This article is for informational purposes only and is not affiliated with or endorsed by Guarantee Trust Life Medicare Supplement or any subsidiaries.
When navigating the complex world of Medicare coverage, many seniors turn to Medicare Supplement plans (also known as Medigap policies) to fill the gaps in their Original Medicare coverage. Guarantee Trust Life Insurance Company offers Medicare Supplement plans that deserve consideration. This article provides an unbiased look at their offerings, history, and what potential customers should know before making a decision.
The History of Guarantee Trust Life Insurance Company
Founded in 1936, Guarantee Trust Life Insurance Company (GTL) has nearly nine decades of experience in the insurance industry. Based in Glenview, Illinois, this family-owned company has maintained financial stability throughout economic fluctuations, earning respect in the insurance marketplace.
GTL began as a modest insurance provider but has grown to offer a diverse portfolio of insurance products across the United States. Their longevity speaks to their resilience and ability to adapt to changing market conditions and customer needs. The company maintains an A- (Excellent) rating from A.M. Best, an independent agency that rates insurance companies based on financial strength and stability.
Medicare Supplement Plans Offered by GTL
Guarantee Trust Life offers several Medicare Supplement plans designed to work alongside Original Medicare (Parts A and B). These plans help cover costs that Medicare doesn't pay, such as copayments, coinsurance, and deductibles.
Available Plans
GTL typically offers the standardized Medicare Supplement plans that are available in most states:
- Plan A: The basic plan covering core benefits
- Plan F (only available to those eligible for Medicare before January 1, 2020): Comprehensive coverage including Medicare Part B deductible
- Plan G: Similar to Plan F but doesn't cover the Medicare Part B deductible
- Plan N: Lower premium option with some cost-sharing requirements
It's important to note that Medicare Supplement plans are standardized by the federal government, meaning Plan G from GTL offers the same coverage benefits as Plan G from any other insurer. Where companies differ is in their pricing, customer service, and financial stability.
Coverage Details
GTL's Medicare Supplement plans cover various expenses depending on the specific plan chosen:
- Hospital coinsurance and costs for an additional 365 days after Medicare benefits end
- Medicare Part A hospice care coinsurance or copayment
- Medicare Part B coinsurance or copayment
- First three pints of blood for medical procedures
- Skilled nursing facility care coinsurance (except Plan A)
- Medicare Part A deductible (except Plan A)
- Medicare Part B deductible (Plan F only, for eligible beneficiaries)
- Medicare Part B excess charges (Plans F and G)
- Foreign travel emergency coverage up to plan limits (Plans F, G, and N)
Premium Structure and Pricing Approach
Like other Medicare Supplement providers, GTL uses specific methods to determine premiums:
- Attained-age rating: Premiums start lower for younger buyers but increase as you age
- Issue-age rating: Premiums are based on your age when you buy the policy and don't increase based on age
- Community rating: Everyone pays the same premium regardless of age
The specific rating method used can vary by state and plan. Potential customers should ask which rating method applies to their situation, as this significantly impacts long-term costs.
Service Area and Availability
GTL doesn't offer Medicare Supplement insurance in all states. Their availability varies by region, and the specific plans offered may differ from state to state due to local regulations. Potential customers should verify whether GTL operates in their state and which plans are available.
How GTL Compares to Other Medicare Supplement Providers
When evaluating GTL against other Medicare Supplement providers, consider these factors:
Strengths
- Long-standing history in the insurance industry
- Solid financial ratings indicating stability
- Family-owned business that may offer more personalized service
Considerations
- May not be as widely available as some larger national insurers
- Pricing competitiveness varies by region
- Less brand recognition than some major insurance companies
Enrollment Periods and Eligibility
The best time to enroll in any Medicare Supplement plan, including those from GTL, is during your Medigap Open Enrollment Period. This six-month period begins the first day of the month you're both 65 or older and enrolled in Medicare Part B.
During this period, you have guaranteed issue rights, meaning insurance companies:
- Cannot deny you coverage
- Cannot charge higher premiums based on health conditions
- Cannot impose waiting periods for pre-existing conditions
Outside of this period, you may face medical underwriting, where the insurer evaluates your health status before deciding whether to offer coverage and at what price.
Making an Informed Decision
When considering a Medicare Supplement plan from GTL or any provider, keep these tips in mind:
- Compare plans: Understand the differences between Plan A, F, G, N, and others to determine which best suits your healthcare needs and budget
- Get multiple quotes: Premiums can vary significantly between companies for identical coverage
- Research financial stability: Consider the company's financial ratings and history
- Understand the pricing method: Know whether premiums will increase with age
- Check provider acceptance: While Medicare Supplement plans work with any provider that accepts Medicare, confirm your preferred healthcare providers accept Medicare
- Review the company's reputation: Research customer satisfaction ratings and complaint records
Conclusion
Guarantee Trust Life Insurance Company offers Medicare Supplement plans that may be worth considering for those looking to enhance their Original Medicare coverage. With nearly nine decades of experience and solid financial ratings, GTL provides stability in the ever-changing healthcare landscape.
Remember that while Medicare Supplement plans are standardized, prices and customer experience can vary significantly between providers. Take time to compare options, understand your specific healthcare needs, and consider both current premiums and potential future increases before making your decision.
Plans by Guarantee Trust Life Medicare Supplement may not be available in all states. MedicareSupplementOptions.com does not offer plans from Guarantee Trust Life Medicare Supplement. This page is presented for informational purposes only for consumers to learn basic information about recognized Medicare Supplement Insurance Carriers. This article does not represent any relationship or affiliation with Guarantee Trust Life Medicare Supplement.