Colonial Penn Supplemental Insurance Review and Analysis

Colonial Penn Supplemental Insurance has been around for over 50 years, providing coverage to millions of Americans. Founded in 1968, the company has a long history of serving its customers.

Colonial Penn offers a range of supplemental insurance products, including cancer, critical illness, and life insurance. These products can help fill gaps in coverage that may not be met by traditional health insurance.

The company's cancer insurance policy, for example, pays out a lump sum if you're diagnosed with cancer. This can help cover expenses like medical bills, lost income, and travel costs.

Colonial Penn's policies are designed to be affordable and accessible, with no medical exams or health questions required. This makes them a great option for people who may not qualify for traditional insurance due to pre-existing conditions.

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Colonial Penn Life Insurance Company is a life insurance company based in Philadelphia. It's a subsidiary of CNO Financial Group, Inc.

Colonial Penn offers seven Medigap plans, each with its own set of benefits. These plans are designed to supplement Medicare coverage and help with out-of-pocket costs.

Here's a breakdown of the benefits offered by each plan:

Colonial Penn administers Medigap supplement insurance policies through its partnership with Bankers Life.

Colonial Penn Life Insurance Company is a life insurance company based in Philadelphia. It's a subsidiary of CNO Financial Group, Inc.

Colonial Penn administers Medigap supplement insurance policies through its partnership with Bankers Life. This partnership helps people find the right Medigap plan for their needs.

The Medicare online tool can help someone find a Medigap plan in their area.

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Colonial Penn has been around since 1879, giving it a strong history of marketing and selling life insurance policies through television ads.

The company is part of CNO Financial Group and has a subsidiary, Colonial Penn Life Insurance Company, which is based in Philadelphia.

Colonial Penn offers Medicare supplement plans through its affiliated companies, Colonial Penn Life Insurance Company and Bankers Life and Casualty.

Here are some key facts about Colonial Penn's Medicare supplement plans:

Colonial Penn does not offer Rx plans or Medicare Advantage plans, so if you're looking for those types of plans, you'll need to explore other options.

The company partners with Bankers Life to administer Medigap supplement insurance policies, and the Medicare online tool can help you find a Medigap plan in your area.

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Cigna offers four plans, which is fewer than Colonial Penn's seven plans.

Cigna provides a 5 percent enrollment discount, which Colonial Penn does not offer.

Customers can easily enroll online with Cigna, making the process more convenient.

Cigna has a 24/7 health information line, which can be a valuable resource for customers.

Cigna also offers additional supplemental insurance for prescriptions, which may be beneficial for some customers.

Colonial Penn supplemental insurance has its advantages and disadvantages. One of the main pros is that it can help fill gaps in Medicare coverage, providing extra protection for those who need it.

The company's history and reputation also work in its favor. Founded in 1960, Colonial Penn has been providing supplemental insurance to seniors for over 60 years, earning a reputation for reliability and trustworthiness.

On the other hand, one potential con is that Colonial Penn's rates may be higher than those of other supplemental insurance providers. This could be a significant drawback for those on a tight budget.

Here's the pros section of the article:

Colonial Penn offers a range of benefits that make it an attractive option for Medicare supplement insurance.

They offer seven Medigap plans, which is a significant number, and what's available to you may vary by state.

With Colonial Penn, you have the freedom to choose any healthcare provider that accepts Medicare patients.

One of the standout features of Colonial Penn is that it provides permanent coverage, even if you develop health problems later on.

You don't have to worry about navigating complex networks or referrals, as Colonial Penn doesn't require them.

Colonial Penn's coverage travels with you, so you can rest assured that you'll have access to the care you need no matter where you are.

And, to make things even more convenient, agents from Colonial Penn will travel to your home for a personalized approach.

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The cons of this topic are worth considering. One major drawback is that it can be time-consuming to set up and maintain.

You'll need to invest a significant amount of time and effort to get it running smoothly, which can be overwhelming. This can be especially true for those who are new to the subject.

It's also worth noting that it may not be suitable for all types of projects. For example, it's not ideal for small-scale or short-term endeavors.

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Colonial Penn Medigap plans can be cost-effective over time, especially if you opt for a community-rated plan. These plans charge the same premium to everyone, regardless of age.

In fact, nine states require community-rated premiums for policyholders ages 65 and older. This means you'll pay the same as your peers, without worrying about age-related price increases.

If you live in one of the 37 states or Washington D.C. that allow any rating system, you may face different pricing options. Be sure to ask about rate increases and how they might affect you over time.

Here's a quick rundown of the different rating systems:

Colonial Penn is a financially sound company, with its parent company, CNO Financial, being publicly traded under the stock symbol “CNO” (NYSE).

Their revenue in 2014 was 4.1 billion, with a net income of 51 million. This is a significant indicator of the company's financial stability.

Colonial Penn Life Insurance company maintains an A- rating with A.M. Best and a BBB+ rating with S&P, which suggests a strong financial standing.

Colonial Penn is headquartered in Philadelphia, PA, but its parent company is headquartered in Indiana.

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Colonial Penn Medigap plans are priced in three ways: issue-age-rated, attained-age-rated, and community-rated. The pricing scheme used by Colonial Penn can affect the cost of your policy over time.

