Combined Insurance Company of America Review

There are tons of health-related services and procedures that are covered by Medicare, like inpatient services, doctors’ visits, outpatient surgery, and medical equipment that is ordered by your doctor.

Yet, even with the many types of coverages that Medicare provides, this program can still leave a number of “gaps” in its insurance protection - primarily by way of coinsurance, copayments, and deductibles. These can make your out-of-pocket expenses add up quickly, particularly if you use your coverage often - can make healthcare too expensive. 

The good news is that Medicare Supplement insurance is built just for this purpose. To help fill in the left behind expenses. There are ten different options, so you can pick a basic plan (Plan A) that provides a set of core benefits, or a more comprehensive option (such as Medigap Plan F or G) that offer more comprehensive coverage.

Medigap plans are very different from traditional Medicare protection. It’s not sold through the government, and you aren’t required to have one of these plans.

Although, just like with Medicare, the government plays a huge role in Medigap coverage. The government restricts the protection Medigap policies can provide. They also standardize the plans. Meaning one plan from company Z is going to be identical to the same letter from company X.

So if the coverage is the same regardless of company, does it matter which one you choose? Of course it does!

Just because the government requires them to have the same protection doesn’t mean every company is the same. They each have various benefits, customer service, and rates. You need to do a lot of research before choosing a company.

To assist you in this research, we’ve done some of the dirty work. We’ve reviewed Combined Insurance Company of America and brought all the information directly to you.

The History of Combined Insurance Company of America

Combined Insurance has been in business since 1922. For nearly a century the company grew and expanded, and today Combined has more than 3 million supplemental insurance policies in force - and it pays out nearly half a billion dollars in claims each year. That equates to almost $1 million every business day. Combined has more than $2 billion in total assets, and its operations include offices in North America, as well as in Europe, Latin America, and the Pacific.

As of year-end 2016, Combined Insurance - which is not part of Chubb Insurance (the largest publicly traded property and casualty insurance carrier in the world) - had approximately $5 billion worth of life insurance policies in force in North America. Headquartered in Glenview, Illinois, Combined Insurance employs more than 5,000 people worldwide.

Combined Insurance Company of America Review

Combined Insurance takes pride in offering its customers clearly-stated insurance policies, so that they know just exactly what they’re getting. Combined is one of the top providers of supplemental insurance coverage in today’s market, with offices spread throughout the United States.

Combined Insurance has earned excellent rates, as well as other awards and accolades. These include being named as one of Ward’s Top 50 Performing Life-Health Insurance Companies, and being named as a Top Military Friendly Employer in 2017 by G.I. Jobs (which marks the fifth consecutive year that Combined Insurance has earned this award).

The Company’s Ratings

Combined Insurance has earned high marks from several of the third-party rating companies:

• AA- (Very Strong) from Standard & Poor’s
• A+ (Superior) from A.M. Best Company

From the BBB, they have an A+ rating, plus they have been accredited since 1952. This is much longer than most other insurance companies out there selling Medigap coverage.

Medicare Supplement Insurance Offered By Combined Insurance Company of America

Combined Insurance Company is a leading provider of supplemental insurance - which includes Medicare Supplement coverage. They sell seven different plans. These include Plan A (the basic set of core benefit coverage), Plan B, Plan C, Plan D, Plan F, Plan G, and Plan N.

Let’s start by looking at the first plan, and the most simple, Plan A:

• Medicare Part A coinsurance and hospital costs - up to an additional 365 days after Medicare benefits are used up
• Medicare Part B coinsurance or copayment
• The first three pints of blood each year
• Medicare Part A hospice care coinsurance or copayment

At the other end of the spectrum is the deluxe coverage from Plan F:

• Medicare Part A coinsurance and hospital costs - up to an additional 365 days after Medicare benefits are used up
• Medicare Part B coinsurance or copayment
• The first three pints of blood each year
• Medicare Part A hospice care coinsurance or copayment
• Skilled nursing facility care coinsurance
• Medicare Part A deductible
• Medicare Part B deductible
• Medicare Part B excess charge
• Foreign travel exchange - up to the plan’s limits

Plan N that is offered through Combined Insurance Company provides a number of key benefits as well, but can save money on premiums. These include:

• Medicare Part A coinsurance and hospital costs - up to an additional 365 days after Medicare benefits are used up
• Medicare Part B coinsurance or copayment
• The first three pints of blood each year
• Medicare Part A hospice care coinsurance or copayment
• Skilled nursing facility care coinsurance
• Medicare Part A deductible
• Foreign travel exchange - up to the plan’s limits

Before you go shopping for a plan. You should note, not every plan is sold in every state. Some states restrict the plans available for purchase.

