Transamerica Life Insurance Medigap | Switch Now?

A major player in the Medigap market will no longer accept new clients through their independent agent force. If you have bought a Transamerica Life Insurance Medigap, I will explain how in my opinion, this will affect you in the future. If you don’t have Transamerica Life Insurance Medigap, you will want to continue to read because you may have been subject to rate increases. You will want to shop for a new company with lower rates while keeping the same plan, the same plan benefits, and the same doctors, hospitals, and providers. The only difference between your company’s plan and another’s is you’ll have the opportunity to lower your rate with a different company.

To illustrate this, it states on page 13 of the official Medicare document Guide to Buying a Medigap Policy, “Different insurance companies may charge different premiums for the same policy. As you shop for a policy, be sure you’re comparing the same policy (for example, compare Plan A from one company with Plan A from another company).This means Plan G is the same with one company as another. Or Plan F or Plan N or whatever plan that you have.

Article Topics:

transamerica life insurance medigap

What To Look For When Choosing The Best Medigap Company 

Now, this doesn’t mean you should pick the lowest company if you’ve read my other blogs, I have detailed why. In my opinion, you should be looking for a company that is A-rated and also has experience with Medicare Supplements. Pricing Medicare Supplements is tricky because of

  • Guarantee Issue Rules
  • Open Enrollment Rules
  • Deductibles and copays that Medicare increases every year that the Medicare Supplement must pay etc.  

You want a company that has been doing this for a long time. If they happen to make a mistake with their pricing, it happens to all of them at some time. You want a company that will not pull up and leaves the market altogether, like Transamerica Medigap and these other companies. You want a company that knows how to price their product competitively knows the regulations of Medicare Supplements and knows how to make a profit. They know how to manage their costs and claims. The most likely companies to pull out are the newest companies.

It was Surprising when Transamerica Life Insurance Medigap Left the Market

I always found them a good reputable company to work with that managed their business well. At the time of this writing, 3 other companies besides Transamerica Medigap have left the market in the last few weeks. You can look on my Youtube channel for other videos about these companies.

transamerica life insurance medigap

Transamerica Life Insurance Medigap Guaranteed Renewable: Why It Is Essential?

This is very important. When a company decides to stop selling a Medicare Supplement just like Transamerica, it doesn’t trigger a guaranteed issue in another company. There’s a rule for Medicare Supplements called guaranteed renewable. This means that as long as you pay your premium, you can never be canceled for any reason, including health reasons. This is stated on page 13 of the Medicare document Guide to Buying a Medigap Policy. Medigap is just another term for Medicare Supplement. They mean the same thing. “Any standardized Medigap policy is guaranteed renewable even if you have health problems. This means the insurance company can’t cancel your Medigap policy as long as you stay enrolled and pay the premium.” This is great news. But it can also mean bad news if your company has stopped selling Medicare Supplements. 

What Happens When A Company Quits

When a company decides to stop selling Medigap, in my opinion, it’s because they are not making money or not making enough money. You can use your common sense and figure out what that will do to rates for current policyholders. According to my way of thinking, they are likely to go up much faster than the other companies. If you’re healthy and can switch companies, that’s fine. But if you have had medical problems, you are likely not able to switch companies and will have to keep paying these rising premiums to keep your Medicare Supplement inforce.

If you have a company that has recently stopped selling their Medicare Supplement or has already stopped selling their Medicare Supplement, now is the time to look for a new company if you can. In my personal opinion, there are large rate increases on the horizon. You will want to find your new Medicare Supplement company while your health is good because you’ll have to go through underwriting. Because I am independent, all the companies ask different health questions. 

Why Choosing Me as Your Agent can Save You from Anxiety

One company may accept you with a certain health condition, where another company will deny an applicant. That is another reason why it’s important to use an independent agent. You see, I don’t work for insurance companies. I work for you, and I can compare all of the plans’ prices, benefits, and health underwriting questions. I get inquiries from people who think that because of Obamacare, their acceptance is guaranteed.

That’s the case for the under 65 health products through the affordable care act. But Obamacare also called the ACA, had no effect on Medicare Supplements. I also get many more calls from people who think the Medicare Open Enrollment period from October 15th to December 7th allows them to change or buy a Medigap plan for the first time without having to go through underwriting. The Medicare Open enrollment time is also known as the Annual Election Period or Annual Enrollment Period. 

Transamerica Life Insurance Medigap: Reasons Why You Should Call Chris Duncan

Suppose you have Transamerica Life Insurance Medigap or another Medicare Supplement company. I would highly suggest you call your agent and I hope they have already called you on this subject. All of my clients have been called, and we got them switched. If you don’t have an agent or haven’t heard from your agent, calling Chris Duncan would be a good idea. I run an independent insurance agency helping our seniors with their Medicare choices. I represent about 30 companies to help you get the best plan for you. Our best companies are: 

  • UnitedHealthcare
  • Anthem
  • Cigna
  • Blue Shield
  • Aetna
  • Humana

I work with too many companies to list them all. But working with an independent agent is in a medicare beneficiary’s best interest in my opinion, because the independent agent does not work for the insurance companies. As I said, I work for you. And in my case, my services don’t cost you a dime. 

Conclusion — Transamerica Life Insurance Medigap | Switch Now?

Transamerica Life Insurance will no longer be accepting new clients through their independent agent force. This is important because if you have not yet purchased a Medigap plan, now may be the time to do so as there are many plans with great coverage and price points available. If you currently hold a Transamerica Life Insurance Medigap policy, I want to make sure that your premiums don’t increase in the future due to this news. I would like for all of our readers today who were subject to rate increases after reading this post (and haven’t had an opportunity to call us) please contact me at 800-910-3382 anytime! I am always happy to talk about rates or answer any questions you might have.

About The Author — Christopher Duncan

I’m Chris Duncan, owner of Trusted Benefits Direct. As your Medicare advisor, I want you to know that my business offers superior solutions for everyone. I do not work for insurance companies, which allows me to serve you at a high level without any hidden agendas or conflicts of interest. All resources are provided at no cost because people must find peace of mind when looking ahead years down the line.

As an insurance agent, it’s my goal to make your life easier. That includes the process of securing all types of coverage for you and your loved ones, including Medicare Supplements, Medicare Advantage, Medicare Part D, Final Expense life insurance services, and retirement security plans. You can reach me toll-free at 800-910-3382 or get a free quote on MedicareRateQuote.com with just a few clicks! Don’t forget that I also offer contact forms if you would like more information from trustedbenefitsdirect.com – click here now!

Important YouTube Channel Details

I appreciate you looking through my article. If it is interesting to you, please subscribe to my YouTube channel. Don’t forget to share this on social media channels such as Facebook and Twitter so your friends can read it too! I appreciate it when people take the time to comment or post their opinion of my articles to continue writing content related to Medicare basics, Medicaid Made Clear, Medicare Explained, Medicare 101, and others. It’s always nice to know that you’re reading my blog! Of course, I’m looking forward to seeing more of you soon on my next blog!

Leave a Comment

Your email address will not be published. Required fields are marked *

100% Secure Info Submission

We do not sell information. It is collected solely for our use to better serve you!

100% Secure Info Submission

We do not sell information. It is collected solely for our use to better serve you!