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Transamerica Life Medicare Supplement Insurance

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Our independent agency represents several companies, but we are seeing a lot of interest lately in the Transamerica Life Medicare supplement insurance plans. In our view, there are several reasons for this including: cost, ratings, renewals and name recognition.

First, a little about the company: Transamerica (that big pyramid building in San Francisco) is a subsidiary of Aegon. They have an A+ rating due to their size and financial strength. They began offering Medicare supplements approximately two years ago and market supplements in several states.

Transamerica Life Medicare Supplement Renewal History

In our opinion, renewal history is one of the most important factors when shopping for supplemental insurance. Carriers with a bad reputation don’t tend to last long in this business as agents and policyholders keep a watchful eye on this variable.

Fortunately, Transamerica Life has a good reputation with their renewal rates thus far. In many areas we are seeing rate increases in the range of 2-5%. That’s very competitive (2% seems to be the norm in most places.) And in some states (Pennsylvania for instance) their Plan F, G and N rates increased by 0%. That’s great news for policyholders.

Policyholders and agents alike are both happy when rates hold steady or increase slowly. Most agents aren’t interested in moving their book of business each year and their clients would prefer to avoid the hassle of going through medical underwriting.

Where Are Their Medicare Supplement Rates the Lowest?

We offer Medicare supplement insurance from Transamerica Life in several states. Currently, we have seen them popup near the top of our quoting engines in places like California, Florida, Missouri and Ohio among other areas of the country.

Over the years,  several new carriers have entered the supplemental marketplace and competition for policyholders is increasing. That is great for the consumer. Lately it seems this competition has forced carriers to price their policies more favorably for the short and long run. Stonebridge Life has followed suit in several states and thus far our clients have been happy with their rates and rate increases.

What About Claims History & Customer Service?

The nice thing about Medicare in general is that it’s very regimented. Medicare supplements are designed to do one thing: Fill in the gaps left behind by Medicare.

This simply means there are very few issues when it’s time to pay claims. If you have a Medicare approved expense, your supplement will pay most if not all of the balance depending on the plan you have chosen. It’s a very cut and dried system and leaves no wiggle room for Medigap insurers.

Transamerica Life is no different when it comes to claims and customer service. Our clients have been happy on both fronts, but at the end of the day – A Plan F is a Plan F. It does not matter which carrier your choose – TA Life has to pay the same claims as AARP (UHC), Aetna, Anthem BCBS, Humana and all of the other big names.

Like all Medicare supplements, there are no networks to worry about either. You are in the Medicare network and if your doctor accepts Medicare, then s/he will accept whichever supplement you walk in the door with – no matter the carrier.

In other words, you are shopping for more than just a name. Aetna has the same network as Transamerica Life as does United Healthcare and so on. Most people are familiar with Transamerica and their A+ rating goes a long way to comfort potential policy owners.

Contact Us For Quotes And Information

We are one of the many Medicare supplement brokerages offering Transamerica Life Medicare supplement insurance direct across the country. (This line of business used to be sold under the Stonebridge Life name, but is now offered by the parent company.)

Contact us and we can help you compare the direct rates with several Medigap providers side by side. We can also help with Part D drug insurance as well. We are a one-stop shop for all types of Medicare insurance.

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Category: Medicare Supplements