Also, for those who reside in the states of Wisconsin, Minnesota, and Massachusetts, the plans are going to be standardized differently.

For example, the policies that are available in Wisconsin include the Basic Plan, which provides the following set of benefits:

• Inpatient hospital care, which covers the Medicare Part A coinsurance amount
• Medical costs, which cover the Medicare Part B coinsurance (which is generally 20 percent of the Medicare-approved amount)
• The first three pints of blood that are needed each year
• Medicare Part A hospice coinsurance or copayment

In the state of Wisconsin, there is also a Medigap Plan that is offered. This plan includes the Basic benefits that are listed above, as well as:

• Medicare Part A skilled nursing facility coinsurance
• 175 days per lifetime in addition to Medicare’s benefit of inpatient mental health coverage
• 40 home health care visits in addition to those that are paid for by Medicare
• State mandated benefits

There are also plans that are known as 50% and 25% cost-sharing plans that are available in Wisconsin. These plans are similar to the regular Medicare Supplement standardized Plan K and Plan L.

Also, insurance companies are allowed to offer the following additional riders to Medicare Supplement policies in Wisconsin:

• Medicare Part A deductible
• Additional home health care - 365 visits, including those that are paid for by Medicare
• Medicare Part B deductible
• Medicare Part B excess charges
• Foreign travel emergency
• 50% Part A deductible
• Medicare Part B copayment or coinsurance

Other Products and Services Provided Through Combined

Medigap plans are not the only thing Combined sells. They also sell some other insurance products:

• Accident Protector - The Accident Protector plan pays cash that can be used for paying bills and / or other necessities if an insured is required to go to the emergency room and / or the hospital due to an accident, or if they need a recovery period after a hospital confinement.
• Accident and Sickness Protector - Similar to the Accident Protector, the Accident and Sickness Protector plan pays out benefits if the insured must miss work due to either an accident or an illness.
• Cancer Care Protector - If an insured requires treatment due to a cancer diagnosis, this plan will pay out money that can be used for paying the copayments and / or deductibles that are required on other insurance plans, as well as funds that can be used for covering the costs that are associated with cancer treatment.
• Cancer Protector - If an insured is diagnosed with a qualifying cancer condition, the Cancer Protector plan will pay out a lump sum benefit.
• Critical Care Protector - The Critical Care Protector policy will pay out a lump sum benefit if an insured is diagnosed or treated for a qualifying illness or condition. These can include Multiple Sclerosis, Paralysis (two or more limbs), Blindness, Heart Attack, Severe Burns, Stroke, Brain Tumor (that requires surgery), Kidney Failure, and Dismemberment (two or more limbs).
• Income Protector -  Combined Insurance will pay out a benefit when an insured is totally disabled and cannot work due to sickness or accident, for up to two years, for some plans.
• Family Life Protector - The Family Life Protector is a whole life insurance policy that will provide up to $50,000 in death benefit that can be used for any need of the beneficiary. This plan will pay up to $100,000 if the optional Accidental Death Benefit is also chosen.
• SickPay Plus - With the SickPay Plus plan, a benefit will be paid out starting the very first day that a qualifying insured is unable to work due to an injury or sickness.

How You Can Get The Best Medigap Coverage

Nobody wants to spend more on their insurance than they have to. Luckily, it’s simple to get the lowest premiums on Medigap coverage.

Sure, you can waste several days calling companies, waiting to get an answer, and receive quotes. Or you can make one short phone call to us. We are an independent brokerage. What does that mean to you? It means calling us is like calling a dozen companies at once.

Not only can we bring you all of those quotes, but we can also give you unbiased advice about which plan will meet your needs the best. If you don’t want to worry about your healthcare bills piling up, give us a call today or fill out the contact form.