Colonial Penn Life Insurance Company — headquartered in Philadelphia, Pennsylvania — was created in 1957 by AARP co-founder Leonard Davis. They’ve been helping beneficiaries for over 60 years with their insurance policy needs.

Colonial Penn primarily offers life insurance, but they also offer Medigap insurance. Colonial Penn offers Medicare Supplement plans to help with the health insurance needs of Medicare beneficiaries.

Medicare Supplement Plans YES
Medicare Advantage Plans NO
Medicare Part D Drug Plans NO

Colonial Penn Medicare Supplement Plans

Medigap plans are available in all 50 United States and the District of Columbia. Medicare Supplement plans are secondary coverage to your Original Medicare benefits and pay portions of your Medicare cost-share.

Medicare Supplement insurance plans have a fixed monthly premium. You pay little or nothing when you use your healthcare coverage for coinsurance. When you select a Medigap policy, you retain all of your benefits from Medicare. These include the freedom of healthcare providers.

Colonial Penn Medicare Advantage Plans

They do not currently offer Medicare Advantage plans, which replace Medicare Part A and Medicare Part B. For more information on Medicare Advantage plans, use our online request form.

They do offer Critical Illness plans that help cover cancer, heart attack, and stroke. If you are currently on a MA plan, a critical illness plan can help cover some of the gaps in the MA plan.

Colonial Penn Medicare Part D

They don’t sell Part D drug plans. Fill out our online request form if you need help selecting a Part D drug plan to assist with your prescriptions

Colonial Penn Financial Strength Ratings

Medicare plans get ranked by their financial strength by A.M. Best, and Standard & Poor’s. A.M. Best gives them a rating of A-. Standard & Poor’s gave Colonial Penn a rating of BBB+.

A company’s financial stability will usually correspond with more stable rates with lower rate increases for Medigap plans.

A.M. Best Rating A-
Standard & Poor’s Rating BBB+
Moody’s Rating n/a

Reviews

They offer 10 Medigap plans throughout the United States. The plans available are dependent on the area you reside.

The company has a solid company that has a decent financial rating. They even offer an option for a gym membership in many states.

FAQs

Does Colonial Penn pay your Medicare deductible?

Colonial Penn’s Medicare Supplement Plan F will cover your entire Part B deductible, but you must be a Medicare recipient before January 1, 2020, in order to enroll in this plan.

Some other Colonial Penn Medigap plans will pay a portion of your Part B deductible, but not the entire thing.

What is the highest-rated Medicare plan?

Medicare recipients who are able to enroll in it really like Plan F because of its comprehensive coverage and little to no copays. For those unable to enroll in Plan F, Plan G is also highly regarded; so is Plan N.

Is Colonial Penn Medicare?

Colonial Penn only offers Medicare Supplement plans and doesn’t operate any Medicare Advantage or Part D prescription drug plans.

Does Colonial Penn offer SilverSneakers?

It is actually well-known that Plan D plans, including those offered by Colonial Penn, include SilverSneakers benefits.

Not every Medicare Supplement plan offers SilverSneakers, but many will offer some kind of gym membership.

How many Colonial Penn Medicare plans are there?

For Medicare Supplement plans at Colonial Penn, there are 10 plans to choose from. Colonial Penn doesn’t provide Part C or Part D plans though.

What are the benefits of Colonial Penn Medicare?

The benefits of Colonial Penn Medicare Supplement plans are having a highly-regarded, financially secure company provide coverage that closes the gaps between what Original Medicare covers and what you could owe out of pocket for things such as office visits. Depending on the plan, you may not have any copays or even Part B excess charges.

Other benefits are the extension of covers that Medicare plays for, like skilled nursing facilities or hospice care, or coverage for items that aren’t under Original Medicare’s plan.

What Medicare Supplements does Colonial Penn offer?

The carrier offers Plans A, B, D, F, G, K, L, M, and N. Colonial Penn also has Plan C. Plan availability is dependent on your location. They also offer two high deductible plans — F and G — in some areas.

Is Colonial Penn and Bankers the same company?

Yes and no. CNO Financial is the parent company of both Colonial Penn and Bankers. They are two separate entities under their parent company.

Will my Colonial Penn premium increase?

Yes! It doesn’t matter who you choose for your Medigap plan carrier. Your rate will usually increase annually.

When can I enroll in a Colonial Penn policy?

You can enroll at any time unless you have a Medicare Advantage plan. Unless you are in an open enrollment or a Guaranteed Issue situation, you will have to go through medical underwriting. Your open enrollment, when you are first starting Medicare, is the best time to enroll in a Medigap plan.

How to Enroll in a Colonial Penn Medicare Plan

When you’re looking to enroll in a Colonial Penn Medicare Supplement plan, our team of licensed insurance agents can certainly help. The decision on which health plan will best suit your needs shouldn’t be taken lightly, and our expertise could be an invaluable resource during this time.

A Medigap plan will close the gaps in your Medicare coverage while limited out-of-pocket costs and our agents are extremely knowledgeable in answering any question you have. Best of all, our time is free of charge to you with no obligation.

So give us a call today. Or fill out our online rate form to receive the best rates in your area!

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by Lindsay Malzone, Lindsay Malzone is the Medicare expert for Medigap.com. She's been contributing to many well-known publications as an industry expert since 2017. Her passion is educating Medicare beneficiaries on all their supplemental Medicare options so they can make an informed decision on their healthcare coverage.