This article is for informational purposes only and is not affiliated with or endorsed by Medico Medicare Supplement or any subsidiaries.
For seniors navigating Medicare coverage options, Medicare Supplement plans (Medigap) can provide crucial additional coverage to help manage healthcare costs. Among the various providers in this space, Medico Insurance Company offers Medicare Supplement plans worth considering. This article provides a comprehensive overview of Medico's Medicare Supplement offerings, company history, and important information for potential customers.
The History of Medico Insurance Company
Medico Insurance Company has deep roots in the American insurance industry, dating back to 1930 when it was founded in Newark, New Jersey. With over 90 years of experience, Medico has established itself as a respected provider of insurance products for seniors.
In 1986, Medico became part of the American Enterprise Group, Inc. (AEG), a family of insurance companies that includes American Republic Insurance Company and Great Western Insurance Company. This consolidation has allowed Medico to strengthen its market position while maintaining its focus on serving the senior market.
Medico maintains strong financial ratings, including an "A" (Excellent) rating from A.M. Best, indicating solid financial stability—an important consideration for those purchasing long-term insurance products like Medicare Supplements.
Medicare Supplement Plans Offered by Medico
Medico offers several standardized Medicare Supplement plans that work alongside Original Medicare to cover gaps in coverage. Like all Medicare Supplement providers, Medico's plans are standardized according to federal guidelines, meaning the coverage benefits for each plan type are identical across all insurance companies.
Available Medigap Plans
Medico typically offers the following standardized Medicare Supplement plans:
- Plan A: The basic plan covering core benefits
- Plan F (only available to those eligible for Medicare before January 1, 2020): Comprehensive coverage including Part B deductible
- Plan G: Similar to Plan F but doesn't cover the Medicare Part B deductible
- Plan N: A cost-sharing plan with lower premiums and some out-of-pocket expenses
In some states, Medico may also offer high-deductible versions of Plan F and Plan G, which feature lower premiums but require policyholders to pay a deductible before benefits begin.
Coverage Details
Depending on the specific plan selected, Medico's Medicare Supplement plans cover various gaps in Original Medicare:
- Medicare Part A hospital coinsurance and coverage for 365 additional days after Medicare benefits end
- Medicare Part B coinsurance or copayment
- Blood (first three pints)
- Part A hospice care coinsurance or copayment
- Skilled nursing facility care coinsurance (Plans F, G, and N)
- Medicare Part A deductible (Plans F, G, and N)
- Medicare Part B deductible (Plan F only, for eligible beneficiaries)
- Medicare Part B excess charges (Plans F and G)
- Foreign travel emergency care up to plan limits (Plans F, G, and N)
Distinctive Features of Medico's Medicare Supplement Plans
While the coverage of Medicare Supplement plans is standardized, Medico differentiates itself through several unique features:
Household Premium Discount
Medico offers a household premium discount in most states, typically ranging from 7% to 12%. This discount applies when multiple members of the same household are enrolled in a Medico Medicare Supplement policy or meet other qualifying conditions, which vary by state.
Rate Stability Initiatives
Medico emphasizes rate stability in its pricing approach, with careful underwriting and risk assessment designed to minimize premium increases over time. This focus on sustainable pricing can be beneficial for seniors on fixed incomes who need predictable healthcare expenses.
30-Day Free Look Period
Like most Medicare Supplement providers, Medico offers a 30-day "free look" period, during which new policyholders can review their coverage and cancel for a full refund if not satisfied.
Guaranteed Renewable Coverage
All of Medico's Medicare Supplement policies are guaranteed renewable as long as premiums are paid on time. This means the company cannot cancel coverage due to health conditions or claims history.
Premium Structure and Pricing Methodology
Medico employs different rating methodologies for premium calculation, which vary by state:
- Attained-age rated: Premiums start lower for younger enrollees but increase as the policyholder ages. This is the most common approach used by Medico.
- Issue-age rated: Premiums are based on the age at which you purchase the policy and do not increase due to age, though they may rise due to inflation or other factors.
- Community rated: Everyone pays the same base premium regardless of age, though premiums may increase due to inflation or other factors.
Potential customers should inquire about which rating methodology applies in their state, as this significantly impacts long-term costs.
Service Area and Availability
Medico's Medicare Supplement plans are not available in all states. The company has a significant presence in the Midwest and South, but availability varies, and the specific plans offered may differ from state to state due to local regulations.
Before considering a Medico policy, potential customers should verify whether the company operates in their state and which specific plans are available in their area.
How Medico Compares to Other Medicare Supplement Providers
When evaluating Medico against other Medicare Supplement insurers, consider these factors:
Strengths
- Long-standing history in senior insurance markets
- Strong financial ratings indicating stability
- Focus on rate stability and sustainable pricing
- Generous household discounts in many states
Considerations
- Not available in all states
- May have less brand recognition than larger national insurers
- Competitive positioning varies by geographic region
Enrollment Periods and Eligibility
The optimal time to enroll in any Medicare Supplement plan, including those from Medico, is during your Medigap Open Enrollment Period. During this six-month window, insurance companies:
- Cannot deny you coverage based on health conditions
- Cannot charge higher premiums due to health status
- Cannot impose waiting periods for pre-existing conditions (except in limited circumstances)
Outside of this period, applicants may face medical underwriting, making it more challenging to qualify for coverage if they have health issues.
Customer Service and Claims Experience
Customer service quality is an important consideration when choosing a Medicare Supplement provider. Medico emphasizes personalized service through:
- Dedicated customer service representatives
- Claims support services
- Multiple communication channels including phone, online, and mail
While individual experiences vary, potential customers might research current customer reviews and satisfaction ratings before making a decision.
Making an Informed Decision
When considering a Medicare Supplement plan from Medico or any provider, keep these tips in mind:
- Compare coverage and costs: Though benefits are standardized, premiums can vary significantly between companies
- Consider long-term affordability: Understand how premiums may increase over time with the company's rating methodology
- Research the company's financial stability: Consider ratings from independent agencies like A.M. Best
- Review the application process: Understand medical underwriting requirements if you're outside guaranteed issue periods
- Verify service area availability: Confirm Medico offers plans in your state and region
- Assess customer service reputation: Research reviews and complaint data through resources like the National Association of Insurance Commissioners (NAIC)
Final Thoughts
Medico Insurance Company offers Medicare Supplement plans backed by more than 90 years of industry experience and solid financial ratings. Their focus on the senior market and rate stability makes them a contender worth considering for those looking to enhance their Original Medicare coverage.
Remember that while Medicare Supplement plans offer standardized benefits across all insurers, the premium costs, customer experience, and company stability can vary significantly. Take time to compare options, understand your healthcare needs, and consider both current premiums and potential future increases before making your decision.
Plans by Medico may not be available in all states. MedicareSupplementOptions.com does not offer plans from Medico. 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 Medico.