This article is for informational purposes only and is not affiliated with or endorsed by Old Surety Medicare Supplement or any subsidiaries.
Navigating Medicare Supplement options requires careful consideration of each insurer's offerings. Old Surety Life Insurance Company (not to be confused with "Old Surety" - different company names) has established itself as a provider of Medicare Supplement plans worth examining. This article provides an unbiased, informational overview of Old Surety's Medicare Supplement offerings, company background, and key considerations for potential customers.
History of Old Surety Life Insurance Company
Old Surety Life Insurance Company was established in 1950 and is domiciled in Meridian, Mississippi. With over seven decades of experience in the insurance industry, the company has primarily focused on serving the senior market with various insurance products.
Old Surety has maintained a steady presence in the Medicare Supplement market, developing expertise in providing supplemental coverage for Medicare beneficiaries. The company's long-standing operation demonstrates resilience through various economic cycles and changes in the healthcare landscape.
From a financial stability perspective, Old Surety maintains ratings that reflect its operational capacity. Potential customers should verify current financial ratings from independent agencies like A.M. Best to ensure they meet their comfort level for financial security.
Medicare Supplement (Medigap )Plans Offered by Old Surety
Old Surety offers several standardized Medicare Supplement plans designed to work alongside Original Medicare (Parts A and B). These plans help cover the gaps that Original Medicare doesn't pay, such as deductibles, coinsurance, and copayments.
Old Surety 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 Medicare 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 but some out-of-pocket requirements
In certain states, Old Surety may also offer high-deductible versions of Plan F and Plan G, which feature lower premiums but require policyholders to meet a deductible before benefits begin.
Coverage Details
Old Surety's Medicare Supplement plans provide coverage for various expenses depending on the specific plan chosen:
- Hospital coinsurance and coverage for 365 additional days after Medicare benefits are exhausted
- Medicare Part B coinsurance or copayment
- Blood (first three pints for medical procedures)
- Medicare 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 coverage up to plan limits (Plans F, G, and N)
Old Surety's Medicare Supplement Features
While Medicare Supplement benefits are standardized by law, Old Surety distinguishes itself through various company-specific features:
Premium Pricing Approach
Old Surety employs different rating methodologies for calculating premiums, which may vary by state:
- Attained-age rated: Premiums start lower and increase as the policyholder ages
- Issue-age rated: Premiums are based on the age when the policy is purchased and don't increase due to age
- Community rated: Everyone in the same geographic area pays the same premium regardless of age
Understanding which rating method applies in your state is crucial for predicting long-term costs.
Policy Benefits
Old Surety's Medicare Supplement policies typically include:
- Guaranteed renewable coverage (cannot be canceled as long as premiums are paid)
- 30-day free look period for new policyholders
- No waiting periods for pre-existing conditions during guaranteed issue periods
- Direct claims payment to healthcare providers in most cases
Service Area and Availability
Old Surety's Medicare Supplement plans are not available in all states. The company has focused its operations on specific regions, and the availability of plans may vary based on state regulations and company decisions.
Potential customers should verify whether Old Surety operates in their state and which specific plans are available in their area before considering enrollment.
Underwriting Process and Eligibility
Outside of guaranteed issue periods, Old Surety generally requires medical underwriting for Medicare Supplement applications. The underwriting process helps the company assess risk and determine eligibility and premium rates.
Old Surety's underwriting process may include:
- Completion of a health questionnaire
- Review of medical history and prescription medications
- Possible telephone health interview
- Medical records review when necessary
During the Medigap Open Enrollment Period (the six-month period beginning when you're both 65 or older and enrolled in Medicare Part B), applicants have guaranteed issue rights, meaning they cannot be denied coverage based on health conditions.
How Old Surety Compares to Other Providers
When evaluating Old Surety against other Medicare Supplement providers, consider these factors:
Potential Strengths
- Decades of experience in the senior insurance market
- Focused approach to serving the Medicare-eligible population
- Established presence in specific geographic regions
Considerations
- Limited availability compared to larger national insurers
- May have less brand recognition than some competitors
- Financial strength ratings may vary compared to larger companies
Enrollment Timing and Considerations
The optimal time to enroll in any Medicare Supplement plan, including those from Old Surety, is during your Medigap Open Enrollment Period. This six-month window 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, which means:
- You cannot be denied coverage based on health conditions
- You cannot be charged higher premiums due to health status
- You cannot be subject to waiting periods for pre-existing conditions
Outside of this period, you may face medical underwriting, which could result in higher premiums, waiting periods, or potential denial of coverage based on health conditions.
Important Considerations for Potential Customers
When evaluating Old Surety's Medicare Supplement plans, keep these factors in mind:
- Financial Stability: Research the company's financial ratings and stability to ensure they can meet their obligations over time
- Premium Competitiveness: Compare premiums with other providers for identical coverage, considering both current costs and future increases
- Geographic Availability: Verify that Old Surety offers plans in your state and specific location
- Customer Experience: Research customer satisfaction ratings and complaint records
- Provider Network: Confirm that your preferred healthcare providers accept Medicare (since Medicare Supplement plans work with any provider that accepts Medicare)
- Rating Method: Understand how premiums may change over time based on the company's rating methodology
Making an Informed Decision
Choosing a Medicare Supplement provider is an important decision that affects both your healthcare coverage and finances. When considering Old Surety or any other provider:
- Compare multiple quotes from different companies for the same plan
- Review each company's financial stability and customer service reputation
- Understand the rating methodology and how it affects future premium increases
- Consider your long-term healthcare needs and budget
- Take advantage of your Medigap Open Enrollment Period for the best options
- Consult with a licensed insurance agent who can provide personalized guidance
Conclusion
Old Surety Life Insurance Company offers Medicare Supplement plans that may be appropriate for certain Medicare beneficiaries seeking additional coverage beyond Original Medicare. With over 70 years of industry experience, Old Surety has demonstrated longevity in the insurance market.
However, as with any insurance decision, it's essential to thoroughly research and compare options. Medicare Supplement plans offer standardized benefits across all insurers, but premiums, customer service, and company stability can vary significantly. Take time to evaluate multiple providers, understand the long-term implications of your choice, and consider your specific healthcare needs and financial situation.
Plans by Old Surety Medicare Supplement may not be available in all states. MedicareSupplementOptions.com does not offer plans from Old Surety 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 Old Surety Medicare Supplement.