Medicare Supplement Quotes

Americo Financial Life and Annuity Insurance Company Review

Written by Evens Stevenson

If you’re enrolled in Medicare, you might be worried about some of the expenses left behind. If you’ve done your homework, then you know the program doesn’t cover everything. There are plenty of bills and expenses you’ll still be responsible for.

AmericoIf you want to get additional coverage to beef up your original Medicare protection, there are a couple of different options. The two main ones are Medicare Advantage (also called Medicare Part C) or a Medicare Supplemental Insurance policy.

These two types of additional protection are very different and each have pros and cons you’ll need to consider.

If you’re currently looking for Medicare Supplement insurance coverage, you will want to be sure that the policy you choose meets your specific needs, and that the insurance company that you’re buying it through is reliable. One carrier who checks these boxes is Americo Financial Life and Annuity Insurance Company.

The History of Americo Financial Life and Annuity Insurance Company

Americo has been providing insurance coverage products to its customers for more than a century. The company is owned by Americo Life, Inc., which is also the parent to:

  • The Ohio State Life Insurance Company – which was founded back in 1906
  • Great Southern Life Insurance Company – founded in 1909
  • United Fidelity Life Insurance Company
  • Financial Assurance Life Insurance Company
  • National Farmers Union Life Insurance Company
  • Investors Life Insurance Company of North America

All of these companies, as well as Americo Financial Life and Annuity Insurance Company, have had long and successful histories in the insurance arena.

Americo Financial Life and Annuity Insurance Company was formerly known as the College Life Insurance Company, which was founded in 1946. Throughout the years, Americo has grown and expanded, and has also acquired several other companies, which include Great Southern Life, and Ohio State Life.

During the company’s long history, it was one of the first insurers to offer universal life insurance coverage, as well as indexed universal life insurance, and retirement annuity products.

Today, Americo Financial Life and Annuity Insurance Company has more than 611,000 policies in force. This includes over $32 billion of in-force life insurance protection and more than $6.3 billion in assets for year-end 2016. The company has more than 350 associates and independent agents who promote and sell its insurance and annuities.

They are one of the biggest privately owned insurance holding companies in the United States. Americo Life and Annuity Insurance Company is headquartered in Kansas City, Missouri.

Americo Financial Life and Annuity Insurance Company Review

For three generations, the management and the owners of Americo have maintained a respect and a passion for the insurance business. Since 1988, Americo’s total assets have grown by more than 1,000 percent.

The company is also considered to be strong from a financial standpoint. It maintains a high quality, liquid investment portfolio – of which more than 95 percent is made up of fixed income investments. This can allow the insurer to pay out its policy holder claims in a timely manner.

BBB Grade and Rates

 

Americo has kept excellent rates from outside parties for a long time. These grades and rates should easy any worries you have about the financial security of Americo.

Form the A.M. Best, they have an A rating. This is one of the highest possible rates they can receive.

From the BBB, Americo has an A+ rating, and just like in school, it’s the highest grade possible from the BBB.

Medicare Supplement Insurance Plans Offered by Americo Financial Life and Annuity Co.

Americo Financial Life and Annuity Insurance Company is known for its quality coverage products that are geared for seniors. This includes their offering of Medicare Supplement insurance plans.

Americo Financial Life and Annuity Insurance Company offers the following Medigap options to choose from:

Plan A provides what is considered to be the most basic set of “core” Medicare Supplement insurance coverages. These include the following:

  • Part A coinsurance and hospital costs – up to an additional 365 days after Medicare benefits have been used up
  • Part B coinsurance or copayment
  • Blood – the first three pints that are needed each year
  • Part A hospice care coinsurance or copayment amount

Plan F is considered to be the most comprehensive of all of the Medicare Supplement insurance coverage options. This plan offers the following benefits:

  • Part A coinsurance and hospital costs – up to an additional 365 days after Medicare benefits have been used up
  • Part B coinsurance or copayment
  • Blood – the first three pints that are needed each year
  • Part A hospice care coinsurance or copayment amount
  • Skilled nursing facility care coinsurance
  • Part A deductible
  • Part B deductible
  • Part B excess charge
  • Foreign travel exchange – up to the plan’s limits

