Even though Medicare can pay for a long list of services like inpatient hospitalization, necessary medical equipment, and doctors’ visits, this program also comes with many out-of-pocket charges. A lot of people find that even with Medicare coverage, the health care services that they need are unaffordable.
There is, however, a solution for helping to offset these charges, and it’s Medigap coverage.
Unlike with traditional Medicare, you’ll have some options when shopping for Medicare supplemental plan. There are ten options, Medigap Plan A through Medigap Plan N.
Just like any other kind of insurance plan, each policy is different. But unlike other insurance plans, Medigap policies are under strict regulations from the government.
The government requires companies to offer the same coverage for the letter of plan. Which means that you need to find the best plan, and then you find the company. Regardless of the company, it’s going to be the same protection.
It’s vital to review Medigap plans from several insurers to determine which one may be the best for you.
When you’re deciding on a company, there are a couple of boxes it needs to check. The two most important are their stability and their ability to pay claims quickly. One of the companies which checks off both of those boxes is Loyal Christian Benefit Association.
The History of Loyal Christian Benefit Association
The Loyal Christian Benefit Association, or LCBA, has been offering wealth enhancing and protection products for more than 125 years. This insurer was founded back in 1890 as the Ladies Catholic Benevolent Association in Titusville, Pennsylvania, with a focus on providing financial support for women, and to help in safeguarding them against the substantial expenses that they could incur in case of the death of a loved one – particularly that of the family breadwinner.
In the early years, the women of LCBA took to churches throughout the country proclaiming the benefits of the organization. Over just a little twenty-year period, the membership of the LCBA had grown to 117,000.
Fast forwarding to the 1960s, the LCBA had been offering its members traditional insurance coverage products. Also, the women of the LCBA – along with their spouses – were the beneficiaries of government and employer-based health care and retirement savings programs. Also, more and more people who were raised as Catholics were starting to marry across religious denomination lines. Therefore, at this same period, the organization officially changed its name from the Ladies Catholic Benevolent Association to Loyal Christian Benefit Association. It was at this time that the organization also opened up its membership to men, as well as women.
This entity has continued to grow over time – also adding more products and services that can be helpful to its members. For example, in the mid-1990s, LCBA branched out into the funeral niche to provide various funding options to its members such as pre-arranged funeral services. Later, the organization also added life insurance and annuity products. Today, the Loyal Christian Benefit Association is still headquartered in Pennsylvania, and it now serves more than 33,000 people in 35 of the U.S. states.
Loyal Christian Benefit Association works hard to reward and recognize employees who provide stellar service. For example, for those who offer exceptional service to others, the Fraternalist Award is available. There is also the BROOM award, which is the Branch Recognition of Outstanding Merit.
Loyal Christian Benefit Association Review
From a financial standpoint, the Loyal Christian Benefit Association is powerful and stable. As of year-end 2015, the LCBA had more than $7.2 million in life insurance premiums and over $10 million in annuity premiums. Total income for the year 2015 exceeded $26.1 million.
The entity paid out nearly $5 million in life insurance death benefits for the year 2015, and approximately $14 million in life and annuity benefits. That same year, the organization had a net gain from operations of $522,406.
Insurer Ratings and Better Business Bureau Grade
Because it is a fraternal organization (and not a publicly traded entity), there is very little information about Loyal Christian Benefits Association that is available to the public. Therefore, the ratings from agencies, like A.M. Best, Standard & Poor’s, Moody’s, and Fitch were unable to be located. The same holds true for the company’s affiliation with the BBB, and the associated grade that the organization may have through the BBB, as well as any possible customer complaints that have been resolved.
Medicare Supplement Insurance Plans Offered By Loyal Christian Benefit Association
Loyal Christian Benefit Association, or LBCA, offers:
Medicare Supplement Plan A offers the minimal amount of coverage:
- Medicare Part A hospital copayment for days 61 through 150, as well as an additional 365 lifetime days once the enrollee’s lifetime reserve day’s end.
