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Transamerica Medicare Supplement Insurance Review

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Originally part of the Bank of America, the Transamerica Corporation is now a subsidiary of Aegon, a Netherlands-based financial conglomerate. Their supplemental insurance plans are now offered through their Transamerica Premier Life Insurance division, rather than their Stonebridge Life Insurance division. As with other companies that offer the standardized Medicare supplemental plans, prices vary depending on where the applicant lives and the age-rating method the company uses.

How is Transamerica rated?

Breakdown

4.0/5
Level of Coverage
4.5/5
Services
3.5/5
Reputation and Customer Experience
4.5/5
Financial Strength

Overall Rating: 4.1 / 5 (Excellent)

As a financially sound company with a a very low complaint ratio, Transamerica Medicare Supplement Insurance is a safe option for anyone shopping for a Medigap plan. We recommend referring to their website and contacting an agent to find out the specific plan offerings in your state, as costs can vary significantly depending on location, general health, and some lifestyle habits such as smoking.

Transamerica Coverage

Level of Coverage - 4 / 5

Transamerica currently offers Medicare Supplement Plans A, F, G, and N, though a few of their vendors may also offer some additional plans. The company also has vision, dental, and hearing care policies, though these are separate from Medigap, and are therefore charged as an extra cost. The company's underwriting takes into account the beneficiary's weight, whether they use narcotic pain medication, psychiatric treatments, and any pending surgeries.

Plan Types

  • Plan A - It includes hospital copayment costs up to a year after Medicare benefits are exhausted, the first three pints of blood, Part B coinsurance including preventive care services after deductible, and hospice care.
  • Plan F - Less expensive than other plans, F covers all the same benefits as C, with the addition of 100% of Part B's excess charges.
  • Plan G - Covers almost every Medicare supplemental insurance benefit, with the exception of Part B's annual deductible.
  • Plan N - Covers hospital copayments, Part B co-insurance except $20 for office visits & $50 for emergency visits, first 3 pints of blood, hospital deductible, SNF, foreign care, all of Part B co-insurance for preventive care, and hospice care.

At a Glance

Additional Benefits
Routine Vision or Dental Care
Hearing Aids

Transamerica Pricing

Services - 4.5 / 5

As with other companies that offer Medicare supplemental plans, the pricing will vary for applicants, based on the region that the applicant resides in and the age-rating method of the insurance company. However, overall Transamerica distinguishes itself by its excellent rates, and rate stability.

Cost

Price Stability
Yes

Transamerica Customer Experience

Reputation and Customer Experience - 3.5 / 5

The ratings from BBB and Trust Pilot for Transamerica Medicare supplement insurance are inconclusive, as each company entry on these websites corresponds to regional offices, rather than the business as a whole. Their NAIC complaint ratio is less-than average, however, a sign that the company seeks to resolve the majority of their complaints.

Reviews

NAIC Complaint Ratio 2017
0.91
NAIC Total Complaints 2016
26
Date Collected
2018-03-20

Transamerica Financial Strength

Financial Strength - 4.5 / 5

Transamerica supplemental health insurance is underwritten by Transamerica Premier Life Insurance, which has strong ratings from both Moody's and AM Best. Additionally, the name recognition the company has acquired during its near century of experience also adds to its respectability and general standing.

Ratings

Moody's Financial Rating
A1
AM Best Financial Rating
A+

Year Founded

1928

Underwriter

Transamerica Life Insurance

Company Profile

Full Name
Transamerica Medicare Supplement Insurance
Company Website
Headquarters
4333 Edgewood Rd NE, Cedar Rapids, IA, 52499

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Customer Comments & Reviews

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mjhicks2
11/5/2021
This company never sends out statements when money is owed better mark it on your calendar. They only send statements when premiums are going up. They won't let you talk to a manager when asked and even had an associate hang up on me, because I kept asking to talk to a manager. Customer service is less then par, and getting to talk to the right person to handle your issue will not happen. Good luck.


shogunsgold
8/20/2019
I tried calling Transamerica directly in order to sign my wife up for plan G. The first person switched me over to the life insurance office. The second switched me over to the "Medicare" office which turned out to be some other office. The third person was totally confused and could not answer this question: Does Transamerica sell directly to the consumer? She switched me over to someone else who finally had an answer. I have to go through a broker. My rating is for customer service, not the policy itself.


I
Ilene
5/7/2019
The premium price is good. The customer service not so much. I gave them a voided check at the time of enrollment so they could get their monthly premium from my checking account. They sent their insurance card. I made a doctor's appointment after the date coverage was to begin. A letter arrived 10 days after it was mailed stating due to incorrect account info I had no coverage. They had the check. Due to their error in reading and/or writing the numbers, I had no coverage at the time of the doctor's appointment. I called them to correct their error. They did not offer coverage for that appointment. I did not even get an apology. Not a great start.


S
Shirley
5/6/2019
For three and a half years, I have talked to Transamerica trying to get them to do the crossover so my bills are not sent to them but to my current insurance . Nothing, as of today, 5/6/2019 has happened to correct it.


S
Sandra T
9/30/2018
I am new to Transamerica this year, for my Medicare supplement. I did not use it until the middle of the year. My plan is part G, meaning I pay a higher premium and my other, covered Medicare expenses should be paid. I am being billed 20%, now, by providers because Transamerica still has not set up a "Medicare crossover ", so Medicare has sent bills to my former supplement insurance provider, who, of course have not paid. It has been a nightmare to communicate between providers and Transamerica. To complicate matters, I am not receiving statements from Transamerica when they, too, rejected my claims, because they did not have record of being my supplement plan. After about 3... Read More



Top Rated
Our Partner
  • Limit out-of-pocket costs
  • 8 of 10 Medigap policies offered, depending on location
  • Managed healthcare solutions
  • National coverage
  • High deductible Plan F available in some states