Does Colonial Penn Offer The Best Medicare Supplemental Insurance?





Colonial Penn offers Medicare Supplemental Insurance Plans in conjunction with a partnership between Banker’s Life and Casualty and Colonial Penn. The organization has been in operation for over a century, and was founded in 1879. With this history, and the hundreds of thousands of insurance plans currently being serviced by Colonial Penn, makes this company the best option for Medicare Supplemental Insurance. Colonial Penn has built a reputation of trust and customer service.

Covering Costs Not Covered By Medicare

Medicare Supplemental Insurance will cover costs which are not covered by medicare, these include by are not limited to ambulance transportation, extended hospital visits, and co-pays. The most important aspect of your health and well being is excellent medical care. Making decisions on what medical care to receive should not be determined by an apprehension of the overall costs. With Medicare Supplemental Insurance, you will be able to get the care you deserve without worrying about the costs.

You Choose Your Doctor

With this plan, you choose your doctor. There is no mandatory physician to work with, and only you make a decision on who you feel comfortable to trust with your health. With Medicare Supplemental Insurance, you do not need referrals to see a specialist. This saves time and puts you in control of your health care, rather than burdening you and your primary care physician with seemingly endless paperwork.

Coventry First Health Part D Prescription Coverage

Colonial Penn’s prescription coverage is offered through Coventry Health Care’s First Health Part D program. Mail Ordering your prescription medicines at 90 day supplies at one time saves you time and money. In most cases you will pay less with this method. Medicare Supplemental Insurance helps you with co-payments and general out-of-pocket costs which include prescription medicine needs.



55 Responses to “Does Colonial Penn Offer The Best Medicare Supplemental Insurance?”

  1. Kimmel Craig says:

    Are you KIDDING me? ALL Med Sups are STANDARDIZED! Plans A-N are ALL THE SAME REGARDLESS of who the insurance company is! A Plan F is a Plan F, a Plan B is a Plan B, so HOW do you justify saying that Colonial Penn is the best choice for a Med Sup, unless they are the CHEAPEST??? Cost is the ONLY difference between the STANDARDIZED PLANS SOLD BY ALL MED SUP CARRIERS!!!!!

    • Patricia C says:

      you know I never thought of it that way. I have Colonial Penn Supplement & so far it’s done right by me. I was in the hospital twice in the same year & it covered everything they said it would.So your saying no matter what supplement plan you have it all (plan F) covers the same ? I’m so tired looking up this info to get answers. Why are there so many plans if they all cover the same? thanks,Patricia

      • Louise says:

        Hi Patricia,

        I am an Independent Insurance Agent and that is correct. The only difference is the amount of money you are being charged. Each company is different.

        Let me know if you would like to find out if you’re paying too much for the plan you now have.

        • Sharon says:

          I have medicare and would like just regular medicare again, can i go back to the orignal medicare and then pick up a suppliment and part D.

    • Mary A says:

      They are not all the same: You have to find out who and where your supplemental insurance will cover. If you are in a HMO you have fewer (YES, FEWER) choices as to where you can go. My mother had 3 choices for skilled nursing facilities and all were the lowest rated. She has Humana so I’m trying to find a better alternative.
      I reiterate: FIND OUT WHERE YOUR INSURANCE IS ACCEPTED. You may not like the result.

      • Jesse says:

        Just to make this clear an HMO is a Medicare Advantage Plan not a supplement plan. A lot of people get confused with that.
        But Louise is correct all supplement plans are all standardized but each company charges different rates. I always suggest the plan that is the least expensive and easiest to get on, which is a different company then Colonial Penn.

        However Medicare Advantage plans can be completely different even within the same company. Just make sure you know which is which.

        • B.J. Cook says:

          My husband and I had plan F and we let the agents talk us into plan G, my question is : was that a wise move and what is the difference between the two medigap supplements????

