Colonial Penn Medicare Insurance Review & Ratings (2024)

Navigate the enrollment process and explore comprehensive coverage options for Colonial Penn Medicare Insurance. Make informed decisions about your healthcare needs with ease and confidence. Find the plan that suits you best and enjoy the peace of mind that comes with reliable medicare insurance coverage.

UPDATED: Nov 28, 2023Fact Checked

Merriya Valleri

Insurance and Finance Writer

Merriya Valleri is a skilled insurance writer with over a decade of professional writing experience. Merriya has a strong desire to make understanding insurance an easy task while providing readers with accurate and up-to-date information. Merriya has written articles focusing on health, life, and auto insurance. She enjoys working in the insurance field, and is constantly learning in order to ...

Insurance and Finance Writer

Ty Stewart

Licensed Insurance Agent

Ty Stewart is the founder and CEO of SimpleLifeInsure.com. He started researching and studying about life insurance when he got his first policy for his own family. He has been featured as a life insurance expert speaker at agent conventions and in top publications.  As an independent licensed life insurance agent, he has helped clients nationwide to secure affordable coverage while making the...

Licensed Insurance Agent

UPDATED: Nov 28, 2023

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It’s all about you. We want to help you make the right coverage choices.

Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.

Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.

UPDATED: Nov 28, 2023

Advertiser Disclosure

It’s all about you. We want to help you make the right coverage choices.

Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.

Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.

UPDATED: Nov 28, 2023Fact Checked
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Colonial Penn

Average monthly rate for good drivers:

$7

A.M. Best rating:

A- (Excellent)

Complaint level:

Low

Pros

  • Comprehensive coverage options with 10 different Medicare Supplement plans.
  • 30-day free look period for policy evaluation.
  • Plans cover out-of-pocket costs for Medicare and can be used at any Medicare-accepting healthcare provider.
  • Varied plan options, including the popular and cost-effective Plan G.

Cons

  • Lack of online availability for insurance rates.
  • Potentially higher-than-average costs for Medicare Supplement insurance.
  • Complaint index (2.11) higher than the national average (1.00) according to the NAIC.

Final Verdict: Review of Colonial Penn

Colonial Penn may not offer the most affordable Medigap policies. Therefore, it may be better to compare quotes from multiple companies to ensure that you’re getting the best rates. However, if you decide to move forward with Colonial Penn, certain plans may better suit your specific situation.

Seniors who don’t visit the doctor often or have a limited budget may opt for Medigap Plan N. It is the most affordable plan but covers some basic costs. Unfortunately, you will still need to pay some copays and out-of-pocket expenses.

Seniors who want to ensure their basic healthcare needs are covered may choose Medigap Plan A or Plan B. These plans cover hospital care, hospice care, and home health care costs. However, you would not be covered for skilled nursing facility care.

Seniors who have a lot of doctor’s appointments or who have been diagnosed with a chronic illness may want to buy a plan that will offer a higher level of coverage, such as Medigap Plan F or G. These typically cover all or most of your out-of-pocket expenses, but is only worth the cost if you plan on using the benefits.

If you would like to compare the plans available from the Colonial Penn Medicare Supplement insurance company to other similar policies, enter your ZIP code into our free quote comparison tool below to see which Medigap policies are available in your area.

What You Should Know About Colonial Insurance

Welcome to our comprehensive guide on Colonial Penn Medicare Insurance, where we provide valuable insights and information about this reputable provider. We will explore the comprehensive coverage options offered by Colonial Penn Medicare Insurance, delve into the enrollment process, and discuss the benefits of choosing their plans.

To ensure you find the best rates and coverage for your needs, simply enter your zip code below and compare quotes from top insurance providers. Don’t miss out on securing the Medicare insurance that suits your healthcare requirements. So, sit back, relax, and discover everything you need to know about Colonial Life Insurance.

