Speak with an experienced advisor! Medicare has helped millions of seniors get the healthcare they wouldn’t be able to afford otherwise. For some people, Medicare gives the perfect amount of coverage.
For other people, Medicare doesn’t give them the protection they want. Medicare Parts A and B offer a lot of protection, but there are plenty of expenses which fall between the cracks. To fill in the holes of Medicare, you should consider buying a Medigap insurance plan.
These plans are an excellent way to increase your healthcare coverage and prevent having to pay massive hospital fees. You’ve worked hard to reach retirement, don’t let hospital bills ruin those dreams.
There are a thousand different insurance carriers out there who sell Medigap plans. You need to find the best one for you with excellent rates. We get a lot of companies about Philadelphia American Company. To answer those questions and help you find the best plan, we are going to detail the company and give you the information you need.
The History of Philadelphia American Company
Philadelphia American Life Insurance Company is the subsidiary of a larger insurance carrier - New Era Life Insurance. This company was initially established back in 1924. However, new management took over the insurer in 1989 - and today, it specializes in senior related coverage products.
Throughout its history, the New Era family of companies has been known for its affordable insurance and financial products, as well as its stellar customer service. The companies that are included in the New Era family include:
- New Era Life Insurance Company
- Philadelphia American Life Insurance Company
- New Era Life Insurance Company of the Midwest
This group of life insurance companies is headquartered in Houston, Texas.
Philadelphia American Company Review
Philadelphia American Company (New Era) was established in 1924. This company is known for being somewhat more lenient regarding its underwriting requirements. Therefore, if you apply for Medicare Supplement coverage outside of the open enrollment period, this may be a good option for you - particularly if you have any type of adverse health condition. The company is also known for not using a height and weight chart in its Medicare Supplement approval process. With that in mind, this could also be a possible alternative for those who may be somewhat overweight.
This company also has a very fast claims process - and the insurer has been known to pay their claims in as quickly as just one week. This can be helpful - especially if you are on a fixed income or a specific budget.
Philadelphia American Company Insurer Ratings and BBB Grade
New Era Life Insurance Company as a B+ by A.M. Best Company. This rating also holds true for New Era Life Insurance Company of the Midwest and Philadelphia American Life Insurance Company. (As such, these companies combined are known as the New Era Group).
Philadelphia American Company - as well as New Era Group -doesn’t have accreditation from the BBB. Not only do they not have accreditation, but they also don’t have a BBB rating. This is unusual for most insurance companies.
Which Medicare Supplement Insurance Plans Does Philadelphia American Company Offer?
Philadelphia American sells a lot of the available Medigap plans:
Any of the insurance carriers that offer Medicare Supplement coverage must at the very least make Plan A available. All of the plans are going to have the protection as Plan A.
With Medicare Supplement Plan A, you get:
- Part A coinsurance and hospital costs, up to an additional 365 days after Medicare benefits are used up
- Part B coinsurance or copayment
- Blood - the first three pints per year
- Part A hospice care coinsurance or copayment
Medicare Supplement Plan B also offers a similar benefit list as Plan A, with some additions. This plan offers the following total coverages:
- Part A coinsurance and hospital costs, up to an additional 365 days after Medicare benefits are used up
- Part B coinsurance or copayment
- Blood - the first three pints per year
- Part A hospice care coinsurance or copayment
- Medicare Part A deductible
Likewise, Medicare Supplement Plan C offers a bit more coverage:
- Part A coinsurance and hospital costs, up to an additional 365 days after Medicare benefits are used up
- Part B coinsurance or copayment
- Blood - the first three pints per year
- Part A hospice care coinsurance or copayment
- Skilled nursing home facility care coinsurance amount
- Medicare Part A deductible
- Medicare Part B deductible
- Foreign travel exchange - up to the plan’s limits
If an individual wants to go the alternate route and obtain a more encompassing plan, you should consider Plan F:
- Part A coinsurance and hospital costs, up to an additional 365 days after Medicare benefits are used up
- Part B coinsurance or copayment
- Blood - the first three pints per year
- Part A hospice care coinsurance or copayment
- Skilled nursing facility care coinsurance
- Part A deductible
- Part B deductible
- Part B excess charge
- Foreign travel exchange - up to the plan’s limits
There is also a high deductible Plan F offered. You get the full array of benefits can be obtained, however, the premium can be reduced due to the requirement of meeting the deductible before any of the benefits being paid out. This plan’s deductible amount for 2017 is $2,200.
If you are concerned about the need to pay copayments and deductibles, then Medicare Supplement Insurance Plan N could also be another possible alternative for you. The total benefit options that are available through Medicare Supplement Plan N include the following:
- Part A coinsurance and hospital costs, up to an additional 365 days after Medicare benefits are used up
- Part B coinsurance or copayment
- Blood - the first three pints per year
- Part A hospice care coinsurance or copayment
- Skilled nursing home facility care coinsurance
- Medicare Part A deductible
- Foreign travel exchange - up to the plan’s limits
If you live in Wisconsin, Massachusetts, or Minnesota, the plans could be different. Otherwise, in all states, each Medicare Supplement insurance plan of the same letter must provide the same benefits. The premium can differ from one to another. Sometimes, the difference in price can be significant. Therefore, it makes sense to shop and compare the Medigap plans of various insurance carriers before making your final purchase decision. Check out another one of our reviews, like Mutual of Omaha company review. This will help you make an informed decision to know what options you have.
Similar to Medicare Supplement insurance, Medicare Advantage plans are offered by private insurance carriers - and because of this, the benefits and premiums can change.
A Medicare Advantage plan must provide the same benefits that are offered via Medicare Part A and Part B (Original Medicare). However, with Medicare Advantage, you can get additional benefits, like vision and dental. There are many Medicare Advantage plans that will also include coverage for prescription drug benefits.
If a person is enrolled in Medicare Advantage, he or she may not also have a Medicare Supplement insurance plan. That is because only those who are enrolled in Medicare Part A and Part B may have such coverage.
If you are currently enrolled in a Medicare Advantage plan and you want to switch back over to Original Medicare (Medicare Part A and Part B), you may do so during certain times of the year. If you go this route, be sure that you do not cancel one plan before signing up for the other.
Where is Philadelphia American Company’s Medicare Supplement Insurance Coverage Sold?
The Medicare Supplement insurance coverage that is provided by New Era Group / Philadelphia American Insurance Company is offered in some U.S. states. Some of the states in which this company has some of the more competitively priced Medicare Supplement insurance plans include: Tennessee, Mississippi, South Carolina, Oklahoma, North Carolina, Georgia, Pennsylvania, and Texas.
Before you go looking for plans, you should know, not every state allows every plan. Some states restrict the policies which are sold.
Other Products and Services Offered By Philadelphia American Company
As part of the New Ear Life Insurance Company family,they also sell other kinds of insurance products:
- Life Insurance Coverage
- Final Expense Insurance
- Retirement Annuities
- 24 Hour Accident Coverage
- Critical Illness Insurance
- Health Saver Indemnity Plan
Getting the Best Supplemental Protection
Your healthcare is one of the most important things. You need to do the work to ensure you have the best protection available.
Medigap policies are an excellent option for getting the protection you need, but it can be a confusing purchase. You’ll need to decide which of the ten plans works best for you and which companies have the best rates.
If you have any questions about Philadelphia American, please give us a call. We are independent agents and we have the ability to work with a dozen different companies. We can deliver a handful of quotes directly to you in a matter of minutes.