CNO Financial Group acquired Resource Life Insurance Company and is the parent company of Bankers Life. An old company name you may recognize for Resource Life is American Combined Life Insurance Company.
Original Medicare doesn’t cover your health care services in full. There are additional costs that you’re responsible for paying. Some of these costs include your Medicare deductible, copayment, or coinsurance. These costs could occur in many environments, such as hospitals, doctors’ offices, or skilled nursing facilities.
Additional insurance helps keep your medical finances manageable. An example is a Resource Life Insurance Company Medicare Supplement Insurance plan.
Below we’ll discuss everything you need to know about Resource Life Insurance Medicare plans, including financial strength ratings, client reviews, and common questions about the company.
Resource Life Medicare Supplement Insurance Plans
To qualify for a Resource Life Medigap plan, you’ll need to have Original Medicare, both Medicare Part A and Medicare Part B.
Resource Life Insurance Company offers Medicare plans in select states. These states include Alabama, Colorado, Iowa, Illinois, Indiana, Kansas, Nebraska, Pennsylvania, South Carolina, Tennessee, and Texas. If you don’t live in one of these states, there are plenty of other Medicare Supplement insurance carriers.
With a Medigap plan, you pay a premium in exchange for fewer coinsurances or copays. Supplement plans are identifiable by letters, such as Plan A to Plan N. Depending on your coverage, your premium and coverage will vary.
Most plans require you to pay the Part B deductible. It’s best to talk with a licensed insurance agent about your options. Medigap plans don’t include prescription drug coverage, so you’ll need a separate policy to get your medications.
Resource Life Insurance Company offers other types of insurance, such as life insurance policies and disability insurance.
Resource Life Part C and Part D options
Resource Life does not offer Medicare Advantage and Part D Prescription Drug Plans. Although it’s possible in the future, they offer this type of Medicare coverage.
Medicare Advantage plans usually consist of Health Maintenance Organizations (HMOs) or Preferred Provider Organizations (PPOs). When you enroll in Part C, the federal Medicare program is no longer responsible for your claims. Instead, the private health insurance company takes responsibility.
Prescriptions you take at home that your health care provider prescribes you aren’t a Medicare benefit. You need Part D for medication coverage. Medicare Advantage and Part D plans follow a standard prescription model outlined by the Centers for Medicare and Medicaid Services.
Financial Strength Ratings
AM Best says that Resource Life Company is not rated. Although the parent company, CNO Financials, has A ratings with all top four rating agencies, including AM Best, Fitch, Moody’s, and S&P. So, it’s safe to say this company is backed by a stable and secure company, making it a solid choice.
Medicare Supplement insurance can help cover costs you’d otherwise pay, such as the Part A and Part B coinsurances and deductibles. You can expect some Medigap plans to cover foreign travel emergencies and Part B excess charges.
The best part, these plans are standardized, so Plan D is a Plan D no matter which state you live in. Since medical benefits and coverage align with Medicare, you can expect claims to have approval when the service is medically necessary.
Also, you can see any doctor you like that accepts Medicare. Because of all these great benefits, our clients consider every Medigap policy a top-rated, A+ option.
Does Resource Life Insurance Company sell Medicare plans?
Although the company’s name includes “life insurance,” Resource Life still sells Medigap plans to eligible beneficiaries.
What’s the most popular Medigap plan Resource Life Insurance offers?
While Medigap Plan F has been the most popular in the history of supplemental insurance, Plan G and Plan N are growing in popularity. The reason is primarily due to affordability and the changes in Medicare over the years.
When can I enroll in a Resource Life Medigap policy?
Being new to Medicare gives you eligibility for the Medigap Open Enrollment Period. Open Enrollment is the ideal time to enroll in a supplement plan because the policy is guaranteed to be approved.
Now, if you lose coverage or move, you may qualify for a Special Enrollment Period which also allows you to avoid underwriting. Although you can sign up for a Medigap plan anytime, you just need to qualify with your health, which can be more challenging the older you get.
Beneficiaries that need assistance determining which Medicare Enrollment Period to select should work with a local agent.
How to Enroll in a Resource Life Medicare Plan
Signing up for a Resource Life Medicare Supplement Plan is simple and can be done over the phone. Call one of our licensed insurance agents at the phone number above to find the Medicare health insurance plan most suitable for you.
When finding the right health plan, we consider your monthly premium budget, health care needs, and potential out-of-pocket costs. Also, our agents are most qualified to help you find the company that makes the most sense for your lifestyle needs and Medicare eligibility.
Whether you want a lower premium with a high deductible plan or complete health coverage, we can go over both details while still allowing you to decide what makes the most sense. Fill out an online rate comparison form to get the necessary Medicare medical insurance.