- The first three pints of blood needed each year
- Part A hospice copayment or coinsurance
- Medicare Part B copayment
Conversely, Medicare Supplement Plan F provides the most coverage:
- Medicare Part A hospital copayment for days 61 through 150, as well as an additional 365 lifetime days once the enrollee’s lifetime reserve days end.
- The first three pints of blood needed each year
- Part A hospice copayment and coinsurance
- Medicare Part B copayment or coinsurance
- Medicare Part A deductible
- Skilled nursing facility copayment (Days 21 through 100)
- Medicare Part A deductible
- Medicare Part B deductible
- Medicare Part B excess charges
- Foreign Travel Emergency coverage
Medicare Supplement Insurance Plans from LCBA
|Plan A||Plan F||Plan G||Plan N|
|Part A coinsurance and hospital costs, up to an additional 365 days after Medicare benefits are used up||Yes||Yes||Yes||Yes|
|Part B coinsurance or copayment||Yes||Yes||Yes||Yes***|
|Blood - the first 3 pints||Yes||Yes||Yes||Yes|
|Part A hospice care coinsurance or copayment||Yes||Yes||Yes||Yes|
|Skilled nursing facility care coinsurance||No||Yes||Yes||Yes|
|Part A deductible||No||Yes||Yes||Yes|
|Part B deductible||No||Yes||No||No|
|Part B excess charge||No||Yes||Yes||No|
|Foreign travel exchange - up to plan limits||No||80%||80%||80%|
**The Medigap policy will cover 10% after you’ve hit the yearly out-of-pocket limit and the Part B deductible. Source: Medicare.gov
***Plan N will not pay the $20 copayment for office visits or $50 copayment for emergency rooms.
With LCBA, there are numerous advantages, such as:
- Immediate Coverage – There is no waiting period for those who have pre-existing conditions, provided that application for Medigap coverage is completed during the initial Medicare Supplement insurance enrollment period.
- Coverage Cannot Be Cancelled – Once you’ve qualified for Medicare Supplement insurance coverage through Loyal Christian Benefit Association, the plan cannot be canceled – as long as premiums continue to be paid.
- Coverage will Automatically Increase, Based on Medicare’s Coverage – As the deductibles and coinsurance amounts increase through Medicare over the years, the Medicare Supplement insurance benefits will also go up.
- Free Look Period – There is a 31 day free look period on the Medigap plans offered by Loyal Christian Benefit Association. This means that if a customer decides – for any reason – not to keep their coverage, it may be canceled for a full refund within 31 days.
- No Rate Increase – Policyholders also cannot be singled out for a Medicare Supplement insurance rate increase – regardless of how much of their coverage they use on their plan.
Other Products Offered
Loyal Christian Benefit Association offers an extensive list of other member benefits, such as:
- Life Insurance
- Retirement Annuities
- Bereavement Benefits
- Newborn Benefits
- Orphan Benefits
- ID Theft Assistance
- American Hearing Benefits
- Prescription Discount Cards
As Loyal Christian Benefit Association does not underwrite its coverage, the life insurance products that are available to the LCBA members include those of other insurers, such as MetLife, Prudential, Banner Life, and William Penn. This also stands true for the company’s annuity products. Most of the plans offered will also include the option to attach riders such as a waiver of premium, an accidental death benefit, and a children’s insurance rider.
With the LCBA’s funeral pre-arrangement funding, two primary products are available to members. These are the Futura Insurance Plan, and the Guardian Tax Deferred Annuity.
Getting the Best Medigap Coverage
LCBA is only a single company is the long list of Medicare supplemental providers out there. Maybe they will be the best choice for you, but maybe not. We won’t know until we get some specific information about your and your Medigap needs.
Why should you use us and not one of the traditional carriers? Because we can give you more value for your time. Instead of having to call a bunch of companies, you only have to make a single call to us. We can bring you a dozen quotes with just one phone call.
We can help you directly online and via the phone. If you are ready to obtain more information, then please feel free to just fill out our quote form or call 800-376-0824.