GPM Health and Life Insurance Company Review

If you’re around 65, you’ve probably been flooded with Medicare info. Everything from phone calls to emails.

You may have heard some horror stories about Medicare participants who were left with some massive bills which the program didn’t cover.

Unfortunately for some Medicare enrollees, these costs can make health care difficult to come by - especially if living on a fixed budget.

If you’re worried about your Medicare coverage, there are some chooses for having additional coverage.  One of these is the Medicare Supplemental plans.

Each Medicare Supplemental plan is different. There are 10 options, and each covers something different. Because they are regulated by the government, each plan of the same letter has the same protection categories.

Because each company has to give the same protection, the key difference between the carriers is how much they are going to charge. But you should look at more than just the price. You also need to consider the customer service, the financial reputation, and any additional benefits.

The History of GPM Health and Life Insurance Company

GPM Health and Life Insurance Company has been in business since 1934. The company is committed to providing quality products, while at the same time maintaining a financially sound - and growing - company.

Government Personnel Mutual Life Insurance Company was originally established back in 1934. Throughout the years, this company has set many standards in the insurance industry - starting with having the founder’s wife take over the leadership of the insurer in 1938, when her husband died unexpectedly.

Over the 80 years that GPM Life has been in business, it has grown and expanded a great deal. As of year-end 2015, GPM Life had total assets in excess of $836 million, and a surplus of 103 percent over the previous year (approximately $116 million). In addition, the company’s life insurance sales had increased by more than 20 percent over the prior year. Since the company’s inception, it has paid out approximately $1.5 billion in benefits to its policy holders.

GPM Health and Life Insurance Company Review

GPM Health and Life Insurance Company serves several key niches, which include individuals and families, seniors, federal employees, and those who are in the military. In fact, this company was the first insurer in the United States to offer life insurance policies without a war exclusion clause.

The mission statement for the company includes the goal to operate with adequate margins for safety and the benefit of its policy holders. The company is also “dedicated to helping them <policy holders> solve financial problems arising from the uncertainties of life by providing quality products, prompt and understanding service, and sound company growth.”

Employees and agents who come on board with GPM take the Employee and Agent Pledge, which states the following: “I pledge to serve GPM Life’s clients and prospects ethically, using the same standard I would want an insurance professional to use if I were the client or prospect.” GPM Life is headquartered in Lakewood, Ohio.

Insurer Ratings and Better Business Bureau (BBB) Grade

One important factor is to consider the ratings from outside agencies. A.M. Best has given GPM an A+, which is one of their best ratings.

GPM Life doesn’t have accreditation from the BBB, but they have given them an A+ rating.

Medicare Supplement Insurance Plans Offered by GPM Health and Life

GPM Health and Life Insurance Company sells several of the 10 plans out there. The company is also well regarded for its competitive premium prices, as well as its great customer service.

The plans that are sold through GPM Life include:

• Plan A
• Plan C
• Plan F
• Plan G
• Plan N

To start, let’s look at the first plan, Plan A. These include coverage for the following:

• Medicare Part A coinsurance and hospital costs - after the traditional coverage is used
• Medicare Part B coinsurance or copayment amount
• The first three pints of blood that may be needed each year
• Medicare Part A hospice care copayment or coinsurance amount

For more comprehensive benefits, other Medicare Supplement plans can be chosen. The other plans include these coverage categories, as well as other coverage options. For example, with Medigap Plan C, the following coverage is provided:

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

If you want the premium coverage, Plan F is the best:

• 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)

If an individual is seeking a plan that offers more than Plan A, yet does not want the full array of coverages that are offered in Plan F, then Medicare Supplement Plan N could be a viable choice:

• 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.

Other Products and Services Offered Via GPM Health and Life Insurance Company

GPM Life also offers several other products, such as:

• Life Insurance - GPM Life sells term and whole life insurance, so customers can choose the policy and the coverage that best meets their specific needs. All types of life insurance policies that are offered through GPM also provide policy holders the ability to customize with various riders.
• Final Expense Coverage - Because a funeral and other related expenses today can cost in excess of $10,000, there are many people who can benefit from final expense life insurance coverage. With final expense coverage, a payout of between $3,000 and $35,000 is available via GPM Life, and applicants can range from age 50 to age 80. There are no blood tests and no medical exams required to apply for this type of policy with GPM Life.
• Retirement Annuities - Due in large part to our longer life expectancies today, a lot of people worry about outliving their savings. But an annuity can provide an ongoing, guaranteed stream of income to an individual (or couple) for life. GPM Health and Life Insurance Company offers both single premium deferred annuities, and flexible premium deferred annuities.

Getting Affordable Medicare Supplement Insurance

When we talk to our clients, they are worried about the price of their supplemental coverage. As policyholders who are on a fixed income, they think it’s going to break their bank.

Luckily, we are here to help. We’ve made it our goal to give all of our clients the cheapest supplemental insurance. We can walk you, step-by-step, through the process and set you up with affordable protection.

What makes us different from the other agents? We are independent! We have the ability to give you quotes from a dozen carriers.

Questions or concerns? Let us know! If you don’t take care of your healthcare, you can find yourself with thousands of dollars of medical bills. Give us a call today.