State Farm Company Review

While Medicare Part A and Part B ( provide a nice amount of coverage, they can also require that an enrollee pay a lot of expenses regarding copayments, coinsurance, and / or deductibles.

Those bills can quickly drain your bank account and leave you with a broken retirement nest egg.

To guard your savings, you need to buy a Medigap policy.

These supplemental policies will fill in the protection original Medicare doesn’t provide.

If you’re thinking about investing in a Medigap plan, you need to know which each plan coverage.

That is because there are currently ten different options to choose from – providing the most basic of protection, on up to a comprehensive array of benefits.

Companies have to give the same coverage, but they don’t have to charge the same prices.

One important thing to do is find a company that offers the cheapest rates and who offers quality insurance and service.

To help you find that company, we’ve reviewed State Farm. List article is going to look at their products and the quality of their service.

The History of State Farm

State Farm has been insuring its customers ever since 1922. The company was founded by a retired farmer and insurance salesman named George Jacob (GJ) Mecherle.

The founder’s overall mission was to “operate fairly and do the right thing for its customers.” Mecherle’s vision is still a foundation of State Farm – with the addition of being the first and the best choice in the products and services that the company provides.

Initially, State Farm was a single line auto insurance carrier. However, over time it has grown into a large conglomerate that offers roughly 100 different products and services to its customers.

State Farm has been known for many years by its advertising motto of: “Like a good neighbor, State Farm is there.” The company is regarded as a public leader in auto safety efforts, and it has been instrumental in passing some new seat belt laws, along with other driver safety regulations.

The company is also extremely active in the communities that it serves by supporting programs that enable home ownership, and that also create safe neighborhoods and make homes and highways safe.

Today, State Farm is one of the biggest carriers in the United States.

They have more than 84 million policies and accounts. According to State Farm, these are broken down as follows:

45 million auto insurance policies
More than 27 million in fire
Nearly 8 million in life insurance
Nearly 900,000 in health

In addition, State Farm is ranked as being the 83rd largest bank in the United States regarding its nearly $17 billion in assets

The company also has nearly 500,000 mutual fund accounts. This insurer processes approximately 37,000 claims per day.

The company currently has more than 65,000 employees and 18,000 agents. It also has a long list of achievements and accolades, including being the:

Number 1 auto insurer in the U.S. since 1942
Number 1 homeowners insurer in the U.S. since 1964
Number 1 life insurer in the U.S. since 2015

State Farm is also ranked 35th on the 2016 list of Fortune 500 companies. The headquarters is in Bloomington, Illinois.

In addition to its corporate buildings and facilities, State Farm also owns and maintains a 99-acre park for its employees, their families, and their guests.

State Farm Park includes some recreational facilities, which includes a state of the art water park.

Insurer Ratings and BBB Grade

Through the years, State Farm has earned some excellent grades from third-party companies:

A++ from A.M. Best. This is the highest rating possible from A.M Best Company, and it is due to State Farm’s superior financial condition and operation performance.
AA from S&P Global Ratings. This is a very high rating and it is based on the company’s strong claims paying ability.
An A- rating from the BBB.

Which Medicare Supplement Insurance Plans are Offered By State Farm?

State Farm several a handful of Medigap plans.

This is helpful, as its customers have the ability to choose whether they want to carry just basic protection, or alternatively, a more comprehensive Medicare Supplement plan.

Medicare Supplement Plan A

With Medicare Supplement Plan A, you’re going to get the least amount of supplemental protection, but it’s an excellent choice for a lot of applicants who want affordable protection.

Plan A of Medicare Supplement provides:

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 amount
First 3 pints of blood per year
Medicare Part A hospice care coinsurance or copayment

Medicare Supplement Plan C

If a Medicare enrollee wishes to get more coverage options that are over and above those of the core benefit pack – but not have to pay for coverage that they may not use – then, Medicare Supplement Plan C may be an option to consider. That is because Plan C offers the following coverage:

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 amount
First 3 pints of blood per year
Medicare Part A hospice care coinsurance or copayment
Medicare Part A skilled nursing facility coinsurance
Medicare Part B deductible
Emergency care in a foreign country. (This option includes coverage for 80 percent of the cost of emergency care, beginning during the first 60 days of each trip, after the policyholder pays a deductible of $250. This plan is subject to a lifetime maximum of $50,000 if such care would have been covered by Medicare if provided in the United States).

Medicare Supplement Plan F

For those who are seeking a more comprehensive Medicare Supplement insurance plan, then Plan F may be considered. This option offers the following forms of coverage:

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 amount
First 3 pints of blood per year
Medicare Part A hospice care coinsurance or copayment
Medicare Part A inpatient hospital deductible
Medicare Part A skilled nursing home facility coinsurance
Medicare Part B deductible
Emergency care in a foreign country – 80 percent of the cost of emergency care, beginning during the first 60 days of each trip, after the policyholder pays a $250 deductible, and subject to a lifetime maximum, if such care would have been covered by Medicare if it was provided in the United States.
Medicare Part B excess charges – 100 percent of the excess charge above Medicare’s reasonable charge, if the medical provider does not accept Medicare assignment, and subject to a Federal / State-mandated limit.

You should also consider the high-deductible Plan F. This plan may be a good option for those who are seeking a comprehensive Medicare Supplement insurance plan, yet are also seeking a way to keep their premium cost lower.

If this particular Medicare Supplement plan option is chosen, it means that the policyholder will need to pay for his or her Medicare-covered costs, up to the deductible amount before the Medicare Supplement insurance plan will pay any of its benefits.

Where are State Farm’s Medicare Supplement Plans Sold?

State Farm Medigap plans are available in most of the U.S. However, at this time, State Farm does not currently offer health insurance coverage in Massachusetts, New Jersey, or Rhode Island.

Also, not all of the Medicare Supplement plans are available in all states – and, for those who reside in the states of Minnesota and Wisconsin, the way in which Medicare Supplement coverage is standardized may differ from plans in the other available areas.

Other Products Offered Through State Farm

State Farm offers a wide range of roughly 100 other insurance, and financial products are services:

Life Insurance
Health Insurance
Long-Term Care Insurance
Auto Insurance
Homeowners Insurance
Annuities
Mutual Funds
Banking Products
Disability Insurance
Liability Insurance
Identity Restoration

These products and services are offered via independent contractor exclusive State Farm agents.

Who Has the Best Medigap Coverage?

You’ve probably heard of State Farm. They are a popular company in the insurance market, but just because they are well-known doesn’t mean they are the best option for you. Every applicant is different, and each person needs different coverage.

Before you buy a plan, you need to do some shopping around. Each company has to provide the same protection for the letter, but they can charge you different amounts. You want the cheapest protection from a quality carrier.

Sure, you can call each company yourself and do the research, or you can make a quick call to us. We have the ability to bring you a dozen quotes at all once. It can save you hours on the phone. Have questions? Ready to get started with your Medigap protection? Contact us today.