Colonial Penn Medicare Insurance: A Brief History and Coverage Overview

Established in 1968 as a subsidiary of the Colonial Penn Group, Colonial Penn Medicare Insurance has been a pioneer in providing tailored insurance solutions for seniors. With a commitment to customer satisfaction, the company evolved its offerings over the years to align with changing healthcare landscapes.

Acquired by CNO Financial, Colonial Penn ensures financial stability and continued innovation. Today, it stands as a reliable provider, offering comprehensive coverage and a tech-infused customer experience.

Colonial Insurance Coverage Options

Colonial Penn provides 10 different Medicare Supplement plans. Let’s begin by looking at the benefits included in each plan summarized below:

Colonial Penn Medicare Supplement (Medigap) Plan Overview

Benefit Colonial Penn Medicare Supplement Plan A Colonial Penn Medicare Supplement Plan B Colonial Penn Medicare Supplement Plan C Colonial Penn Medicare Supplement Plan D Colonial Penn Medicare Supplement Plan F Colonial Penn Medicare Supplement Plan G Colonial Penn Medicare Supplement Plan K Colonial Penn Medicare Supplement Plan L Colonial Penn Medicare Supplement Plan M Colonial Penn Medicare Supplement Plan N
Medicare Part A coinsurance and hospital costs (365 days after Medicare coverage ends) Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
Medicare Part B coinsurance or copayments Yes Yes Yes Yes Yes Yes Yes, but only 50% Yes, but only 75% Yes Yes, but has copayments
First 3 pints of blood Yes Yes Yes Yes Yes Yes Yes, but only 50% Yes, but only 75% Yes Yes
Medicare Part A hospice care coinsurance or copayment Yes Yes Yes Yes Yes Yes Yes, but only 50% Yes, but only 75% Yes Yes
Skilled nursing facility coinsurance No No Yes Yes Yes Yes Yes, but only 50% Yes, but only 75% Yes Yes
Medicare Part A deductible No Yes Yes Yes Yes Yes Yes, but only 50% Yes, but only 75% Yes Yes
Medicare Part B deductible No No Yes No Yes No No No No No
Medicare Part B excess charges No No No No Yes Yes No No No No
Foreign travel emergency (up to plan limits) No No Yes, but only 80% Yes, but only 80% Yes, but only 80% Yes, but only 80% No No Yes, but only 80% Yes, but only 80%

Colonial Penn Medicare Supplement (Medigap) plans are meant to cover your out-of-pocket costs for Medicare. The plans also come with a 30-day free look period, which means you have 30 days to try out the policy and get a full refund if you’re not satisfied.

You can use your Colonial Penn Medicare Supplement plan at any healthcare provider that accepts Medicare.

Let’s look at some of the more popular Colonial Penn plans.

Colonial Penn Medicare Supplement Plan F

Colonial Penn’s Medicare Supplement Plan F is the most comprehensive of the plans. It covers all coinsurance and coinsurance, as well as your Medicare Part B deductible and excess charges. Therefore, you won’t have any out-of-pocket costs for your Medicare coverage. The plan also covers some foreign travel coverage, so you’ll be protected if there’s an emergency while traveling.

Colonial Penn Medicare Supplement Plan G

Colonial Penn’s Medicare Supplement Plan G is very similar to Plan F. The only difference between the plans is that Plan G does not cover Medicare Part B deductibles. However, it covers all other out-of-pocket Medicare costs, including coinsurance and copayments, blood, and Medicare Part A deductibles.

Plan G is very popular because of its relative value. It is approximately $25-$50 cheaper than Plan F per month, and it can save a policyholder between $240 and $500 per year.

Colonial Penn Medicare Supplement Plan N

Colonial Penn’s Medicare Supplement Plan N is popular because it is one of the most affordable plans available. However, it still provides coverage for primary benefits included in Original Medicare. For example, it covers hospital stays up to 365 days after Medicare coverage ends, the Part A deductible, and skilled nursing facility care. It also covers Part B coinsurance, but you have to pay $20 copayments for doctor visits and $50 copayments for emergency room visits.

