Manhattan Life Company Review

Are you enrolled in Medicare? If you are, hopefully you know all of the expenses which are covered. It’s a long-list of services.

The program doesn’t pay for all of the expenses you may run into.

Because of this, it can put some Medicare enrollees into financial hardship - particularly those who may require a long stay in a hospital and/or those who may visit their doctors and other medical professionals on a frequent basis.

To help with reducing or eliminating these additional costs, you can consider buying a supplemental policy. These plans offer a variety of different options for lowering the health care related expenses that you may have.

When purchasing a Supplement plan, you need to ensure that you are obtaining the benefits that are best for you. Aside from finding the most affordable plan, you need to pick a company who has a long-history of providing quality coverage and service to their customers.

One company we receive a lot of questions about is Manhattan Life Insurance Company.  

The History Of Manhattan Life Company

The history of Manhattan Life starts back in 1850 when Manhattan Life Insurance Company was formed as one of the earliest pioneers in the life insurance industry. Throughout the years, Manhattan Life has been a leader in various areas of the insurance field, such as being the first to introduce the incontestable clause in a life insurance contract.

Following the Civil War in the U.S., Manhattan Life became known as “Old Reliable,” because the company continued paying death benefit claims to the widows of the Southern soldier. And, for many years, the original building that housed Manhattan Life Insurance Company was the tallest in the world.

The mission of Manhattan Life is to “provide reliable, innovative and cost-effective reinsurance facilities to the life insurance industry as well as a wide range of life and health products to the general public through a multi-distribution system.”

While Manhattan Life Group is headquartered in New York, the company also has servicing offices for its life insurance, health insurance, Medicare Supplement insurance, and other products that are located both in Houston, Texas and in Spokane, Washington.

Manhattan Life Company Review

Today, Manhattan Life Group is a large and financially strong insurer. The company has some affiliates, including:

• Central United Life
• Family Life Insurance Company
• Western United Life Assurance Company

The company also puts technology at its forefront, primarily through the offering of online tools which can allow its clients to select from a wide array of communication and enrollment services to create a custom benefit plan for themselves and/or their employees. The company’s customers and policyholders are also able to take care of much of their business in a convenient online format, which includes the filing of policy service and claim forms via the company’s website, as well as the ability to make changes to their policy and/or account.

For instance, with regard to the company’s Medicare Supplement insurance plans, policyholders can easily download a policy change form to make revisions to their name, address, and/or their premium payment mode.

Combined, Manhattan Life and its affiliates are licensed to offer insurance products in all 50 states. The company also offers products in Puerto Rico. Also, all four of the affiliated operating companies offer a range of reinsurance facilities. Manhattan Life has received many award and accolades throughout the years, including being listed as a Top 10 Life and Health insurance company by National Underwriter.

Insurer Rating And BBB Grade

Based on the company’s overall financial foundation and status, all four of Manhattan Life’s operating companies have been given a rating of B+ (Secure) by A.M. Best Company. Manhattan Life Group has been Better Business Bureau (BBB) affiliated since May 22, 2013, and the company has been given a grade of A+ by the BBB.

Medicare Supplement Insurance Plans Offered By Manhattan Life

Manhattan Life Insurance Company offers five of the available Medicare Supplement insurance plans. These include Medigap Plan A, C, F, G, and N. (Although, it is possible that all five of these plans may not be available for sale in every U.S. states).

Medicare Supplement Plan A offers the core benefits, which Medigap insurance plans has. These basic benefits include the following:

• Part A (hospitalization) coinsurance, plus coverage for an additional 365 days after the Medicare benefits have ended.
• Part B (medical expenses/doctors’ services) coinsurance - which is typically 20 percent of Medicare-approved expenses - or copayments for hospital outpatient services. (If you have Medigap Plan N, you will be required to pay a portion of your copayments).
• The first three pints of blood each year.
• Medicare Part A’s coinsurance amount for hospice care.

With Medicare Supplement Plan C, all of the basic benefits are included, as well a 100 percent of the Medicare Part B coinsurance. In addition, the following benefits are also covered:

• Skilled nursing facility coinsurance
• Medicare Part A deductible
• Medicare part B deductible
• Foreign travel emergency

Likewise, Medicare Supplement Plan F includes the basic benefits, Medicare Part B coinsurance amount, and:

• Skilled nursing facility coinsurance
• Medicare Part A and Part B deductibles
• Medicare Part B’s excess charges (covered at 100 percent)
• Foreign Travel Emergency

plan F gives the most protection possible. Therefore, the premium can often be more than that of any of the other plans. However, there is also a high-deductible Medicare Supplement Plan option. With this plan, you would receive all of the regular Plan F benefits. However, a deductible would need to be met before the plan’s benefits would begin to pay out.

With Medicare Plan G, the basic set of benefits are included, as well as the Medicare Part B coinsurance amount. In addition, the following options are also covered under Plan G:

• Skilled nursing facility coinsurance
• Medicare Part A deductible
• Medicare Part B excess charges (covered at 100 percent)
• Foreign Travel Emergency

Medicare Plan N, which is also offered through Manhattan Life, works somewhat different than the other Medigap plans. With this plan, policyholders receive the basic set of benefits, except the $20 for office visits, and a copayment of up to $50 for emergency room.

Other benefits that Plan N offers include:

• Skilled nursing facility coinsurance
• Medicare Part A deductible
• Foreign travel emergency

To be eligible for a Medigap plan, you have to check off a few requirements:

• Be a resident of the state in which the particular Medigap plan is being offered
• Be age 65 or over
• Be enrolled in Medicare Part A and Part B - and paying your Medicare Part B premium
• Have a qualifying disability and/or End Stage Renal Disease, if you are under the age of 65

The initial open enrollment period begins three months before the month in which you turn age 65, and it includes the month of your 65th birthday and runs for another three months after that.

During your initial open enrollment period for Medicare Supplement insurance coverage, the insurance company can’t reject your application - even if you have an adverse health condition. However, if you wait to enroll in Medicare Supplement coverage after this initial enrollment period has elapsed, then you do run the risk of being charged a higher rate, or even being denied for coverage altogether, should your health deem you as a higher risk to the insurance carrier.

Other Products Available

Manhattan doesn’t only sell Medigap plans. They also sell:

• Accident insurance
• Cancer insurance
• Critical care insurance
• Dental insurance
• Vision insurance
• Disability insurance
• Hospital confinement indemnity insurance
• Life Insurance - both term and whole life, and coverage is offered to individuals, families, and groups
• Retirement annuities

Getting the Best Medigap Protection

Manhattan is only one of the hundreds of companies out there. The older you get, the more important your healthcare insurance becomes.

You probably aren’t eligible for traditional health insurance policy, leaving Medicare your only option. If Medicare is your only protection, you can still find yourself with massive bills you would be responsible for.

If all of this information leaves your head spinning, you don’t have to go on the search alone. Instead of doing everything alone, you can partner up with one of our experienced independent agents.

We’ve been working for years to help seniors get the best Medicare supplemental protection. If you want to get additional coverage, give us a call today.