Individual Assurance Company Insurance Review & Ratings (2024)

Individual Assurance Company Medicare Plans

When trying to find an average supplemental cost for Medicare or a Medigap plan in general, there are many options on the market to choose from.

IAC Medicare Supplement plans supplement Original Medicare coverage by helping with copayments, coinsurance, and deductibles. These are the shared costs that you will end up paying out-of-pocket when you use various health services.

IAC offers plans A, B, C, D, F, G, and N for their policyholders.

Here’s a quick breakdown:

Plan	Details
Plan A	Covers all Medicare Part A & B coinsurance
Plan B	Helps you pay for your primary healthcare costs; specifically, it covers costly deductibles, co-payments and coinsurances from unexpected procedures and inpatient care
Plan C	Covers the gaps on most of Medicare's approved costs
Plan D	Helps seniors pay for the gaps in their original Medicare coverage
Plan F	The highest level of coverage available; plan pays out of pocket costs not covered by Medicare and covers emergencies during foreign travel
Plan G	Plan G covers Part B excess charges
Plan L	Offers the basic benefits required of all supplements, but may not pay 100% of each costs
Plan N	Make a copayment of up to $20 for some doctor visits and up to $50 for emergency room care that does not require you to be admitted into the hospital

Plans F, G & N are the most commonly purchased Medicare Supplement plans that IAC offers and has the most states that it’s available in.

Plan A

IAC’s Plan A covers the following:

1. Medicare Part A coinsurance payments up to an additional 365 days after Original Medicare benefits are exhausted
2. Medicare Part B copayment or coinsurance expenses, including preventative care coinsurance expenses
3. The first three pints of blood used in any medical procedure
4. Part A hospice care coinsurance expense or copayment

Out of all of IAC’s plans available, Plan A offers the fewest benefits. Policyholders will be responsible for covering their Part A deductible in full, including hospitalization costs, Skilled Nursing Facility (SNF) care, hospice care, and some home health care services.

Despite this, this plan may be suitable to you if you have no desire to pay costly premiums for benefits that you are not likely to use. 

Plan B

Plan B covers the following:

1. Medicare Part A hospital and coinsurance costs up to an additional 365 days after Original Medicare benefits are exhausted
2. Medicare Part A hospice care coinsurance or copayments
3. Medicare Part A deductible
4. First three pints of blood used in a medical procedure
5. Medicare Part B coinsurance or copayments

IAC’s Medigap Plan B does not cover these expenses:

1. Medicare Part B deductible
2. Medicare Part B excess charges
3. Skilled Nursing Facility (SNF) care coinsurance
4. Foreign travel emergency care

IAC can also set monthly premiums based off of three pricing methods: community-rated, issue-age-rated, and attained-age-rated. 

Plan C

There are two items that are not covered by a Plan C supplement. The first is Medicare Part B excess charges. These are doctors fees that are on top of what Medicare will pay for any medical service. When excess charges occur they are charged to you and not your Medigap plan.

The second exclusion is home recovery charges associated with the recovery process after you have been hospitalized.

Plan D

Plan D is a good middleman between the least and most comprehensive supplements.

With this supplement, provider covers many of the out-of-pocket costs that come with Original Medicare, but do not cover any Part B deductibles or Part B excess charges.

Plan F

This is one of the most popular and comprehensive plans that IAC has to offer. With Plan F, it covers 100% of the gaps that Original Medicare doesn’t cover, greatly reducing your out-of-pocket costs if anything were to happen to you.

Plan F also covers:

• Inpatient hospital coverage
• Overseas medical care (up to 80%)
• Part A deductible

IAC also offers Medicare Plan G, a plan that is identical to Plan F. The only difference is that the Medicare Part B deductible is not covered.

Plan G

Part B excess charges can be covered with Plan G. You will also get all the basic benefits included in all Medicare supplement plans.

Here are some coverage highlights of Plan G:

• Preventative care coinsurance
• First 3 pints of blood
• Hospice care

Plan G also comes with skilled nursing, travel coverage, and Part A deductible coverage.

Plan L

Plan L is a cost sharing plan. Unlike most supplements, Plan L policy protects you with a $2,940 annual out-of-pocket limit.

This Medigap policy is a good alternative if you can handle the up-front deductibles. Plan L offers the basic benefits required of all supplements, but may not pay 100% towards each cost.

Plan L has a higher level of cost-sharing than other Medigap plans, so policyholders will be responsible for more than just their monthly premium.

Plan N

This is IAC’s most affordable plan. This is perfect for a individuals that don’t need a lot of medical care but still want coverage for the unexpected moments in life.

Here are some coverage highlights of Plan N:

• Hospital stay up to 365 days
• Outpatient care and procedures
• Part B copays

The advantages of Medicare supplement Plan N are simple. With the monthly premium at the lowest price, you can save money while at the same time making sure you have coverage for the “Gaps” that Original Medicare doesn’t cover.

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What doesn’t IAC pay for?

Here’s a list of the most common services a Medicare supplement from IAC can’t cover:

1. Long-Term Care: Medicare does not cover long-term care costs, which helps with eating, dressing, toileting, and other daily functions
2. Vision and Dental Care: Medicare covers oral and eye surgery and other treatments associated with a medical condition, but it does not cover routine oral and vision care. For this, you can get a senior dental plan separately. Many dental plans include vision benefits.
3. Eyeglasses & Contact Lenses: Eyeglasses and contacts are not covered by any IAC Medicare supplements
4. Hearing Aids: Hearing aids are not a Medicare-covered cost. However, some Medicare Advantage plans include hearing benefits.
5. Private Nursing: Medicare covers skilled nursing for recovery purposes after inpatient care, but, private-duty nursing at home is not covered
6. Prescription Drugs: The medications you get as a hospital inpatient are paid through your Medicare Part B benefits, but you regular prescriptions aren’t. For your prescriptions you’ll need to compare Medicare Part D plans to find the lowest cost coverage.

It is important to understand that a Medigap plan is limited to what Medicare itself can cover, which does also pertain to IAC as well.

IAC Company Rating

According to A. M. Best, the company presents a Good outlook with a B+ rating and a B- with the BBB.

How can I get a policy with IAC?

There are plenty of options when it comes to buying a policy with IAC. Here are some resources to help:

• Individual Assurance Company provider contact number: (405) 285-0838
• Individual Assurance Company phone number: (888) 524-3629
• Individual Assurance Company provider portal: can be found here.

For a more streamlined service, IAC recommends using their online portal.

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Individual Assurance Company Medicare Review & Ratings: Key Takeaways

Although Medicare may pay a large part of your health care expenses, it does not pay for all of your expenses. That’s where Individual Assurance Company steps in to help fill in those gaps.

With IAC’s numerous plans to choose from, they have a policy for just about anyone’s unique circumstance and affordable rates to fit any budget.

Now that you’re learned about Individual Assurance Company Medicare Supplement plans, take the time to enter your ZIP code into our free tool and start comparing Medicare quotes in your area.

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