          • Kate Mushinsky says:

            Plan G does not cover Medicare part B deductible ($147). Other than that, F and G provide identical coverage. I argued with my instructor “why would anyone pay more for an F, if all you’re saving is $147?” His response: “some people don’t want to have to EVER worry about getting a bill. With the F, everything is covered, and you have peace of mind knowing there will be no surprises.” Hope that helps!

      • Dan says:

        Ok, your a little confused… PPO’s, HMO’s, and PFFS plans are NOT supplements. Those are part of Medicare Advantage or Part C. Medigap (supplement) policies DON’T have networks you can see the Dr. a few states over and get the same coverage… Generally pays for all costs that would normally be left to you after Medicare pays, depends on the policy.
        Colonial Penn is NEVER the cheapest. There are FAR better companies on price and reputation. Trust me, I used to work at Bankers Life and sold them….

      • Charlie says:

        Mary….. if you have to find out who and where your supplemental insurance will cover…. YOU DON’T HAVE A SUPPLEMENT! If you have to use a list of providers, you have a Medicare Advantage plan… which really should be called a DIS-Advantage plan because it takes away MOST of your freedoms of choice.

        Please don’t listen to Jessie either.. .the plan that is the cheapest and easiest to get on is NOT always the best choice. If it’s that cheap, and that easy to get on, there definitely IS a reason.

        I know of a plan that is cheaper than Colonial Penn, but they almost NEVER pay on time and you have to fight to get your benefits… definitley NOT worth it for me and my family.

        My father has Lou Gehrig’s disease and he has Colonial Penn plan F. I can tell you from personal experience I would NEVER go with anyone else… his health and piece of mind are well worth the small difference in the beginning monthly premium.

        They have been a God send for us!

        Thanks for listening.
        Charlie

    • Joe says:

      Not entirely true. Yes, supplements are standardized by law. But saying that something is the best because it is the cheapest isn’t entirely true. What is the cheapest right now often outpaces other companies in a short time. ONLY BROKERS, who are trying to peddle what’s the cheapest right now would say otherwise. Brokers like to put insureds into supplement insurance pools that aren’t business-sustainable…the supplements are sold at rock-bottom price, while the agent makes the highest commissions. Soon, the price for those in that pool go up, up up….and the healthy patients jump ship, the sick patients are stuck (they’re now 69 or 70 years old and have no guaranteed issue rights), and no new patients are getting in. Soon, that same broker merely moves on to the next hot thing. Whereas she WAS promoting the hell out of the N plan, now she’s promoting the hell out of the G plan (which seems to be all the rage amongst brokers right now….tricking people into having a plan that doesn’t pay for itself until the patient visits the doctor upwards of 20 times in a year!). I’m just closed a deal today with a couple where the husband has Mutual of Omaha G plan….all I had to do was show them a series of rate increase letters that a client let us have to make copies with. That’s all it took. Brokers sell for today, and hope their clients are healthy enough to qualify for the next hot thing when their rates get intolerable. NOW—— CAPTIVE agents and companies (such as Colonial Penn!) don’t sell on price, they sell on quality and service. Quality means that the price is stable, and won’t go up because the business model is unsustainable, and service, means that we’re putting them into products they don’t have to run from every few years. Brokers run on the business model of “beating the other guy’s price today” but don’t give a rat’s ass about what happens when a 68 year old is now on oxygen, and keeps getting rated up (because the pool was built like a house of cards), and can’t switch. THAT is the true difference between supplements… you want one from a company that keeps having to open more and more subsidiaries so it can keep opening new pools, because their existing pools feature $200/mo for an N plan, or do you want a company that increases rates anywhere from 0% to 8% per year, like Colonial Penn? Current prices on med supps do NOT make for good or bad products, and it’s easy to see. If you’re a broker who was pushing the hell out of one plan last year, but now that plan is sky high, so you’re onto the next hot thing, SHAME ON YOU. I sell Colonial Penn, and I know that next year, and the next year, and the next year, I can sell the N Plan, because our beginning rate for 65 year olds isn’t going to blow sky high…. and it’s because we don’t start off at $60/mo for a med supp while paying the agent a 40% commission for selling it. That’s an unsustainable business model, and all you are doing is convincing people to risk that they won’t be on oxygen or diabetes with insulin when they get rated sky high and it’s time to switch. So, no…. we’re NOT kidding you…..not all companies’ med supps are the same, when it comes down to quality and service. Do they work the same? Yes. Are all of them business-stable? No.