Issue-age-rated plans have fixed premiums that don't increase as you get older, but may still increase due to inflation. Attained-age-rated plans start with a lower premium but increase as you age, making them the most expensive option in the long run.

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Community-rated plans have the same premium for everyone, regardless of age. This pricing scheme is often the most cost-effective over time.

Nine states require premiums to be community-rated among policyholders ages 65 and older. Four states permit issue-age rating but not attained-age rating, while the majority of states (37 and Washington, D.C.) allow any rating system.

Colonial Penn's rates are not competitive in most areas, with a Plan F for a 65-year-old female in Arizona costing $185 per month. You can get the same exact Plan F with another carrier for a lower price, ranging between $116 – $135 per month.

Here's a comparison of the three pricing schemes:

It's essential to shop around and compare rates from different carriers to find the most competitive option. Colonial Penn's rates are not the lowest, but you can contact them to see what else is available at a cheaper rate.

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You're eligible for Colonial Penn supplemental Medicare insurance if you're a resident of New Hampshire and turning 65.

To enroll, you must be enrolled in both Medicare Parts A and B. This is a requirement for all Medicare beneficiaries in New Hampshire.

You have guaranteed issue rights when you turn 65, which means you can't be turned down by Colonial Penn, and your policy can't be canceled as long as you pay your premiums on time and don't make any material misrepresentations.

The Open Enrollment Period (OEP) begins on the first day of the month that you turn 65 and lasts for six months, during which time you can apply for any of the plans available without being rejected.

If you're ready to buy a Medigap policy, the best time to do it is during your six-month open enrollment period, which starts on the first day of the month when you're 65 or older and enrolled in Medicare Part B.

You can call Colonial Penn at 888-910-3133 to get more information or have an agent contact you. To get started, visit the Bankers Life Medicare Supplement Insurance page and click on "Get a Quote" to get started.

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To get a quote, you'll need to fill out a contact form with your information. This will allow Bankers Life agents to call you with more information about Colonial Penn's Medigap plans.

If you decide to go with Colonial Penn, be sure to ask your agent as many questions as you can during the call. Some helpful questions to ask include:

After getting a quote from Colonial Penn, it's a good idea to research other Medigap carriers and compare their costs, customer service, and any extras. This will help you make an informed decision about which policy is best for you.

You're turning 65 and becoming eligible for Medicare, congratulations! You can enroll in Colonial Penn Medigap policies at this age, and it's a great time to do so.

To be eligible for Colonial Penn Medigap policies, you must be enrolled in both Medicare Parts A and B. This is a requirement, so make sure you're signed up for both.

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Colonial Penn Medigap policies are available to all Medicare beneficiaries in New Hampshire, so if you live in the Granite State, you're in luck. You'll have guaranteed issue rights, which means you can't be turned down by Colonial Penn, and your policy can't be canceled as long as you pay your premiums on time.

The six-month Medigap open enrollment period is the best time to purchase a policy, and it starts on the first day of the month when you're 65 or older and enrolled in Medicare Part B. During this time, you have access to the best prices and policy options.

Here's a summary of the eligibility requirements:

Don't worry if you have a pre-existing health condition - the law protects you during the six-month Medigap open enrollment period, and you won't need to undergo any medical underwriting process.

Colonial Penn Medigap plans offer various benefits, and it's essential to compare them to find the best fit for your needs. Each plan covers different aspects of medical expenses.

The Colonial Penn Medigap Plan Benefits Comparison Chart shows what each plan covers, making it easier to choose the right one. The chart highlights the unique benefits of each plan.

Plan A covers basic benefits like hospital stays, skilled nursing care, and hospice care, but it's essential to consider the limitations of this plan.

Plan F offers more comprehensive benefits, including coverage for deductibles, copays, and coinsurance, but it's more expensive. The chart clearly outlines the differences between these plans.

Colonial Penn Medigap plans can provide peace of mind and financial protection in case of unexpected medical expenses. It's crucial to carefully review the benefits and costs of each plan before making a decision.

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Colonial Penn uses knowledgeable insurance agents to provide quotes and sell their Medigap policies, which can be a plus for some but may require extra research time.

Colonial Penn requires you to hand over your contact information to get a quote, whereas other popular Medigap carriers like Blue Cross Blue Shield and Aetna make quotes instantly available online, and you can get those quotes anonymously.

Colonial Penn's rates for Plan F in New Hampshire can vary compared to the top ten insurers, so it's essential to compare quotes before making a decision.

Colonial Penn's Plan F rates may not be the lowest, but it's still a popular option, and you should consider your individual needs and circumstances when choosing a Medigap policy.

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If you're considering Colonial Penn for your Medicare supplement insurance, think twice. Colonial Penn is best for aging adults who prefer smaller insurance carriers and just want standardized Medigap coverage.

However, there are some major concerns with Colonial Penn's business practices. Colonial Penn and Bankers Life have a poor reputation among independent agents and customers for their unethical sales tactics and poor customer service.

Colonial Penn Medicare supplement plans are not sold by independent agents, which means you may not be shown plans with other competitive companies. This can lead to overpriced plans and a lack of options.

Colonial Penn's rate increases have also been higher than the industry average, which can be a significant burden for seniors on a fixed income.

If you're looking for a more reliable and affordable option, consider reaching out to an independent insurance agent or agency for a free quote.