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Colonial Insurance Rates Breakdown

Unfortunately, Colonial Penn Medicare Supplement insurance rates are not available online. However, it is suggested in other Colonial Penn Medicare Supplement reviews that the plans are more expensive than the average cost of supplemental insurance for Medicare.

There are a few different ways your Colonial Penn Medicare Supplement insurance is likely to be priced. First, a community-based plan would be the same price for every one of the same age. Second, an issue-age rated program has a set rate based on how old you are when you apply (usually 65 for Medicare policyholders). Third and last, an attained-age rated plan will increase with age.

Colonial Insurance Discounts Available

Colonial Penn Medicare Insurance recognizes the importance of affordability in healthcare coverage and offers various discounts to eligible policyholders. While specific discounts may vary, the company typically provides cost-saving opportunities to make Medicare Supplement plans more accessible. Some common discounts include:

  • Household Discount: Colonial Penn often extends discounts to households with multiple policyholders. This can result in significant savings for families or individuals with shared coverage.
  • Payment Method Discounts: Policyholders may be eligible for discounts based on their chosen payment method. Automatic electronic payments or annual payments could qualify for reduced premiums.
  • Healthy Lifestyle Discounts: Some insurance providers offer incentives for policyholders who engage in healthy behaviors. Colonial Penn may have programs or discounts encouraging and rewarding a healthy lifestyle.
  • Bundle Discounts: Policyholders who choose to bundle multiple insurance products, such as Medicare Supplement plans and other coverage options, may qualify for additional discounts.
  • Long-Term Policyholder Discounts: Loyalty is often rewarded in the insurance industry. Colonial Penn may offer discounts or rate reductions for policyholders who have maintained coverage with them for an extended period.

Understanding the discount options can help individuals make informed decisions while maximizing the value of their Colonial Penn Medicare Insurance coverage.

Understanding Colonial Penn Medicare Insurance Claims

Ease of Filing a Claim (Online, Over the Phone, Mobile Apps)

When it comes to Colonial Penn Medicare Insurance, the claims process is designed to be hassle-free and accessible. Policyholders can file claims through various convenient channels. Whether you prefer online submission, phone assistance, or using their mobile app, Colonial Penn ensures that you have multiple options to choose from.

This flexibility makes it easy for customers to navigate the claims process according to their preferences and technological comfort.

Average Claim Processing Time

Colonial Penn Medicare Insurance strives to provide efficient and timely claim processing. While specific processing times may vary based on the nature of the claim and individual circumstances, the company is committed to minimizing any unnecessary delays. Timely claims processing is a crucial aspect of customer satisfaction, and Colonial Penn endeavors to meet this expectation.

Customer Feedback on Claim Resolutions and Payouts

Customer feedback on claim resolutions and payouts is essential for evaluating the effectiveness of any insurance provider. Colonial Penn Medicare Insurance values customer input and continuously works to improve its claims handling.

The company aims to ensure that policyholders are satisfied with the resolution of their claims and the payouts received. Customer satisfaction in this area is a testament to the company’s commitment to providing reliable and responsive service.

Colonial Penn Medicare Insurance Tech-Infused Excellence

Mobile App Features and Functionality

Colonial Penn’s mobile app offers a range of features and functionalities designed to enhance the overall customer experience. From accessing policy information and claims status to making premium payments and viewing digital ID cards, the mobile app empowers policyholders with convenient tools at their fingertips. It’s a user-friendly solution for managing insurance on the go.

Online Account Management Capabilities

Online account management is a cornerstone of Colonial Penn Medicare Insurance’s commitment to modern convenience. Policyholders can easily manage their accounts, update personal information, and review policy details through the company’s user-friendly online portal. This digital convenience ensures that customers have easy access to their insurance information whenever and wherever they need it.