    • Eric says:

      Well, not quite true. One significant difference is how streamlined and efficient their back room office is. Do they process the claims quickly and efficiently, without errors? Some companies seem to drag their heels or make mistakes.

    • Julie says:

      Gives a lock at issue age and zipcode at time of issue. Also a LIFETIME Guarantee. NOT ALL other F plans from other companies do that. Colonials rates increase 0 in some years. Overall MUCH slower than other F plans. So you are WRONG, PRICE is NOT the only difference.

  2. Charlie Clem says:

    What has made Colonial Penn so good for me is the customer service. I don’t feel like I am just calling a 800 number. Also, I have compared price and I find the cost very reasonable. Also, in 2010, 2011 I did not get rate increases. In 2012 it went down by abut $2. My agent did inform me that all plans can go up over time and with inflation, but this was nice. That is different than what I experienced from another insurance company that I wont name. Thanks, Charlie.

    • Dan says:

      Ummm, Colonial Penn raises rates 9% each year…..

      • Charlie says:

        Dan, I don’t know where you’re getting your information, but that’s incorrect. We haven’t had 9% rate increases on my father’s plan and I would know since I’m the one paying his bills. Some years we had no increase at all and in others years, the increase has been too small to even count…. just so you know from someone who actaully has the plan.

        • LAURA ROER ANTHONY says:

          i am 76 yrs old. I have both parts a & b medicare coverage, I chose colonial penn as my supplemetal ins. I was hospitalized for 2mo. why am I receiving collection notices from an Indianapolis lab (the pathology grp) for 650.00 labwork? I should have FULL coverage?

          • Cher says:

            yes if you have plan F
            I suggest you contactyour local agent or local office or customer service line 800 800 2254

          • Joe says:

            Not just the F, several other plans should cover labs as well. The G plan covers labs fully, and the N plan turns labs into a $20 copay (as long as those labs are billed under Part B…. if they’re billed as a Part A service, the labs should be covered fully). There is a billing problem, you need to contact Colonial Penn right away.

          • gigi says:

            please check to see if they are billing you for interpretation of standard labs – like blood chemistry – sodium, potassium, etc; or blood counts – white and red cell counts, etc. these labs do not require interpretation and would not be covered.

      • Cher says:

        Not true Dan, but every med supp/medigap plan increases with age just so happens Col Penn is less of an increase in most states compared to other companies!

      • Joe says:

        It depends on the state! I just showed a customer our 2013 rate increase chart. For most supplements, there was a ZERO PERCENT INCREASE, and that included the F plan!

        We can do this because we have a large, stable pool of insureds who aren’t switching every few months to run away from sky-high rate increases. 9% is NOTHING compared to your two-bit brokers, whose increases can be 25% to 50% in a single year. Brokers sell for low price today, and tomorrow, well, if you’re healthy enough, switch plans when yours gets expensive. If you’re no longer healthy and beyond your guaranteed issue window…. oops, sucks to be you!

        Yeahhhhh….. *slow clap*……. that’s a REALLY good business model, right?

        Last year, in Michigan, our F plan and N plan rates went up 0%. I cannot post a copy of the sheet because it’s a proprietary document (but, strangely, I’m allowed to discuss the rates… don’t ask). But there it is. Every other increase was an increase of 6%, two of them were the A & B plans, which make sense, because there isn’t nearly enough participation, and also those plans are guaranteed issue for those in a special enrollment period (so, oddly, the participation consists of a disproportionate amount of stage 4 cancer patients, extreme fatties on insulin, etc…. I have no idea why anyone in special enrollment chooses A or B, but whatever, I didn’t tell them to get into those plans).

