Everest Reinsurance Company Review

If you’re a Medicare participant, you probably know about some of the protection the program provides. You might not know about different expenses which get left behind. Those bills which aren’t covered could pile up and require you to reach deep in your savings account to pay them off.

There are ten different Medicare Supplement insurance plans in the marketplace today. Because of that, you can choose from a plan that offers just basic, core, benefits, or one that is much more comprehensive.

Each policy is slightly different in the protection they provide. Those differences can make a world of difference when it comes to your healthcare needs.

The plans are named by a letter of the alphabet. Medigap Plan A through Plan N. Regardless of the company, each letter is going to provide the same kind of protection. While each company might offer the same coverage, they won’t have the same premiums.

One company that has made its mark in the Medicare Supplement insurance industry - and that is highly regarded in this field - is Everest Reinsurance Company.

The History Of Everest Reinsurance Company

Everest Reinsurance Company - also known simply as Everest Re - has been involved in the insurance industry since 1973. For 22 years, the company served as the reinsurance arm of The Prudential. Then, in 1995, the company was spun off on its own.

Everest Re is a subsidiary of its parent company, Everest Re Group, Ltd., which is also the parent company of Everest National Insurance Company, Everest Security Insurance Company, and Everest Indemnity Insurance Company.

The company has become a leading international (re)insurance company, with broad underwriting expertise, global presence, strong financial ratings, and a substantial amount of capital.

Everest Reinsurance Company Review

As of year-end 2016, Everest Re had more than $21 billion in assets. For the 2016 year, the company wrote approximately $6 billion in gross premiums - which was an increase of more than 2% over the year prior.

The parent company, The Everest Insurance Group, consists of several divisions. These include:

• Everest Insurance U.S.
• Everest Canada
• Everest International Assurance
• Lloyd’s of London Syndicate 2786
• Accident and Health (it is through this division that the company sells it Medicare Supplement insurance coverage)

Everest Reinsurance Group has numerous accolades to its name, including:

• Ranked among the top ten reinsurers worldwide - and among the world’s largest property CAT insurers
• Ranked among the lowest internal expense ratios in the industry
• Among the leaders in the industry in return on equity over the past three years (which includes the company’s 13 percent return on equity in 2016)
• Listed as the eighth largest writers of California Workers’ Compensation coverage (based on figures from the California Department of Insurance, NAIC database)
• The company’s handling / managing of more than 50,000 claims in the year 2016

In addition, the company is well known for its continued investment in both technology and infrastructure. Currently (in 2017), Everest has 29 offices (four of which were opened in 2016), and more than 1,200 employees worldwide. Its international headquarters is located in Bermuda, and its U.S. headquarters is in New Jersey.

Everest Reinsurance Group is considered to be a world-class specialty underwriter that has many positive attributes, such as:

• A bold, nimble and collaborative underwriting approach
• Access to alternative capital
• Product diversity and depth
• Rock solid financial strength and stability
• Large net capacity
• Scalable infrastructure
• The ability to compete across market cycles

The company is also known for responding to its clients’ needs in a timely and efficient manner.

Insurer Ratings and Better Business Bureau Grade

Everest has excellent grades from just about every company out there:

• A+ from Standard & Poor’s
• A+ from A.M. Best Company
• A1 from Moody’s Investor Services

They are not affiliated as a business through the BBB, nor has the BBB given Everest with a grade.

Medicare Supplement Insurance Plans Offered by Everest Reinsurance Company

Everest sells several Medigap plans - and because of that, clients are able to pick and choose from just the basic, “core,” coverages, or alternatively, a more comprehensive option:

•    Plan A

•    Plan C

•    Plan D

•    Plan F

•    Plan G

•    Plan N

For individuals who choose to go with Medicare Supplement Plan A, they will be covered for the below services:

• Medicare Part A coinsurance and hospital costs - up to an additional 365 days after Medicare benefits are used
• Medicare Part B coinsurance or copayment
• Blood - the first 3 pints that may be needed each year
• Medicare Part A hospice care coinsurance or copayment

Alternatively, if an individual prefers a more comprehensive Medicare Supplement plan option, then they could go with Medicare Supplement Plan F or Plan G. For example, Plan G includes the following benefit options:

• Medicare Part A coinsurance and hospital costs - up to an additional 365 days after Medicare benefits are used
• Medicare Part B coinsurance or copayment
• Blood - the first 3 pints that may be needed each year
• Medicare Part A hospice care coinsurance or copayment
• Skilled nursing facility care coinsurance
• Medicare Part A deductible
• Medicare Part B excess charges
• Foreign travel emergency - up to the plan’s limits (80%)

Medicare Supplement Plan F offers:

• Medicare Part A coinsurance and hospital costs - up to an additional 365 days after Medicare benefits are used
• Medicare Part B coinsurance or copayment
• Blood - the first 3 pints that may be needed 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 charges
• Foreign travel emergency - up to the plan’s limits (80%)

Everest Reinsurance Group - Medicare Supplement Insurance Plans Offered (in 2017)

It is important to note that while Everest Reinsurance Group offers the above Medicare Supplement insurance plans, not all of these plans may be available in all states.

In order to be eligible to purchase Medicare Supplement insurance, an individual must be age 65 or older (or under the age of 65, but receiving Medicare Part A and Part B benefits due to a disability such as End Stage Renal Disease). It is also required that the individual is currently enrolled in - and paying the premium for - his or her Medicare Part B coverage. In addition, the individual must reside in the area where the desired plan is offered.

Other Products And Services

Everest Reinsurance Group also sells a set of additional wealth accumulation and protection products that are geared towards both individuals and businesses. These include:

• Accident and Health - The Everest Accident and Health division encompasses short term medical coverage, medical stop loss, pro sports disability, specialty medical, HMO reinsurance, high limit disability insurance, medical and dental reinsurance, accident reinsurance, as well as Medicare Supplement coverage.
• Specialty Commercial - Through the Specialty Commercial division, the company offers both retail and wholesale property coverage, and inland marine. It also offers umbrella & excess, E&S casualty, construction, environmental, and auto buffer. This division also includes a risk management group arm through which the company offers multinational coverage, workers’ comp, commercial casualty, and risk management casualty.
• Specialty Underwriters - Through the specialty underwriters division, there are several lines of insurance offered, such as management liability, professional liability, financial institutions, transactional liability, surety, and trade credit & political risk coverage.
• Industry Solutions - The company also offers an industry solutions arm, which provides coverage for energy casualty, financial institutions, and structured solutions, as well as coverage for the sports, leisure, and entertainment niches.

Through its Canadian division, the services that are provided by Everest Reinsurance Group include Workers Compensation and Managed Care Claims, Loss Control, and Loss Run Requests.

In addition, Everest Canada offers coverage and services in the areas of:

• Sports and Leisure
• Film and Entertainment
• Specialty Commercial - such as Construction / Contractors, Environmental Liability, Manufacturing, and Realty
• Professional and Management Liability
• Claims / Loss Control

Finding the Best Medigap Plan

If you want additional healthcare coverage while you’re in retirement, Medigap plans are an excellent way to do that. These policies will beef up your protection without wrecking your savings account.

Every insurance carrier has different rates and advantages. You need to find a company which is best for you.

Instead of wasting hours and hours calling agents or researching them online, we’ve done all that work for you. We’ve detailed some of the most popular (and least) companies on the market.

As independent agents, we can bring a whole set of quotes directly. If you’re ready to get started with your Medigap coverage, give us a call. We can answer any questions you have and hook you up with the best plan out there.