Manhattan Life Medicare: Reliable And Stable Insurance Option

ManhattanLife is one of the oldest insurance companies in the United States, having been in business since 1850. The company offers Medicare Supplement Insurance, also known as Medigap, which helps cover out-of-pocket costs not covered by Original Medicare. With five Medigap plans available, ManhattanLife's Medicare Supplement Insurance provides coverage for Medicare Part A and B coinsurance, copayments, deductibles, and other out-of-pocket costs. While ManhattanLife's Medicare Supplement Insurance is competitively priced, how stable is it, and how does it compare to other insurance providers?

ManhattanLife's Lighthouse Series

The Lighthouse Series currently offers five Medicare Supplement plans: Plans A, C, F, G, and N. These plans are standardised and regulated by federal and state governments, meaning that the benefits are the same regardless of the insurance company selected. However, the prices paid for each policy and how rate increases are determined may vary. ManhattanLife's Medicare Supplement plans also include additional services and discounts, such as coverage for the first three pints of blood in a transfusion and Medicare Part B coinsurance and copayments.

In addition to its Medicare Supplement plans, the Lighthouse Series provides a range of other insurance products tailored to the needs of seniors. These include dental, vision, and hearing coverage, cancer insurance, short-term medical insurance, home health care, and final expense life insurance.

ManhattanLife has a strong track record of stability, with a history dating back to 1850. The company has received positive financial stability ratings from Demotech and A.M. Best, indicating its ability to meet its insurance obligations and uphold its coverage commitments.

The Lighthouse Series is a comprehensive solution for seniors, providing added security and protection when it is needed most. With a range of coverage options and competitive pricing, ManhattanLife's Lighthouse Series is a strong choice for those seeking Medicare Supplement Insurance and other senior-focused insurance products.

Pros and cons of ManhattanLife Medicare Supplement plans

Pros of ManhattanLife Medicare Supplement Plans:

• ManhattanLife has been offering insurance products since 1850, making it one of the oldest insurance companies in the US.
• They offer five Medicare Supplement plans (also known as Medigap), including Plans A, C, F, G, and N, which help pay for costs incurred when using Original Medicare benefits.
• Medigap plans are standardized and regulated by Medicare, so you know exactly what you're getting.
• ManhattanLife's Medicare Supplement plans are part of their Lighthouse Series, designed specifically with seniors in mind.
• Once you are a member, the following services and discounts are included: Medicare Part A and B coinsurance and copayments, the first three pints of blood (if needed), Part A hospice care coinsurance or copayments, and skilled nursing facility care coinsurance.
• They have competitive prices and are considered a stable carrier, especially in states like New Jersey.
• They have an A+ rating from the Better Business Bureau and have been accredited since 2013, with no consumer complaints specific to their Lighthouse Series or Supplement Insurance plans.
• They provide access to the top Medigap plans and offer various ancillary products to help seniors fill coverage gaps.

Cons of ManhattanLife Medicare Supplement Plans:

• They only offer five out of the ten possible Medigap plans, so choice is limited.
• Their plans may not be available in all areas.
• It can be difficult to find ratings and reviews specific to their Medigap plans.
• They do not offer a high-deductible plan for Medigap insurance, which is essential in certain states like New York and California due to the high prices of Plan G in these states.
• They do not offer Medicare Part C or D options.

ManhattanLife's financial strength

ManhattanLife has been in the insurance business since 1850, making it one of the oldest insurance companies in the United States. The company is committed to remaining independent to focus on its core mission of helping policyholders achieve health, wealth, and security.

The company's financial strength is reflected in its ratings from various entities. As of 2023, ManhattanLife has a B++ rating from A.M. Best, a credit rating agency specializing in the insurance industry. This rating indicates that ManhattanLife has a good ability to meet its insurance obligations.

