Transamerica was founded in 1906 to help individuals and small businesses have a hand in building their own futures. Because of the company’s mission to empower people, it is currently ranked as one of the top U.S. life insurers.
Transamerica’s primary focus is life insurance, but the insurer added Medicare Supplement plans to its offerings in 2015.
Transamerica no longer issues new Medicare Supplement policies, effective September 28, 2020. However, beneficiaries with effective policies can still renew.
Transamerica Medicare Plans Available
Transamerica had the following plans available:
- Plan A
- Plan F
- Plan G
- Plan K
- Plan N
Original Medicare coverage helps with certain medical costs, but it doesn’t cover an enrollee’s entire health care costs. Original Medicare only pays for approximately 80% of your expenses; the remaining 20% is attributed to the plan holder in out-of-pocket costs. Original Medicare is segmented into two parts: Part A and Part B.
Medicare Part A
Medicare Part A, also known as hospital insurance, covers Medicare inpatient care, including care received during a stay at home. For most people, Medicare Part A enrollment is automatic.
In general, services covered under Medicare Part A are as follows:
- Hospital care (inpatient)
- Limited home health services
- Care in a skilled nursing facility (SNF), provided that custodial care not be the only care required
- Hospice care
Medicare Part B
Medicare Part B, or medical insurance, covers medical services and supplies to diagnose or treat a health condition. Part B covers outpatient and preventative services such as hospital visits and disease screenings. Individuals who meet the requirements for premium-free Medicare Part A coverage are eligible for Part B coverage.
The following are examples of costs covered by Medicare Part B:
- Visits to a healthcare facility
- Ambulance services
- Part-time or temporary home health care
- Rehabilitation services and physical therapy
- Flu and Hepatitis B shots
- Cardiovascular, cancer, and diabetes screenings
- Limited outpatient prescription drugs
- Durable medical equipment
- Clinical research
- Mental health services (inpatient, outpatient, and partial hospitalization)
- Second opinions before surgery
Transamerica Medicare Advantage (Part C)
Medicare Advantage plans are not available through Transamerica.
Transamerica Medicare Part D – Drug Plans
As of 2017, Transamerica no longer offers Part D prescription drug plans. Unlike the Medigap policies they no longer sell, those who had coverage through their program could not renew as of 2020.
Transamerica Medicare Supplement Plans
TransAmerica no longer offers Medicare Supplement plans to new enrollees. However, those with established policies can renew.
Medicare Supplement Plan F has long been considered one of the most popular plans of the ten available, namely due to its comprehensive coverage that includes Part B deductible. However, in 2020, Plan F was made unavailable to new Medicare enrollees. Plan F is now only available to a closed pool of people enrolled before January 1, 2020.
Medicare Supplement Plan G is similar to Plan F but doesn’t cover the Medicare Part B deductible. For new Medicare enrollees unable to receive Plan F, Plan G is a suitable alternative. Once you have paid the Part B deductible, Plan G will pay the same as Plan F for the remainder of the calendar year.
Plan K is for individuals who want low premiums in exchange for a big portion of their potential expenses on the back end. It covers Part A coinsurance, 50% of your Medicare Part B copayment, blood, hospice, and skilled nursing. Crucial for many, it covers half of the Part A deductible.
When it comes to affordable plan options, Plan N is the frontrunner. With affordable copays for doctor and emergency room services, this plan primarily suits money-conscious individuals.
Plan N offers the same coverage as Plan G, except the policy does not cover:
- Part B deductible
- $0-$20 office visit copayment
- $50 copay at the emergency room
- Part B excess charges
Enrolling in Transamerica & Open Enrollment Period
Unfortunately, you can no longer register as a new recipient of any Transamerica plans. Please get in touch with our team to find the best option for you.
The best time for Medicare beneficiaries to enroll is during the initial Open Enrollment Period, a 6-month window that begins when your Medicare Part B is activated. During this 6-month window, insurance companies cannot deny you coverage or charge higher premiums for any existing medical conditions.
If you apply after your Open Enrollment Period, you fall outside of the protected enrollment period. Insurers can decide if they wish to accept or decline your application and impose an inflated premium based on your health conditions.