Colonial Penn Medicare Supplement Insurance Review & Ratings (2022)

Colonial Penn Medicare Supplement plans come in 10 different coverage options. The most comprehensive plans are Plan F and G, while Plan N is the most affordable. Colonial Penn Medicare Supplement insurance rates may be higher than average, and you should take the time to compare rates before choosing a supplemental insurance company.

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Chris Tepedino is a feature writer that has written extensively about home, life, and car insurance for numerous websites. He has a college degree in communication from the University of Tennessee and has experience reporting, researching investigative pieces, and crafting detailed, data-driven features. His works have been featured on CB Blog Nation, Flow Words, Healing Law, WIBW Kansas, and C...

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Written by Chris Tepedino
Insurance Feature Writer Chris Tepedino

Laura Walker graduated college with a BS in Criminal Justice with a minor in Political Science. She married her husband and began working in the family insurance business in 2005. She became a licensed agent and wrote P&C business focusing on personal lines insurance for 10 years. Laura serviced existing business and wrote new business. She now uses her insurance background to help educate...

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Reviewed by Laura Walker
Former Licensed Agent Laura Walker

UPDATED: Jun 21, 2022

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Company Details
Address: 399 Market Street
City: Philadelphia
State: PA
ZIP Code: 19106
Year Founded: 1968
AM Best Rating: A-

Individuals aged 65 and older can receive Medicare health insurance from the United States government. However, this coverage can include expenses such as deductibles, coinsurance, or copayments that the policyholder is responsible for paying.

Colonial Penn Medicare Supplement Plans are designed to cover some of the out-of-pocket expenses with Medicare. Read more below to see which expenses Colonial Penn will cover and compare its plans to other providers.

If you cannot find affordable Colonial Penn Medicare Supplement insurance, enter your ZIP code into our free quote comparison tool above to find Medigap plans available in your area.

What is covered by Colonial Penn Medicare Supplement plans?

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
BenefitColonial Penn Medicare Supplement Plan AColonial Penn Medicare Supplement Plan BColonial Penn Medicare Supplement Plan CColonial Penn Medicare Supplement Plan DColonial Penn Medicare Supplement Plan FColonial Penn Medicare Supplement Plan GColonial Penn Medicare Supplement Plan KColonial Penn Medicare Supplement Plan LColonial Penn Medicare Supplement Plan MColonial Penn Medicare Supplement Plan N
Medicare Part A coinsurance and hospital costs (365 days after Medicare coverage ends)YesYesYesYesYesYesYesYesYesYes
Medicare Part B coinsurance or copaymentsYesYesYesYesYesYesYes, but only 50%Yes, but only 75%YesYes, but has copayments
First 3 pints of bloodYesYesYesYesYesYesYes, but only 50%Yes, but only 75%YesYes
Medicare Part A hospice care coinsurance or copaymentYesYesYesYesYesYesYes, but only 50%Yes, but only 75%YesYes
Skilled nursing facility coinsuranceNoNoYesYesYesYesYes, but only 50%Yes, but only 75%YesYes
Medicare Part A deductibleNoYesYesYesYesYesYes, but only 50%Yes, but only 75%YesYes
Medicare Part B deductibleNoNoYesNoYesNoNoNoNoNo
Medicare Part B excess chargesNoNoNoNoYesYesNoNoNoNo
Foreign travel emergency (up to plan limits)NoNoYes, but only 80%Yes, but only 80%Yes, but only 80%Yes, but only 80%NoNoYes, but only 80%Yes, but only 80%
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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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How much do Colonial Penn Medicare Supplement plans cost?

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.

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.

How do I file a claim or get a quote?

Generally, Colonial Penn Medigap policyholders are not responsible for filing claims. Instead, healthcare providers can manage claims using the Colonial Penn Medicare Supplement provider portal. However, if you need to file a claim, you may be able to call Colonial Penn at (877) 877-8052 to inquire about the process.

With that being said, Colonial Penn’s Medicare Supplement plans are not advertised on the Colonial Penn website but rather the Bankers Life website. Bankers Life is another subsidiary of CNO Financial.

If you’d like to receive Colonial Penn Medicare Supplement insurance quotes, you will need to visit the Bankers Life website and fill out the contact form or call (888) 910-3133.

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Should I buy Colonial Penn Medicare Supplement insurance?

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.

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