        One thing’s for sure- as a captive company, Colonial Penn doesn’t play the rate and switch game. We don’t offer an impossible price ($60 a month for Plan N for a 65 year old woman), and then commence with 25% rate increases year after year, and just tell those pissed off customers to simply switch. Our rate ups tend to be 0-9% (10% in some states), and our clients don’t have to run for the hills, and our agents don’t have to get back out in the field and push the next hot thing because our current pools are overheating.

        When it comes to brokers, I always hope that they truly just don’t understand their own business model, because if they DO understand it, then how they sleep at night is beyond me.

        Lowest price, highest quality and best service don’t exist together. You can either have the first one, or the other two, but not all three.

        Wait, actually, you can…. just by a Colonial Penn Plan N, be patient, and in a few years’ time, all of your smarter friends who went with Mutual of Omaha will be switching (yet again), while you calmly watch your rate increase by a mere 6 to 9%, and yet MORE of your super-smart friends who are now on oxygen and cannot health qualify are stuck paying $180, then $205, then $267……this is not an exaggeration.

  3. Mr. Craig, not only is it the premium you pay that makes a Plan F, not a Plan F, but also the Company. And Colonial Penn is one of the best. Price and Company are the differences. Differences that should be considered when choosing a Supplememnt.

  4. Geri says:

    Hi,
    I just turned 66 and will need to make a decision regarding what medicare insurance plans I need to chose, if any. I already have A and B, but since I’m healthy, have no pre-existing health issues, and haven’t had to take anything prescription in years, do I still need a part C and/or D?
    Thank you!
    Geri

    • Penny says:

      Yes, you should get a Plan D (meds) at the very least. If you don’t get it when you’re first eligible for it, you will be penalized when you finally do sign up for it.

      Sure, you’re healthy now but even healthy people get in car accidents, trip over stuff, etc. Remember, Medicare only pays 80% of what THEY deem a reasonable rate. If you put aside enough money each month to cover that other 20%, you don’t have to get a medigap (supplemental) plan.

  5. KATHY C says:

    is colonial penn an HMO or a PPO. there is a difference in how they reimburse the doctors.

  6. Angela C says:

    Colonial Penn is neither an HMO or PPO. It is a supplement plan. It is accepted anywhere Medicare is accepted. Whic can’t be said for HMOs or PPOs.

  7. Jesse says:

    Kathy the doctors are reimbursed Medicare allowable rates only. Colonial Penn doesn’t pay the doctors anything it only helps cover your out of pocket costs. Medicare is your primary coverage on this plan.

    In some states we are finding a lot of doctors not taking Medicare and/or supplements but they are taking Medicare Advantage plans (HMO, PPO, etc). This is because the Advantage plans reimburse the doctors higher rates and pay them a lot faster. They also give or offer their members more benefits then Medicare offers such as routine dental, vision, hearing or fitness memberships. Another huge bonus is the doctors and you only deal with one plan since Medicare is no longer billed.

    It all depends on your individual needs and what your doctor accepts. Everyone’s needs are different.

    • Charlie says:

      Jesse you obviously work for a Medicare Advantage plan company. YES COLONIAL PENN does pay the doctor! Medicare pays first, then Colonial Penn pays the doctor whatever is left over. My dad NEVER pays anything and his doctors are ALL getting paid what is due them from Colonial Penn.

    • Penny says:

      Many people are attracted to the Medicare Advantage plans because they are relatively inexpensive. However, those fees will be going up as the federal government stops paying as much as they do now.

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  9. Marian says:

    With the Bankers “Plan F”, I only need to bring my medicare card and Bankers card (first visit only), I never see a bill but was told if one comes in the mail, I call my agent (on his cell phone) and he assures me that I don’t need to pay ANYTHING. I don’t really understand some times but he comes over to see me at least twice a year. To help me with my drug plan too. I love this company. Is it Bankers or Colonial Penn? or both? Whoever they are, they’re great.

