Speak with an experienced advisor! While Medicare offers a long list of coverage - including hospitalization and doctors’ visits - this program can also leave enrollees with hefty out-of-pocket costs, primarily in the area of deductibles, coinsurance, and copayments.
For a lot of seniors, the idea of having to pay those expenses out-of-pocket is terrifying. Luckily, you can buy some additional protection for your Medicare.
These plans are called Medicare Supplemental policies, also called Medigap plans. They are sold by private insurance carriers, but are regulated by the government.
Finding an insurance carrier that offers good, solid Medicare Supplement coverage, what at the same time, providing affordable premiums, is key. One company who fits those guidelines is American National Life Insurance Company of Texas.
The History of American National Life Insurance Company of Texas
American National Life Insurance Company is a subsidiary of American National Insurance Company, an insurer that was initially founded in 1905 by William Lewis Moody, Jr., a Galveston, Texas businessman. The parent company, American National Life Insurance Company, incorporated American National Life Insurance Company of Texas in 1954.
Throughout the years, American National Life Insurance Company has grown and expanded, and today the company offers a wide range of products and services, including Medicare Supplement insurance coverage.
While American National Life Insurance is publicly traded, most of the company’s shares are still controlled by the Moody family via the Moody Foundation and Libby Shearn Moody Trust - both which are administered by the trust department of the family owned Moody National Bank.
American National Life Insurance Company of Texas Review
American National Life Insurance Company is known for its strong financial reserves, as well as its competitive rates - including those that are charged for its Medicare Supplement insurance coverage products.
The parent company, American National Insurance Company, offers products in all 49 U.S. states (New York is the only exclusion), and in Puerto Rico. The company processes its policyholder claims promptly, they have a very good customer satisfaction rating.
The company, headquartered in Galveston, Texas, offers a wide array of insurance coverage products, including life and health insurance, annuities, property and casualty insurance, credit insurance, and pension plan services.
Insurer Ratings and Better Business Bureau Grade
They have gotten an A from A.M. Best and an A from Standard & Poor’s. Both of these are excellent ratings.
Also, although American National Life Insurance Company of Texas is not accredited by the Better Business Bureau (BBB), there have been 22 consumer complaints closed with the BBB for this company within the past three years.
Medicare Supplement Insurance Plans Offered by American National Life
American National Life Insurance Company offers all ten of the Medicare Supplement insurance plans that are available in the marketplace. Because of this, the company’s customers can choose the plan that works best for them, and for their budget.
Medicare Supplement Plan is the most basic of the plans. Plan A provides a set of basic, core benefits - and these benefits are required to be included in all of the other Medicare Supplement insurance plans.
With Medicare Supplement Plan A, you get:
- Medicare Part A hospital copayment for days 61 through 150, as well as an additional 365 lifetime days once the enrollee’s lifetime reserve day’s end.
- The first three pints of blood needed each year
- Part A hospice copayment and coinsurance
- Medicare Part B copayment
If you want the most supplemental protection, go with a Plan F.
- Medicare Part A hospital copayment for days 61 through 150, as well as an additional 365 lifetime days once the enrollee’s lifetime reserve days end.