Plan G of Medicare Supplement is also considered to be a very comprehensive plan, which covers the following options:

  • Part A coinsurance and hospital costs – up to an additional 365 days after Medicare benefits have been used up
  • Part B coinsurance or copayment
  • Blood – the first three pints that are needed each year
  • Part A hospice care coinsurance or copayment amount
  • Skilled nursing facility care coinsurance
  • Part A deductible
  • Part B excess charge
  • Foreign travel exchange – up to the plan’s limits

Americo also offers Medicare Supplement Plan N, which offers:

  • Part A coinsurance and hospital costs – up to an additional 365 days after Medicare benefits have been used up
  • Part B coinsurance or copayment
  • Blood – the first three pints that are needed each year
  • Part A hospice care coinsurance or copayment amount
  • Skilled nursing facility care coinsurance
  • Part A deductible
  • Foreign travel exchange – up to the plan’s limits

For those who reside in the states of Wisconsin, Massachusetts, and Minnesota, while Medicare Supplement insurance coverage is offered, the plans are structured in a different manner that those that are offered for sale in other states.

In addition to offering affordable rates, enrollees in Medicare Supplement insurance coverage through Americo may be eligible to get a 10 percent household premium discount. Those who are currently covered by Medicare Part A and Part B are eligible for a Medigap policy. (If, however, you get your Medicare benefits through a Medicare Advantage plan, Medicare Supplement insurance is not available for purchase). The same holds true for those who are covered by Medicaid.

Other Products Offered through Americo

Americo Financial Life and Annuity Insurance Company also sells:

  • Life Insurance Coverage – Americo offers several types of life insurance protection, including both term and permanent coverage. While some of the company’s life insurance policies are fully underwritten, there are also other options that are simplified issue and that do not require a medical examination in order to qualify. The face amount of coverage that is offered on Americo’s life insurance plans ranges from $25,000 up to $400,000.
  • Mortgage Protection – One of the biggest purchases in most peoples’ lives is their home – so in the case of the unexpected, it makes sense to ensure that the mortgage balance can be paid off by loved ones. The mortgage insurance protection that is offered via Americo Financial Life and Annuity Insurance Company has protection amounts of between $25,000 and $400,000. There are also various riders available that help insureds to better customize a plan that works best for them.
  • Final Expense Coverage – Today, with the cost of a funeral and related final expenses being the in $7,000 to $10,000 range, it may be difficult for loved ones to pay for an individual’s needs. With final expense coverage, though, this can be made much easier. The final expense policies that are offered through Americo range in coverage amounts from $2,000 to $30,000. Once locked in, these whole life insurance policies will remain in force (provided that the premium is paid). The premium amount cannot be increased, even in the event of the insured contracting an adverse health condition. In some cases, those who use smokeless tobacco, pipe, or cigars could get non-smoker premium rates.
  • Retirement Solutions – Americo offers income planning annuities with guarantees that can lock in future income. In addition, the company also offers a wealth transfer life insurance product that has guaranteed lifetime death benefits, as well as fast and easy underwriting.

Getting The Best Medigap Protection

 

Your healthcare insurance is one of the most important purchases you’ll ever make. Medicare is an excellent government program which helps millions of people pay for medical expenses they wouldn’t be able to afford otherwise.

As you can see, there are plenty of bills it doesn’t cover. Some seniors are worried about being left with thousands of dollars of medical bills. If you want to fill in the holes left behind, you should consider buying a Medigap plan.
Because every plan of the same letter has to provide the same protection, you need to find the company who will give you the letter plan you want at the lowest affordable rate. The price between two companies could be hundreds of dollars apart.

Instead of wasting your time calling all of the companies, you can make one call to our agents. We are a group of independent brokers, and we have the ability to bring you a dozen quotes at all once. One phone call and you get a handful of quotes, think of the time it will save you.

Ready to get started? Give us a call at 800-376-0824.

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