When I mention New Era Medicare supplement plans to most people they usually respond with a, “New What?” New Era Life Insurance Company was incorporated in 1924 and the current management of the company took over in 1989. So they have been around for a good long time and have hit the Medigap market with a bang in the various markets where they offer coverage.
New Era Medicare Supplement Plans
New Era offers all ten of the federally designed Medicare supplement plans. If you are not familiar with plans they are given different letters and each plan will cover different portions of the gaps left by traditional Medicare insurance coverage. We do a much more in depth explanation of each of the Medicare supplement plans HERE.
Concerns About Purchasing A New Era Medicare Supplement
Anyone who purchases insurance wants to get the best bang for their buck. They also do not want to have the hassle of dealing with an insurance company. For this reason we tend to gets some push back from people when we recommend a New Era Medicare supplement. The two biggest apprehensions are the lack of Name recognition and their AM Best rating.
With name recognition there is not much we can do about that. Either you have heard of a company or you haven’t. The other concern is that their AM Best rating is B+. This concerns people because they see companies like AARP and Mutual of Omaha getting A ratings. The reason that New Era gets a B+ rating is that they are a smaller company than the two we mentioned before. They are still a very financially fit company just smaller. Also if New Era were to go out of business, and you had a New Era Medicare supplement, they you would be given a new open enrollment period where you could get a medigap plan from another company and they would not put you through underwriting. This means that when they set up your plan the monthly premium will only be determined by your age and location. Your current health would not be considered at all.
New Era Compared to Other Medigap Companies
As we mentioned AARP and Mutual of Omaha get A ratings from AM Best, but there are a ton of other Medicare supplement insurance companies. The truth is when you are purchasing a Medicare supplement plan the company is not as important because the coverage for all the plans is the same. So not matter which company you choose you get the same coverage for the same medigap plan. For example, a New Era Medicare supplement plan F is the same as a plan F from Gerber or Mutual of Omaha. Also, each of the plans works directly with your Medicare coverage. So you do not have to fill out extra paper work or anything like that. So your interaction with any of the companies is minimal. The difference is really going to be the price. If you would still like to do a little research we have info on more of the Medicare supplement insurance companies HERE.
If all this makes sense and you are ready to take your next step you obtain a set of free custom Medicare supplement quotes HERE or by filling out the form on the side or bottom of this page.