- The first three pints of blood needed each year
- Part A hospice copayment and coinsurance
- Medicare Part B copayment
- Medicare Part A deductible
- Skilled nursing facility copayment (Days 21 through 100)
- Medicare Part A deductible
- Medicare Part B deductible
- Medicare Part B excess charges
- Foreign Travel Emergency coverage
2017 Medicare Supplement Insurance Comparison of Available Plans in Alaska
A | B | C | D | F | G | K | L | M | N |
|
|---|---|---|---|---|---|---|---|---|---|---|
| Part A coinsurance and hospital costs, up to an additional 365 days after Medicare benefits are used up | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Part B coinsurance or copayment | Yes | Yes | Yes | Yes | Yes | Yes | 50% | 75% | Yes | Yes*** |
| Blood - the first 3 pints | Yes | Yes | Yes | Yes | Yes | Yes | 50% | 75% | Yes | Yes |
| Part A hospice care coinsurance or copayment | Yes | Yes | Yes | Yes | Yes | Yes | 50% | 75% | Yes | Yes |
| Skilled nursing facility care coinsurance | No | No | Yes | Yes | Yes | Yes | 50% | 75% | Yes | Yes |
| Part A deductible | No | Yes | Yes | Yes | Yes | Yes | 50% | 75% | 50% | Yes |
| Part B deductible | No | No | Yes | No | Yes | No | No | No | No | No |
| Part B excess charge | No | No | No | No | Yes | Yes | No | No | No | No |
| Foreign travel exchange - up to plan limits | No | No | 80% | 80% | 80% | 80% | No | No | 80% | 80% |
| Out-of-pocket limit** | N/A | N/A | N/A | N/A | N/A | N/A | $5,120 | $2,560 | N/A | N/A |
***Plan N will cover 100% of Part B coinsurance, minus the co-payment for office visits, and the $50 co-payment for any emergency room visit.
**After you’ve reached the annual limit for out-of-pocket expenses and the Part B deductible, Medigap policies is going to cover 10% for the rest of the year.
Also, even with the very same Medicare Supplement insurance plan, the rates are going to vary. Before moving forward to purchase a plan, it is always best to compare premium quotes from several different insurance carriers.
One way to accomplish this quickly and easily - and in an unbiased manner - is to work with an insurance broker or agency that is independent, and that has access to multiple carriers. This will make it extremely simple to compare those plans all at once.
Other Products Offered Through American National Life Insurance Company of Texas
American National Life Insurance Company of Texas also offers:
- Life Insurance - American National offers a variety of different life insurance products, both term and permanent. These include whole life, universal life, indexed universal life, and variable universal life insurance coverage.
- Retirement Annuities - There are several types of retirement annuities that are offered through American National Life Insurance Company. These include fixed, fixed indexed, and variable. Annuities can help to provide a retirement income that cannot be outlived - regardless of length, it is required to pay out.
- Accident and Health Insurance - American National offers supplemental health insurance coverage including hospital indemnity, accidental death and dismemberment, and supplemental cancer coverage. The company also offers credit disability coverage, as well as employer stop loss - which can help to protect employers from the financial devastation of catastrophic claims.
- Credit Insurance - Credit life insurance offers money to pay off or reducing the credit obligation of an individual if the person passes away during the term of the coverage. This type of life insurance protection pays out benefits directly to the lender or creditor and can help families to reduce the financial stress of having to pay off such debt upon themselves if the unexpected should occur.
- Property and Casualty Insurance - The property and casualty insurance that is sold by American National Life Insurance Company of Texas is for personal lines, agribusiness, and targeted commercial exposures. This includes specialized coverage for farms, ranches, equine owners, and country estates.
The company also provides a service that is referred to as BEN-E-LECT, which shows employers how to save between 30 and 50 percent of the cost of their health care. This has been in operation since 1996.
Because health insurance premiums continue to rise throughout the United States, many businesses have had to do away with offering healthcare to their employees. With BEN-E-LECT, though, employers have the opportunity to reduce their benefits costs, without having to lower the actual benefits that are offered.
The BEN-E-LECT employer driven health plans that are offered via American National Life Insurance Company of Texas can be written with any size case for both small and large businesses.
Getting the Best Supplemental Insurance
Nobody wants to pay more for their insurance than they have to. Thankfully, there are some easy ways of saving on your Medigap coverage.
The first thing you should do is give us a call. As we mentioned, we give you the ability to compare a lot of carriers all at once. The price point between two carriers can be hundreds of dollars.
If you’re ready to get started, it’s simple. Just give us a call at 800-376-0824 or fill out the contact form. Either way, you’ll be in touch with one of our expert agents.