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Colonial Penn Health Insurance Company

Dino Christoforakis
Dino Christoforakis

Editor in Chief & Licensed Insurance Agent.

Colonial Penn Health Insurance may be a familiar name, but how can you determine if this provider has the coverage you need? With so many options in terms of health insurance providers today, the prospect of choosing the right company from which to purchase your health insurance can be overwhelming.

Gaining understanding of a prospective insurer can make your choice easier. You may be interested in finding out about the company’s history and scope. What types of health insurance plans and products the company offers will also be of interest. Finally, the biggest question of all, how much can I expect to pay for health care coverage I need? All of this information taken together can go a long way toward helping you to know whether Colonial Penn Health Insurance is the best health care provider for you.

Read through this Colonial Penn Health Insurance review, take a look at the various reviews of Colonial Penn by Colonial Penn customers at the bottom of this page (complete with star ratings), and then compare your Colonial Penn health insurance quotes with quotes from many different health insurance companies by entering your zip code into the box at the top right of this page.

History of Colonial Penn Insurance

While Colonial Penn has more than 850,000 life insurance policies on the books Colonial Penn Health Insurance offers their health insurance plans through an agreement with Banker’s Life and Casualty. This organization was founded in 1879 and is headquartered in Illinois. Licensed in every state except New York, Banker’s Life and Casualty specializes exclusively in providing for the needs of seniors. The products they offer include a Medicare Supplement Plan, life insurance, annuities, Long Term Care/Home Health Care plans, a Medicare Advantage Plan and a Medicare Prescription Drug plan.

Colonial Penn Health Insurance Plans

The Medicare Supplement Plan is designed to pay for some of the out of pocket costs that Medicare does not cover. Examples of this type of expense would be ambulance trips, extended hospital stays, Medicare deductibles and co-insurance for doctors and hospitals. This plan allows you to choose your own doctor and does not require referrals to see a specialist. You do not need to file your own claim forms when you participate in this plan. The Medicare Supplement Plan is guaranteed renewable, meaning that your policy can’t be cancelled or your premiums change if your policy is paid in full.

Medicare Advantage is a very low cost Medicare health plan because there is a private fee for service type plan. There are no deductibles and you can choose your doctor. There are no co-payments for regular exams and screenings and there are set rate co-payments for other services. The downside of a fee for service plan is that care providers must agree to the terms of payment prior to treating you, unless you are in need of emergency care. That means that there is a chance that you could be denied care. In order to qualify for this plan you must be receiving Medicare Part A and be enrolled in Part B, you can’t have end stage renal disease. In addition, you will be expected to continue to pay Part B unless is it already being covered by Medicare or by someone else.

Banker’s Life and Casualty does not provide the Medicare Prescription Drug Plan directly but rather offers this coverage through the AdvantraRx Plan from Coventry Health Care. AdvantraRx is a national Medicare Part D plan. Different plan variations are offered in different areas of the country. Some plans will offer delivery of a 90 day supply of some medications. This plan is available to those who are eligible for Medicare. There are some restrictions on enrollment. You may enroll during the first month that you become eligible for Medicare. If you are currently participating in some other Medicare prescription plan and want to switch, you may enroll between November 15th and December 31st.

Long Term Care/Home Health Care is another product that Banker’s offers. It is designed to cover expenses that exceed Medicare allowances when someone is rendered unable to perform daily living activities on their own due to illness or disability. Examples of daily living activities are things like eating, dressing, and bathing. Coverage can be geared toward nursing home care, home health care or comprehensive which would cover both. This benefit is not exclusively offered to elderly. Pre-existing conditions may not be covered by this plan.

Banker’s Life and Casualty offer their customers whole, term, and universal life insurance products. They also offer several types of annuities which are investment type funds. Among these are deferred annuities, immediate annuities and equity indexed annuities. Deferred annuities are the type of funds that are tax deferrable. That is, the government doesn’t collect income tax on those monies until they are withdrawn. They can be flexible meaning that you can add money whenever you want or single premium for a one time lump sum. Immediate annuities provide income payments that begin as soon as the fund is opened. Equity indexed annuities are fixed funds that promise greater rate of return than you might receive in a standard savings account.

Compare Colonial Penn Health Insurance Quotes

Affordability is an important factor in weighing health care providers. Why not compare the premiums you might be expected to pay if you purchased your health insurance policy from Colonial Penn Health Insurance and compare it to those of several other companies?

Compare Colonial Penn health insurance quotes/Banker’s health insurance quotes with quotes from other companies. Take a few seconds to input your zip code into the free quote tool provided at the right side of this page, and you’ll have a number of quotes from potential insurance providers very soon.

Why not take action now? Get started comparing quotes from top health insurance providers now!

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