Colonial Penn was created in 1957 by AARP co-founder Leonard Davis. They’ve been helping beneficiaries for over 60 years with their insurance needs. Colonial Penn primarily offers life insurance, but they also offer Medigap insurance. Colonial Penn offers Medicare Supplement plans to help with the health care needs of Medicare beneficiaries.

Medicare Supplement Plans YES
Medicare Advantage Plans NO
Medicare Part D Drug Plans NO

Colonial Penn Medicare Supplement Plans

Medigap plans are available in all 50 United States and the District of Columbia. Medicare Supplement plans are secondary coverage to your Original Medicare and pay portions of your Medicare cost-share.

Medicare Supplement plans have a fixed monthly premium. You pay little or nothing when you use your healthcare coverage. When you select a Medigap plan, you retain all of your benefits from Medicare. These include the freedom of healthcare providers.

Colonial Penn Medicare Advantage Plans

They do not offer Medicare Advantage plans currently. For more information on Medicare Advantage plans, use our online request form.

They do offer Critical Illness plans that help cover cancer, heart attack, and stroke. If you are currently on a MA plan, a critical illness plan can help cover some of the gaps in the MA plan.

Colonial Penn Medicare Part D

They don’t sell Part D drug plans. Fill out our online request form if you need help selecting a Part D drug plan to assist with your prescriptions

Colonial Penn Financial Strength Ratings

Medicare plans get ranked by their financial strength by A.M. Best, and Standard & Poor’s. A.M. Best gives them a rating of A-. Standard & Poor’s gave Colonial Penn a rating of BBB+.

A company’s financial stability will usually correspond with more stable rates with lower rate increases for Medigap plans.

A.M. Best Rating A-
Standard & Poor’s Rating BBB+
Moody’s Rating n/a

Reviews

They offer 10 Medigap plans throughout the United States. The plans available are dependent on the area you reside. The company has a solid company that has a decent financial rating. They even offer an option for a gym membership in many states.

FAQs

What Medicare Supplements does Colonial Penn offer?

The carrier offers Plans A, B, C, D, F, G, K, L, M, and N. Plan availability is dependent on your location. They also offer high deductible F and G plans in some areas.

Is Colonial Penn and Bankers the same company?

Yes and no. CNO Financial is the parent company of both Colonial Penn and Bankers. They are two separate entities under their parent company.

Will my Colonial Penn premium increase?

Yes! It doesn’t matter who you choose for your Medigap plan carrier. Your rate will usually increase annually.

When can I enroll in a Colonial Penn policy?

You can enroll at any time unless you have a Medicare Advantage plan. Unless you are in an open enrollment or a Guaranteed Issue situation, you will have to go through medical underwriting. Your open enrollment, when you are first starting Medicare, is the best time to enroll in a Medigap plan.

How to Enroll in a Colonial Penn Medicare Plan

We have licensed agents standing by to assist you with all Medicare questions. For help, use our online request form or give us a call for assistance. We can help you with a needs assessment to help you determine which plan option fits your needs best.

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by Lindsay Malzone, Lindsay Malzone is the Medicare expert for Medigap.com. She's been contributing to many well-known publications as an industry expert since 2017. Her passion is educating Medicare beneficiaries on all their supplemental Medicare options so they can make an informed decision on their healthcare coverage.