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  12. Daniel says:

    Great website and I want to say that I do agree with them on Colonial Penn.

    They offer a great medicare insurance and they cover my medicine fully.

  13. Margaret Oczki says:

    colonial covers none of my drugs but for 2 $10.00 generic drugs. and this is suppose to be the best plan. it covers none of my named brand drugs that took two years of trial and error to get the right drug and how much. now they want to change everything to things I have tried and make me feel awful. 3 of the drugs are between $200 & $300 a month. after you have seen a doctor and get your meds, you have to change everything so you get the cheapest drug not the best.

  14. Sharon says:

    If Supplemental Plan F is the same, no matter who you get it from, then why is AARP $169 vs Colonial Penn at $202 a month? How do they justify the difference? The AARP/United rep says there is absolutely no difference, but the Penn rep says theirs is a Policy, not a Certificate like AARP, which is a group plan and can be cancelled. Who is telling the truth?!

    • Julie says:

      Sharon your Colonial Penn AGENT is telling truth not the AARP/United BROKER. AARP does not sell insurance at all. It just sells its name to United. Agent works for YOU. Broker sells anything cheap as fast as they can. Colonial Penn also gives a lock at issue age and zipcode at time of issue. Even other F plans from other companies don’t do that. So PRICE is NOT the only difference

  15. Pat says:

    Yes, Colonial Penn rep says the Advantage plans will be hurt by Obama plan and the Drs. and local Hospitals are dropping them when their contracts expire. I am offered a very good Aetna advantage plan from the company I retired from but Colonial Penn says the Advantage plans are in trouble. I called the hospital and they say they take all Advantage Plans at this time so does my Dr. AARP dropped my Dr who says they don’t drop insurance companies but are sometimes dropped by the company itself. Confusing ! Who is telling the truth ?

    • John says:

      Why would you consider giving AARP a penny when they promoted so hard for the Medical mess we are about to enter

  16. Audrey says:

    I feel like an idiot. I dropped my advantage plan to go with AARPRx because of only 1 (one) of my medications. It was the only plan that carried it. In the end they denied it, three times. So I ended up notnbeing able to,take the much needed med AND having to pay $90 a month premium to pay for all generic meds. Not to mention that phenerghan , which has been generic for years, is not covered at all and I have to pay full cash price for it. I have an appt this week with the Colonial Penn rep. I know they don’t carry Plan D, but I’ve also learned that with generics and competition, $4 and $7 scripts are the norm even without coverage.

  17. cheryl says:

    How is Colonial Penn customer service. My former husband is going with United Healthcare because he claims there customer service is better than Colonial Penn. Is that true?
    Cheryl

  18. Chuck says:

    I hear rumors that the Simpson-Bowles Commission will be eliminating/modifying parts G and/or F supplemental coverage. Has anyone else heard anything about that ? If that’s the case…just like when the Government eliminated the “J” coverage…whether or not you will be moved to another medigap class, K etc…by your carrier solely depends on your CONTRACT…which is different for every insurance company.

  19. Blake says:

    Speaking as an agent of an above mentioned company, I must say that I whole heartedly disagree with a couple of the statements. I am a Medicare specialist dealing with both supplements and advantage plans on a daily basis.

    There is not just one difference between companies but two.

    It’s true that a Plan F is a Plan F whether it’s with UHC, MOO, CP or BCBS. As stated one of the determining factors when selecting a supplement is price but that’s only one piece of the larger puzzle.

    The second major factor is SERVICE. Let me ask you this, you’ve just recently been diagnosed with a serious illness that is going to have a large number of claims, who would you rather call, a faceless 1-800-number, or your local agent who you know well, lives in your community, and who is an advocate between you (his/her client) and their company.

    Having a local agent to service your needs is worth a hell of a lot more than a couple dollars a month.

  20. darak says:

    I know an f is a f plan, but how does one choose? when the highest has better reviews on the web and uhc has terrible reviews, even dishonest ways to get around things and I did not like them when I had their insurance in younger days. I do not want a company that sends work over seas.

