Even with health insurance, like Medicare, you could still be responsible for a mountain of out-of-pocket expenses. Depending on your health, those bills could completely wipe out your retirement savings.
A Medicare Supplemental insurance policy (also known as Medigap plans) can counteract those out-of-pocket bills. There are ten different Medigap policies to choose from, all of them pay for different expenses or cover different portions of the expenses. Just like other insurance plans, they are sold by private insurance companies.
There are hundreds of different companies that sell Medicare supplemental insurance plans. One of these companies that sell Medigap plans is New Era.
History of New Era Company
New Era was initially incorporated back in 1924, so it has a long history in the insurance business. The company’s current management took over in 1989. This insurance company is based in Houston, Texas. There is also a satellite office for New Era Insurance Company that is located in Omaha, Nebraska.
Under the umbrella of New Era Insurance Companies include several insurance and financial company subsidiaries. These are:
- New Era Life Insurance Company
- Philadelphia American Life Insurance Company
- New Era Life Insurance Company of the Midwest
New Era Company Review
New Era Company – along with its subsidiary companies – is known for providing its customers with both quality and affordable insurance and financial products. The company is also known for offering stellar customer service. The customer service representatives can be reached via a toll-free phone line, as well as through email, to help with policy questions, changing of information on the policy, or other issues that a policyholder may have.
The policyholders of New Era Life Insurance Company are also able to access their insurance information by setting up and logging into an area of the company’s secure website. Agents who are affiliated with the company may also log in to the website to access important information about policies that are sold or pending.
Insurer Ratings and BBB Grade
New Era Company is a strong and stable company financially, and it is also highly rated for paying claims quickly. Because of this, the company has been rated as an A (Good) with A.M. Best.
Presently, New Era Life Insurance Company is not an accredited company through the Better Business Bureau (BBB), nor does it have a grade of between A+ through F with the BBB. Because of this, there are also currently no details regarding company complaints over the past three years (or one year), nor are there any customer reviews about New Era that are posted on the Better Business Bureau’s website.
What is Medicare Supplement Insurance
Although Medicare Part A and B cover a lot benefits, those who are enrolled in this plan (also known as Original Medicare) are still often left with high out-of-pocket expenses in the form of coinsurance, copayments, and / or deductibles. A Medicare Supplement insurance plan can help to fill in those “gaps” in Medicare’s coverage, such as the Part A and Part B coinsurance or copayment, as well as the high potential copayment for skilled nursing home facility stays (depending on the Medicare Supplement plan that is purchased). Medigap Plan F is the most comprehensive of these supplemental plans.
These policies are named after letters of the alphabet, i.e. Medigap Plan A, Medigap Plan B, etc. Each of them has different advantages, premiums, and expenses they cover. These insurance plans are a great way for Medicare enrollees to get additional coverage that Medicare doesn’t offer.
Unlike Medicare Advantage, Medigap plans are valid with any doctor or hospital that accepts Medicare. With a supplemental insurance policy, you won’t be limited to any hospitals or doctors that are in the “network”, because most doctors accept Medicare, you probably won’t be limited in your health care options.
New Era offers several of the Medigap plans. All of the Medicare Supplement plans that are offered via New Era allow the insured to choose his or her doctor when receiving medical services. The company offers fast underwriting and policy issue on its plans, as well as prompt electronic claims service
Other Products Offered by New Era
Medicare supplements are not the only insurance product that New Era sells. They offer a wide variety of insurance financial security products that you can take advantage of.
- Retirement Annuities – With people living so much longer today, one of the biggest concerns on the minds of many retirees is outliving their savings and their retirement income. An annuity can help with alleviating that concern by providing ongoing, guaranteed retirement income for the remainder of an individual’s or a couple’s lifetime – regardless of how long they may live. Those who purchase an immediate annuity can have this income stream begin right away (or soon after purchasing the annuity). Those who have a deferred annuity will have the benefit of their funds accumulating on a tax-deferred basis over time. Then, when they are ready to start the income stream, they can receive a set amount of incoming cash from the annuity. The company’s annuities are only offered in the state of Texas.
- 24 Hour Accident Coverage – An accident can be detrimental to one’s savings, as they can result in a plethora of medical costs – some that may even be uninsured by your regular health insurance coverage. Even with a health insurance policy, you could end up with high out-of-pocket expenses such as copayments and deductibles. With accident coverage, though, medical costs and living expenses may be paid with the proceeds of the policy. Benefits from this plan may also be paid out for accidental death due to an accident, as well as for ground or air ambulance, daily hospital income and dismemberment. The accident coverage that is offered from New Era Company also allows the policyholder to add an optional accident disability benefit rider that can be placed on the policy. This can increase benefit income to the insured by up to $2,000 per month.
- Critical Illness Insurance – Today, health care costs are a big concern for many people. In order to help in offsetting the high cost of a critical illness, Critical Illness coverage will pay out a lump sum of cash if an insured individual is diagnosed with severe health problems such as cancer or end-stage renal failure, or likewise if they suffer a heart attack or a stroke. The critical illness plan that is sold through New Era offers an immediate cash benefit of up to $50,000. These funds can be used for whatever purpose the policyholder sees fit, including medical costs, transportation to and from doctor’s appointments, and medications.
- Health Coverage – New Era Company also offers the Health Saver Indemnity plan. Because an unexpected illness or injury can be extremely costly, many people are concerned about being able to obtain quality, affordable health insurance. The benefits in this plan can be chosen by the policyholder so that it best meets their particular needs.
How and Where to Get the Medigap Insurance Quotes
When seeking the best quotes for your Medicare supplemental insurance coverage needs, it is typically best to work with an independent company which works with several carriers. Because Medigap is regulated in every state, all of the companies have to provide the exact same coverage in their plans, which means that you’ll only have to compare premium rates. Perhaps you are searching for Medicare Supplemental Plans in South Carolina. We can help.
Purchasing one of these plans is simple, especially when working with an independent agent. These agents will find the best quotes for you, and then walk you through the application process. Buying a Medigap plan is just like buying any other type of insurance policy. You’ll have basic paperwork that you must complete and they will ask for banking information for premium payments. Simple as that.
If you want to ensure that you’re getting the lowest monthly rates, you’ll have to get quotes from every company in your area that offers Medigap plans. Because there are so many companies, you could spend hours and hours on the phone talking to different companies.
One reason you should consider working with us is because we have partnerships with some of the most popular carriers out there. By contacting us, you’re getting access to over a dozen quotes. Just think about the time it would take you to do that individually.
All you have to do is call us at 800-379-0824 or contact us on our website.