TransAmerica provides a broad spectrum of financial and insurance options. They have been helping people solve their insurance and investment needs for over 100 years. Aegon obtained TransAmerica in 1999. The company paid over $49 billion in 2020 for insurance, retirement benefits, and annuities, serving over 11 million customers throughout the United States.
TransAmerica Supplemental Medicare Plans
TransAmerica stopped issuing new Medicare Supplement policies in 2020, and policies issued before that time are still eligible for renewal. The premium will continue to increase each year, and eventually, the rate increases will price beneficiaries out of the TransAmerica Medicare Supplement plans.
Medigap plans are differentiated by letters A through N, and each has different benefits. Electing a plan with more robust benefits costs more in premium dollars, and those with fewer benefits cost less.
Supplement plan benefits are uniform. The federal government dictates what benefits are covered by each letter-designated plan, and the only variation the insurance provider can make is the premium.
Plans F, G, and N are the most commonly purchased Medigap plans.
TransAmerica Medicare Supplement Plan F
Medicare Supplement Plan F offers the most comprehensive coverage. Plan F is the Medigap plan that covers your Part B deductible. Beneficiaries choose this plan because it pays the most for services.
Plan F is no longer offered; it has been discontinued. Please note this option is still available to renew for those who qualify.
TransAmerica Medicare Supplement Plan G
Medicare Supplement Plan G is the top choice for most people. Plan G covers everything Plan F covers except the Part B deductible.
Typically, the yearly savings on Plan G exceeds the Part B annual deductible. In addition, rate increases for Plan G are lower than for Plan F.
TransAmerica Medicare Supplement Plan N
If your state prohibits providers from billing you for excess charges, then Medicare Supplement Plan N is also a sensible choice.
Medigap Plan N offers the same coverage as Plan G, except it doesn’t pay Part B excess charges.
Most services have a nominal copay assigned per visit or occurrence. Plus, Plan N is considered by many to be more affordable due to the lower monthly premiums.
Does TransAmerica offer Medicare Advantage Plans?
TransAmerica does not offer Medicare Advantage plans.
Does TransAmerica offer Medicare Part D Plans?
TransAmerica is no longer offering Part D prescription drug plans. Anyone with Part D prescription drug coverage through TransAmerica could not renew their plan.
Prescription drug coverage isn’t included when you enroll in a Medigap policy, and you’ll need to secure drug coverage. The best option for a Part D plan is one that includes your preferred pharmacy and your medications.
Transamerica Medicare Pros and Cons
Pros
- Household discounts
- 12-month rate lock
- Liberal rate increases
Cons
- Strict underwriting
- No longer offers Medicare Supplement plans
What is TransAmericas Financial Strength Ratings?
TransAmerica received an A.M. Best rating of A+. An A+ rating is a top rating and equates to a Superior. A.M. Best is an independent rating agency that grades an insurer’s financial strength based on how they meet their obligations.
Standard & Poor’s has assigned the Aegon USA Group a Financial Strength Rating of A+, or stable. Moody’s has issued TransAmerica a rating of A1.
TransAmerica Reviews
TransAmerica received five stars from Forbes Advisor because of its competitive rates and range of valuable living benefits.
Since this carrier no longer sells Medigap plans, their Supplements are not an option. If a TransAmerica Supplement plan currently insures you, research your options and plan to switch to another carrier before the rate increases force you to find a new plan.
How to enroll in a TransAmerica Medicare Supplement Plan
TransAmerica is no longer selling new Medigap policies. Therefore, you can’t enroll in a Medicare Supplement plan with this carrier. However, they still service their Medigap clients and allow them to renew their policies.
Many other carriers offer supplemental Medicare plans. You can learn about the top 12 Medicare carriers to see which company is best for you. Call us, or use our online rate tool to get rates now.