Digital Tools and Resources

In addition to the mobile app and online account management, Colonial Penn offers a range of digital tools and resources to support policyholders. These resources may include educational materials, calculators, and informative content that helps customers make informed decisions about their Medicare insurance.

Colonial Penn’s dedication to digital accessibility ensures that policyholders have the information and tools they need to navigate their insurance coverage effectively.

How Colonial Insurance Ranks Among Providers

Colonial Penn Medicare Insurance offers a diverse range of comprehensive plans, including popular options like Plan F, G, and N. With a strong emphasis on a tech-infused customer experience and solid financial stability, the company stands out in the Medicare Supplement market.

However, potential policyholders should consider cost comparisons, as Colonial Penn’s rates may be higher than the industry average. Additionally, the company’s higher-than-average NAIC complaint index suggests the need for careful evaluation of customer satisfaction and claims resolution efficiency.

How is Colonial Penn rated?

Colonial Penn is a financially stable company. The Colonial Penn Life Insurance Company has an A- rating from A.M. Best, meaning it has an excellent ability to meet its financial obligations. In addition, Colonial Penn’s parent company, CNO Financial, has a long-term issuer credit rating of bbb- from A.M. Best.

Colonial Penn has an A+ rating from the BBB.

Unfortunately, Colonial Penn has an NAIC complaint index of 2.11, which is significantly higher than the national average of 1.00, meaning they get more complaints than companies of a similar size.

Frequently Asked Questions

What is Colonial Penn Medicare Insurance?

 

 

Colonial Penn Medicare Insurance is an insurance company that provides Medicare Supplement Insurance, also known as Medigap, to help cover out-of-pocket healthcare costs not covered by Original Medicare.

What types of Medicare Supplement Insurance does Colonial Penn offer?

Colonial Penn offers Medicare Supplement Insurance Plans A, B, C, D, F, G, and N.

Who is eligible for Colonial Penn Medicare Insurance coverage?

To be eligible for Colonial Penn Medicare Insurance coverage, you must be enrolled in Medicare Parts A and B, and live in a state where Colonial Penn offers Medigap plans.

How can I get a quote for Colonial Penn Medicare Insurance?

You can get a quote for Colonial Penn Medicare Insurance by visiting their website or calling their customer service department.

What is the claims process for Colonial Penn Medicare Insurance?

The claims process for Colonial Penn Medicare Insurance typically involves submitting a claim to Medicare first, and then any remaining costs can be submitted to Colonial Penn.

How can I get a quote for Colonial Penn Medicare Insurance?

You can get a quote for Colonial Penn Medicare Insurance by visiting their website or calling their customer service department.

What is the financial strength of Colonial Penn Medicare Insurance?

Colonial Penn Medicare Insurance is rated A- (Excellent) by A.M. Best, which indicates that they have a strong financial position and are likely to be able to meet their financial obligations.

Does Colonial Penn Medicare Insurance offer discounts?

Colonial Penn Medicare Insurance may offer household discounts and discounts for non-smokers.

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Merriya Valleri

Insurance and Finance Writer

Merriya Valleri is a skilled insurance writer with over a decade of professional writing experience. Merriya has a strong desire to make understanding insurance an easy task while providing readers with accurate and up-to-date information. Merriya has written articles focusing on health, life, and auto insurance. She enjoys working in the insurance field, and is constantly learning in order to ...

Insurance and Finance Writer

Ty Stewart

Licensed Insurance Agent

Ty Stewart is the founder and CEO of SimpleLifeInsure.com. He started researching and studying about life insurance when he got his first policy for his own family. He has been featured as a life insurance expert speaker at agent conventions and in top publications.  As an independent licensed life insurance agent, he has helped clients nationwide to secure affordable coverage while making the...

Licensed Insurance Agent

Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.

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Compare quotes from the top insurance companies and save!

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