Globe Life and Accident Insurance Company Review

If you are in the age 65 or over category, then it is possible that you receive your health care coverage through Medicare. Original Medicare - which is another name for Medicare Part A and Part B - can cover a wide array of health and medical services, such as inpatient hospitalization, outpatient surgery and services, doctors’ visits, and necessary medical equipment.

Yet, even though you may be eligible for Medicare’s coverage, this program can also leave you with a long list of out-of-pocket responsibilities, such as deductibles, coinsurance, and / or copayment amounts. This, in turn, has the ability to make getting the health care that you need unaffordable.

There is good news, though, in that Medicare Supplement insurance can help you with filling in the gaps in Medicare’s coverage. This is why Medicare Supplement insurance is oftentimes referred to as Medigap insurance. 

There are ten different Medicare Supplement plans to choose from. Unlike Medicare Parts A and B, Medicare Supplement insurance is not sold through Medicare itself, but rather by private insurance carriers which have been approved to do so by Medicare.

This type of insurance can also provide you with a great deal of flexibility, as each of the ten different plans range from a basic set of “core” benefits (Plan A) to a highly comprehensive plan (Plan F), allowing you to go with the plan that suits your needs the best.

It is required by law that each of the ten Medicare Supplement insurance plan offer the same benefits for plans of the same corresponding letter. This means that a Medicare Supplement Plan A that is sold through one insurance company will have the very same benefits as a Plan A that is sold by any other insurance carrier. The amount of the premium that is charged, however, can differ from one carrier to another - sometimes by quite a lot.

Because of this, it is wise to shop and compare Medicare Supplement plans from several different insurance carriers prior to making your purchase. This can be accomplished quickly and easily by working with an independent insurance brokerage that has access to multiple carriers.

In addition to plan and price, the actual insurance carrier that you purchase your Medicare Supplement insurance plan through can make a big difference. In this case, you will want to ensure that the carrier is strong and stable from a financial standpoint, and that it also has a good, positive reputation for paying out its policy holder claims. One insurance company that meets these criteria is Globe Life and Accident Insurance Company.

The History of Globe Life and Accident Insurance Company

Globe Life and Accident Insurance Company has been in the business of offering insurance coverage to its customers ever since 1951. Beginning with just $60,000 in start-up capital, today the company has more than $77 billion of insurance coverage in force, covering approximately 4 million policy holders in the areas of life and health.

Initially founded in Oklahoma, Globe Life and Accident Insurance Company remains in Oklahoma City, and is licensed to provide life and accident insurance protection throughout the U.S., with a mission of securing coverage to its customers both now and in the future.

Today, Globe Life is a wholly owned subsidiary of the Torchmark Corporation, a holding company with a mission of helping working class families to secure financial protection from adverse circumstances. Torchmark Corporation is headquartered in McKinney, Texas.

In July 2016, Torchmark received a Top 50 ranking for Life and Health Insurance Companies in National Underwriter’s LifeHealthPro online magazine. The company was listed at number 20 for net premiums written in total life, and number 24 for life / accident / health net premiums written.

The company has also attained numerous other awards and accolades, including:

• Ranked number 590 on the 2016 Forbes 1000 list
• Ranked number 68 on the 2015 Texas 1000 list
• Ranked number 28 on the Dallas Morning News 2015 150 D/FW Companies list

Globe Life and Accident Insurance Company Review

While Globe Life and Accident Insurance Company provides stellar customer service and insurance protection, this insurer also prides itself on being “hassle free” for its policy holders when they need information, advice, and assistance.

The customer service representatives at Globe Life can be reached in a number of different ways, including online, phone, and fax. Policy holders can also set up an online account through the company where they can go in and make various updates and changes to the plans and personal information. Globe Life is also considered to be a company that offers affordable insurance coverage, and in order to do so, it offers a marketing tagline of “$1 Buys $50,000.”

Insurer Ratings and Better Business Bureau (BBB) Grade

Globe Life is a strong and stable company from a financial standpoint, and because of that - as well as its stellar claims paying record - the company has been given high ratings from the insurer rating agencies, including an A+ (Superior) from A.M. Best Company. Torchmark Corporation is also highly rated, with an A+ (Superior) from A.M. Best Company, and an A- from Fitch Ratings.

In addition to its high insurer ratings, Globe Life and Accident Insurance Company has been an affiliated company with the Better Business Bureau (BBB) since May 26, 1953. The company has been graded with an A+ through the Better Business Bureau, on an overall grade scale of A+ to F, and over the past three years, the company has closed out 332 customer complaints (of which 82 have been closed out within the past 12 months).

