If you are looking for a comprehensive review of Manhattan Life Medicare supplement plans, you have come to the right place. In this blog post, we will take a close look at each of their plans and help you decide if one of them is the right fit for you. Also remember, Manhattan Life is a well-known insurance company that offers a variety of supplemental health plans, including Medicare supplements. Let’s take a look at their options!
Quick Summary of Manhattan Life
With Manhattan Life Medicare Supplement plans, you can save on Medicare expenses. But your choices may be limited.
Established in 1850, Manhattan Life is among America’s oldest insurance companies offering a full range of insurance products. Their Lighthouse Series is geared toward meeting the insurance coverage needs of seniors. ManhattanLife offers five Medicare Supplement plans, also known as Medigap that help pay for costs incurred when you use Original Medicare benefits.
If you have Original Medicare and would like to supplement your coverage with a Medigap plan, learn about some of the ManhattanLife Supplement Plans that may be available in your area.
What Do Their Plans Cover?
Manhattan Life Medicare Supplement plans are part of their Lighthouse Series designed specifically with seniors in mind. Medigap plans are standardized and regulated by Medicare and are assigned letters A through N. Manhattan Life offers Plans A, C, F, G, and N. Also, the plans help pay for costs incurred when you access your Original Medicare Part A and B services.
Once you are a ManhattanLife Medicare Supplement plan member, the following services and discounts are included:
- Medicare Part A coinsurance and hospital costs up to an additional 365 days after Medicare benefits are used
- Medicare Part B coinsurance and copayments
- Also, First three pints of blood (if you need a transfusion)
- Part A hospice care and coinsurance or copayments
What Are Their Plan Options?
ManhattanLife offers five different Medigap plans: A, C, F, G, and N. Your monthly premium costs for a Medigap policy will vary depending on your age, gender when you purchase your policy, and where you live. The range could be between around $100/month to several hundred dollars/month. You will always pay a Part B premium, which will likely increase in 2023.
Medigap plans fill in the gaps of coverage that occur if you use your Original Medicare insurance. For instance, Medicare Part B will pay for 80% of Medicare-approved outpatient care costs, and your Medigap plan will cover the other 20% after you have met your annual deductible.
Firstly, Medigap plans might be right for you if you access your healthcare benefits frequently and prefer to choose your providers without being confined to one specific network. Secondly, There is no limit on what you may spend for Original Medicare benefits, and the coinsurance and copays can add up quickly. Lastly, A Medigap plan requires a monthly premium but serves as insurance for you that most of your healthcare costs will be covered.
How Are Their Reviews and Ratings
Trusted ratings and reviews can help you understand how an insurer’s plans stack up against the competition. See how A.M. Best, the Better Business Bureau, and Demotech rate Manhattan Life Medicare Supplement plans.
A.M. Best financial strength rating: B+A.M. Best is a credit rating agency that specializes in the insurance industry.
A B+ rating in this category indicates A.M. Best believes ManhattanLife has a good ability to meet its insurance obligations.
BBB Rating: A+ Better Business Bureau (BBB) ratings reflect how well a business is likely to interact with its customers. ManhattanLife Group has an A+ rating from the Better Business Bureau and has been accredited since 2013. Over the past three years, 39 consumer complaints have been registered and resolved through the BBB. None were specific to the Lighthouse Series for seniors or their Medicare Supplement Insurance plans. Demotech financial stability rating: A Demotech offers financial stability ratings to insurers of all sizes. In September 2021, Demotech affirmed all companies affiliated with Manhattan Life have a Demotech financial stability rating of A (exceptional).
In Closing About Manhattan Life
ManhattanLife offers seniors a variety of Medigap plans to choose from, all to provide quality coverage at an affordable price. While their financial strength rating from A.M. Best is good, it’s not excellent.
Also, If you’re shopping for a Medicare Supplement plan, Manhattan Life is worth considering. They offer a wide range of plans and benefits. Give us a call for more info.