plan A pays for Medicare Part A coinsurance for inpatient hospital stays. This typically comes with an extra 365 days (1 year) of inpatient protection after your Medicare benefits have been consumed which makes it pretty popular plan.

Plan A also includes hospice care coinsurance or copayments, Medicare Part B coinsurance and co-payments, and the first 3 pints of blood you may need.

Colonial Penn Medicare Supplement Plan B

Plan B covers everything that Plan A covers, plus the Medicare Part A deductible.

Colonial Penn Medicare Supplement Plan C (Discontinued)

Plan C provides coverage for everything that Plan B does, as well as experienced nursing facility care coinsurance, the Part B deductible, and 80 percent of international travel medical emergency costs (up to plan limits).

Plan C is not available to people who first became eligible for Medicare on or after January 1, 2020. If you became eligible for Medicare before that date, you may be able to purchase Plan C. If you already have Plan C, you will be able to keep it.

Colonial Penn Medicare Supplement Plan D

Plan D covers everything Plan C covers — except the Part B deductible.

Colonial Penn Medicare Supplement Plan F

Plan F offers coverage for everything Plan D covers, and it also includes the Part B insurance deductible and Part B surplus charges.

Like Plan C, Plan F isn’t accessible to seniors that first became eligible for Medicare on or after January 1, 2020. In the event you were eligible for Medicare before that date, you can still buy Plan F or would be able to retain this plan if you got it.

You also have the option to go for a high-deductible variant of Plan F (sometimes referred to as Plan FH).

This kind of plan covers everything that standard Plan F covers; even so, it will require you to pay all Medicare-covered coinsurance, copayments, and deductibles up to $2,370 — (the deductible amount may vary depending on year of enrollment)— before your supplemental insurance kicks in.

That is why, a high-deductible Plan F may be the ideal choice for you if you don’t predict needing a lot of coverage.

Colonial Penn Medicare Supplement Plan G

We recommend this plan for all those seniors who can’t buy Plan F. Colonial Penn Medicare Supplement Plan G is the best alternative to Medicare Supplement Plans C and F.

The Plan G provides extensive supplemental coverage. It includes everything Plan F does, apart from the Part B deductible.

So, Plan G might be ideal for people who are newly eligible for Medicare but desire significant coverage.

Similar to Plan F, you can also decide to go for a high-deductible version of Plan G. The deductible sum for Plan G is $2,370 in 2021 before it really kicks in Medicare expenses. This high-deductible Plan G variant will have lower monthly premiums than the standard Plan G.

Colonial Penn Medicare Supplement Plan K

Plan K offers coverage for coinsurance of Medicare Part A as well as healthcare facility bills for up to an extra 365 days after your Medicare benefits have been depleted.

It also pays for half of Part B coinsurance or copayments, the first three pints of blood you need, Part A hospice care or coinsurance, skilled nursing facility care coinsurance, and the Part A deductible.

The out-of-pocket maximum for Plan K in 2021 is $6,220.

Colonial Penn Medicare Supplement Plan L

Plan L covers all the same Medicare Part A costs as Plan K.

It also covers 75 percent of your Part B coinsurance or copayments, the first three pints of blood you need, Part A hospice care or coinsurance, skilled nursing facility care coinsurance, and the Part A deductible.

The Plan L out-of-pocket maximum in 2021 is $3,110.

Colonial Penn Medicare Supplement Plan M

Plan M covers –

  • Medicare Part A coinsurance
  • Hospital costs for up to an additional 365 days after your Medicare benefits have been consumed
  • Part B coinsurance or copayments,
  • Hospice care coinsurance or copayments
  • The first three pints of blood you need,
  • Part A hospice care or coinsurance
  • Qualified nursing facility care coinsurance.
  • 80 percent of foreign travel emergency medical care (up to the plan limits).
  • While Plan M covers 50 percent of the Part A deductible, it doesn’t cover the Part B deductible or Part B excess charges.

Colonial Penn Medicare Supplement Plan N

  • Copayment of up to $20 for doctor’s office visits
  • Copayment of up to $50 for emergency room visits that do not result in inpatient hospital admission
  • Overall, this plan covers everything Plan M does, plus the entire Part A deductible

Colonial Penn Medicare Supplements are accessible to all Florida beneficiaries, ages 65 and older, who have Medicare Part B. In case you are just turning age 65, you have fully assured issue rights and can’t be declined by Colonial Penn. Your plan will continue to be renewed as long as you pay the premiums on time and make no material misrepresentations.

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