    • Joe says:

      How you choose is by first considering whether the company is a broker company or a captive company. If it’s a broker, stay away. Plain and simple. Brokers have an interesting business model:

      a. offer a supplement at the lowest price around while paying the agent the highest commissions.

      b. Begin aggressive rate increases as time goes on. Healthy clients are encouraged by their agents to switch. The clients switch, and the agent, who is now pushing the new, hot, cheap thing, gets paid AGAIN.

      c. Repeat a and b

      d. Eventually, you become the unhealthy patient who cannot switch because you are not in a guaranteed issue situation anymore, and you’re too unhealthy to pass most companies’ health questionnaires. Your agent tells you, “sorry you can’t switch… but good thing you have insurance!!”

      Now, a captive company does the following:

      a. offers med supps with reasonable prices and pays agents realistic commissions for selling them- A SUSTAINABLE BUSINESS MODEL.

      b. You get a med supp with one of them, you’ll see increases anywhere from 0 % to 9% or so. But that will be the stable, consistent norm.

      You can tell if the agent is pushing a broker product if he or she is selling: Mutual of Omaha, United Health (to include AARP), Unified Healthcare Company, Continental General, Aetna, etc etc. All they’re out to do is match you up with the best price in town TODAY, and then encourage you to switch later on….. IF YOU’RE STILL HEALTHY ENOUGH. If not….. sucks to be you. That’s the broker’s business model. They like getting multiple commissions on a single client by getting you to switch.

      You can tell if you’re getting a nice, stable CAPTIVE company (whose agents can’t just represent any company they want) if they’re selling: Colonial Penn, Farm Bureau, Blue Cross, Farmers…. not sure that Farmers does med supps, but eventually they will.

    • Julie says:

      a LIFETIME Guarantee. NOT ALL other F plans from other companies do that.

  21. Patty says:

    Hi:

    I am looking into supplemental insurances for my father. He is 77 and has Osteoarthritis of the knee. Other than that he is in great health.
    We just want a supplemental insurance that will cover the costs that Medicare will not cover if he sees a specialist.
    Any suggestions?

  22. Ilene says:

    I have a colonial penn plan F supplement since it seems to be less costly than other plans. But I’m not sure about how plans raise their rates. For example, United Health Care (AARP) gives you discounts in the beginning and then raises rates. Many plans bump up rates every 5 years based on age. When looking at the California Insurance site, it appeared at every jump in age Colonial Penn was less than other rates for Plan F. But then again, I’m not sure I’m reading this right. I’m concerned about how rates will go up when comparing plans. Since a plan F is a plan F, I’m primarily concerned about rates. I have an agent I speak with and I think no matter what plan you get, you should make sure you have an agent you can speak with one on one.

  23. Carolyn Van Houten says:

    My husband and I have Medicare thru the railroad and we also have plan F. I have an agent from Bankers who told me he could save me $30 a month.
    I ignore him for awhile and then thought about. We made an appt. and comparing Plan F Colonial was $2 higher a month. Now he said for $147 deductible we can get plan G and it $55 a month less. I also heard that if you change and get out of the railroad Plan F you can’t get back in. Also the railroad does not offer Plan G and if I took that plan we for sure could not go back to Plan F who is adminsters the plan. We have never had any trouble for 45 years. Now I don’t have a lot of faith with anyone.

  24. sandi says:

    new at being age 63. my husband will be 65 soon, so what plan is best for both of us? he gets a supplement and I have to get a regular health plan? where do I start looking?

  25. Cathis says:

    I am looking into Colonial Penn for my supplemental. I have done a ton of research on both supplemental and part D for drugs. It has become mind blowing. I have found online costs of a lot of plans but can’t seem to find the cost of Plan F with Colonial Penn without actually having to call or go into an office. I really am not ready to sit down with one particular person yet. Does anyone happen to know what the rates are in Ky (Warren County) for a Plan F or G…thanks..