Additionally, ManhattanLife has an A+ rating from the Better Business Bureau (BBB) and has been accredited since 2013. The BBB ratings reflect a company's interaction with its customers. Over the past three years, 39 consumer complaints have been registered and resolved through the BBB, with none specific to the Lighthouse Series for seniors or their Medicare Supplement Insurance plans.

Demotech, a company that offers financial stability ratings to insurers of all sizes, affirmed in September 2021 that all companies affiliated with ManhattanLife have a financial stability rating of A (exceptional). This rating indicates that ManhattanLife has exceptional financial stability.

Overall, ManhattanLife's financial strength ratings indicate that the company is stable and has a good ability to meet its insurance obligations. The company's long history, commitment to independence, and focus on policyholders' well-being contribute to its financial strength and stability.

ManhattanLife's Medicare Supplement plans vs Medicare Advantage plans

ManhattanLife has been in the insurance business since 1850 and is one of the oldest insurance companies in the United States. The company offers a full range of insurance products, including Medicare Supplement plans and Medicare Advantage plans.

ManhattanLife Medicare Supplement Plans

Medicare Supplement Insurance, also known as Medigap, is a type of insurance that covers the gaps in Original Medicare (Parts A and B). ManhattanLife's Medicare Supplement plans help pay for deductibles, co-payments, co-insurance, and other out-of-pocket costs not covered by Original Medicare. These plans are designed specifically for seniors and are part of their Lighthouse Series.

ManhattanLife offers five Medicare Supplement plans: Plans A, C, F, G, and N. These plans help pay for costs when you access your Original Medicare Part A and B services. Once enrolled in a ManhattanLife Medicare Supplement plan, members can access the following services and discounts:

• Medicare Part A coinsurance and hospital costs for up to an additional 365 days after Medicare benefits are used.
• Medicare Part B coinsurance and copayments.
• First three pints of blood (if a transfusion is needed).
• Part A hospice care coinsurance or copayments.
• Skilled nursing facility care coinsurance.
• Part B excess charge.
• Foreign travel exchange (up to plan limits).

The monthly premium costs for a Medigap policy vary depending on age, gender, purchase time, and location. The range is typically between $100/month to several hundred dollars/month.

ManhattanLife Medicare Advantage Plans

Medicare Advantage Plans are not available from ManhattanLife. These plans typically serve as a replacement for Original Medicare and are network-based.

Comparison

Medicare Supplement plans from ManhattanLife offer flexibility in choosing healthcare providers without being confined to a specific network. The plans help cover out-of-pocket costs associated with Original Medicare, such as deductibles, co-payments, and co-insurance.

On the other hand, Medicare Advantage Plans offered by other providers act as a replacement for Original Medicare and usually operate within a specific network. These plans may offer additional benefits not covered by Original Medicare, but the choice of healthcare providers is limited to the plan's network.

Overall, ManhattanLife's Medicare Supplement plans provide good coverage for seniors seeking to supplement their Original Medicare benefits and maintain their choice of healthcare providers.

Eligibility for ManhattanLife's Medicare Supplement plans

To be eligible for a ManhattanLife Medicare Supplement plan, you must meet the following criteria:

• You must be a resident of a state where the policy is offered. ManhattanLife offers coverage in every state, Washington, D.C., and Puerto Rico.
• You must be enrolled in Medicare Parts A and B.
• You must be 65 or over, or, in some states, under 65 with a disability.

Your Medigap Open Enrollment period begins when you turn 65 and have enrolled in Medicare Parts A and B. During this six-month period, you can purchase any Medicare Supplement plan sold in your state, regardless of any medical issues or disabilities. After this period, you may have to answer health questions during a simple underwriting process.

If you disenroll from Medicare Advantage and return to Original Medicare during the Medicare Annual Election Period or the Open Enrollment Period, you may become eligible for a Medicare Supplement plan.

ManhattanLife offers five Medicare Supplement plans: A, C, F, G, and N. These plans are also known as Medigap plans and help cover deductibles, copayments, coinsurance, and other out-of-pocket costs not covered by Original Medicare.

Frequently asked questions