Of these total 332 customer complaints, 194 had to do with problems with the company’s products and / or services, another 69 were in regard to advertising / sales issues, 61 pertained to billing and / or collection issues, 4 regarded delivery issues, 3 were in regard to guarantee / warranty issues, and one had to do with a miscellaneous issue.

Torchmark Corporation, the parent company of Globe Life and Accident Insurance Company, is also a long-standing member of the Better Business Bureau, and has been accredited with the BBB ever since January 1, 1952. Like Globe Life, Torchmark Corporation has a grade of A+ via the BBB. Over the past three years, Torchmark Corporation has closed out a total of 46 customer complaints with the Better Business Bureau.

Medicare Supplement Insurance Plans Offered by Globe Life

Globe Life and Accident Insurance Company offers many of the available Medicare Supplement insurance plans, including Plan A, Plan B, Plan C, Plan F, and Plan N. Because of this, customers of Globe can choose from a more basic product option, or opt for more comprehensive coverage.

For example, Medicare Supplement Plan A offers the most basic set of “core” benefits. These include the following:

• 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 / or coinsurance
• Medicare Part B copayment

If seeking a Medicare Supplement that is more comprehensive, then Plan F may be the way to go. That is because with Medigap Plan F, the following benefit options are included:

• 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 / or 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 (up to the plan’s limit of 80 percent)

For those who want the comprehensive coverage options that Medicare Supplement Plan F offers, but don’t want to pay a high premium, there is also the high-deductible Plan F alternative. With this plan, the same list of benefits are offered, but before any of the plan’s benefits will pay out, the insured must first meet an annual deductible. In 2017, the amount of this deductible is $2,200.

For more of a middle-of-the-road plan with Medicare Supplement, Plan N could be chosen, where there is a well rounded benefit mix, such as:

• 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 / or coinsurance
• Medicare Part B copayment
• Medicare Part A deductible
• Skilled nursing facility copayment (Days 21 through 100)
• Medicare Part A deductible
• Foreign travel emergency coverage - up to the plan’s limit (80 percent)
• If you opt to go with Medicare Supplement Plan N, the plan will pay 100 percent of the Medicare Part B coinsurance amount - except for a copayment of up to $20 for some office visits, and up to a $50 copayment for emergency room visits that do not result in inpatient admission.
• (It is important to note that, while all of the Medicare Supplement insurance plans in the U.S. need to be standardized in the same manner for each corresponding letter, those who live in the states of Wisconsin, Massachusetts, and Minnesota will have a different standardization in their Medigap plans).

Medicare Supplement Plans Offered by Globe Life and Accident Insurance Company

In addition to offering Medicare Supplement insurance coverage, Globe Life and Accident Insurance Company also provides the following products and services:
Other Products and Services Offered Via Globe Life and Accident Insurance Company

• Life Insurance Coverage - Term and Permanent
• Accidental Death Insurance
• Children’s Life Insurance Coverage
• Mortgage Protection Insurance
• Auto Insurance

Globe Life and Accident Insurance Company also offers an Employee Services Division (ESD) which provides life and supplemental health insurance for federal, state, and teacher markets. The Employee Services Division of Globe Life strives to continually meet the needs of government employees with quality supplemental life and health insurance products, as well as superior customer service from the company’s home office.

The ESD division has several affiliations, including:

• Professional Oklahoma Educators
• Blacks in Government
• Federally Employed Women
• Oklahoma Public Employees Association

How to Get the Best Rates on Medicare Supplement Insurance Coverage

While seeking the best rates on Medicare Supplement insurance coverage may seem overwhelming, the process can be made much easier by working with an independent insurance brokerage that can walk you through all of the steps.

If you are ready to take a closer look at the Medicare Supplement insurance plans and quotes that you are eligible for, we can help. We’re an independent insurance broker, and we work with many of the top Medicare Supplement insurance carriers in the market place. When you are ready to proceed, just simply take a moment to fill out the quote form on this page.

Should you still have any additional questions or concerns regarding Medicare Supplement insurance plans and / or prices, please feel free to call us directly, toll-free at 800-376-0824. Our experts will walk you through all of the important details that you need. We understand that finding the best Medicare Supplement insurance plan entails a lot of key variables to consider - so contact us today, we’re here to help.