Individual Assurance Company, Life, Health and Accident (IAC) Review

If you’re reading this, you’re probably in Medicare. If not, you’re going to be soon. The closer you get to 65, the more info you start getting about Medicare coverage.

What you might not hear about is how much Medicare doesn’t pay for.

This program can still leave many enrollees with a lot of out-of-pocket expenses - primarily by way of copayments, coinsurance, and deductibles.

Because of that, many Original Medicare participants purchase Medicare Supplement insurance coverage. If you don’t like having coverage holes, then these plans are for you.  

There isn’t just one Medicare Supplement plan, there are ten. Plan A offers basic coverage. Every other plan has the same coverage, but with more categories.

It is also a good idea to review the insurance company.

There are so many companies out there, you can quickly be overwhelmed. That’s why we here, to review the companies and show you the best ones. One of the most common companies we receive questions about is Individual Assurance Company.

The History of Individual Assurance Company Life, Health and Accident (IAC)

Individual Assurance Company, Life, Health and Accident, also simply known as IAC, was founded more than 50 years ago as an insurance agency that was focused on meeting the insurance needs of financial institution customers.

In 1956, the company started doing business under the name of Institutional Agencies Corporation, and in 1973, it was established as a Missouri domiciled insurance company (even though the company is today headquartered in Edmond, Oklahoma). IAC operates in 43 of the U.S. states, as well as throughout many of the Pacific island nations and territories. The company now has in roughly $4 billion of insurance in force.

Individual Assurance Company Life, Health, and Accident (IAC) Review

IAC has a focus on working with insurance and financial advisors, and in helping them to expand their resources so as to meet the changing needs of the communities in which these professionals serve.

The company offers numerous financial and coverage products, including Medicare Supplement insurance and group term life insurance. It also offers Third Party Administration (TPA) services. Today, as it was more than a half century ago, IAC’s motto is still to be, “Focused on what matters most.”

Insurer Ratings and Better Business Bureau Grade for IAC

Based on the company’s overall financial status, along with its favorable claims paying ability, Individual Assurance Company, Life, health and Accident is rated as a B+ (Good) by A.M. Best Company.

Although IAC does not have accreditation from the BBB, but they have received an A+ rating.

Medicare Supplement Insurance Plans Offered by IAC

You’ll have a couple of options with IAC. These include Plans A, F, G, and N - so clients can choose to go with a more basic coverage option (like Plan A), or a more comprehensive offering (such as Plan G or Plan F).

If Medicare Supplement Plan A is chosen, the following benefits will be covered:

• 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

At the other end of the coverage spectrum is Plan F, which gives the most protection:

• 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)

Maybe you want something in between Plan A and Plan F, Plan G is a great 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
• Medicare Part B excess charges
• Foreign Travel Emergency coverage (up to the plan’s limit of 80 percent)

Another option which falls in between is Plan N:

• 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)

Medicare Supplement Plans Offered by Individual Assurance Company Life, Health & Accident

If you decide to buy a plan through IAC, or any other company, you need to apply during the open enrollment period. You have 6 months during the month you turn 65 to apply with no chance of being declined.

Your open enrollment period gives you a guarantee you’ll be accepted for the lowest premiums available.

Other Products and Services Through Individual Assurance Company Life, Health & Accident

IAC also provides the following products and services:

• Group Term Life Insurance Coverage - The group term life insurance plans from IAC can help to protect members, their families, and their assets in the event of unexpected death, in turn, allowing beneficiaries to maintain their current standard of living and to pay off debts. IAC has many years of helping employers, associations, and other qualifying groups to address the challenges that come with providing meaningful benefits.
• Third Party Administration (TPA) - The Third Party Administration (TPA) services that are offered through IAC offer solutions to a wide variety of business needs, such as end to end new business processing, closed block administration, reinsurance facilitation, and acquisition and transaction management. IAC knows that there are no two businesses that are exactly alike - so the company works to understand the specific objectives of each business, and to then present that company with a plan of work that is focused on minimizing transition disruptions so that the company can move forward with maximizing opportunities to move forward.

Getting Affordable Medicare Supplement Insurance

Because every company is required to offer the same coverage, you don’t have to worry about the plan you’re buying. The key difference between all of the carriers is the premiums they charge. Just because they sell the same plan doesn’t mean they charge the same rates.

You can spend days calling companies, or you could spend one hour talking to our independent agents. Giving us a call can save you hours of time and frustration. Not to mention the money it will save you in monthly premiums.