ManhattanLife Assurance Company of America (MAC) Medicare Supplement Review

ManhattanLife, one of the country’s oldest insurance companies, has released a new entity called ManhattanLife Assurance Company of America – MAC for short. MAC is now offering Medicare Supplement plans in Illinois.  

We’re very excited about the new Medigap plans from MAC, especially here in Decatur, IL.

They have some of the most competitive premium rates in our area, and ManhattanLife is a name we know and trust. Here’s a full MAC Medicare Supplement review from your local Medicare experts.

Need Medicare or retirement planning help? The Sams/Hockaday team specializes in Medicare health insurance as well as retirement planning. Read more about what we do and schedule an appointment with the agent of your choice today!

Brief Disclaimer About Medicare Supplement Standardization

Before we get into our full MAC Medicare Supplement review, we’d like to share that the government standardizes all Medicare Supplements.

Each company must offer the plan benefits established by the government. For example, a Plan G sold by MAC must have the same benefits as a Plan G sold by any other company.

In general, the two critical differences between Medicare Supplements are the plan's cost and the underwriting (or health questions). Keep that in mind as we dive into this full ManhattanLife Assurance Company of America Medicare Supplement review.

What Is MAC?

ManhattanLife Assurance Company of America (MAC) is part of the ManhattanLife family of companies.

Other ManhattanLife entities include:

• The Manhattan Life Insurance Company (MLIC)
• Family Life Insurance Company
• ManhattanLife Assurance Company of America (MAC)
• Western United Life Assurance Company (WULA)
• Standard Life and Casualty Insurance Company

ManhattanLife is privately held, and they are very strong financially. Fun fact: ManhattanLife writes $1 million in annuities every single day.

Because ManhattanLife isn’t publicly traded, they’re able to put their policyholders' needs over the interests of investors.

How Is MAC Rated?

ManhattanLife has an A+ Rating from the Better Business Bureau (BBB) and an A (Exceptional) Financial Stability Rating® (FSR).

ManhattanLife also holds the 112th spot on AM Best’s Review of Top 200 Life/Health Insurers. National Underwriter included ManhattanLife on its Top 100 life and health insurance companies of 2015.

Overall, ManhattanLife is a financially strong, nationally recognized brand, and we couldn’t give them a better rating ourselves!

Medicare Supplement Plans Offered By MAC

ManhattanLife Assurance Company of America (MAC) offers the following Medicare Supplement plans in Illinois:

• Plan A
• Plan F
• Plan G
• Plan N

You can read more about what is included in these plans here: Medicare Supplement Insurance in Illinois.

Note: Plan F is no longer available for new Medicare enrollees on or after January 1, 2020. However, if you were already on Medicare before January 1, 2020, you can still purchase a Plan F at any time.

How Does a MAC Medicare Supplement Work?

Since the government regulates all Medicare Supplements, a MAC Medicare Supplement works the same as any other Medicare Supplement. If you’ve been reading our other Medigap reviews, you know how this goes.

Once you understand how one Medicare Supplement works, you know how they all work, which is nice!

All Medicare Supplements add to your existing Medicare Part A and B coverage. A Medicare Supplement will cover things like copays, deductibles, and coinsurance. Also, many plans offer international travel coverage.

In exchange for those benefits, you pay a premium, paid monthly, quarterly, semi-annually, or annually.

Even though MAC offers four different Medicare Supplement plans, we only recommend Plans F, G, and N.  

MAC Plan F

Remember that the benefits of a Plan F from MAC are the same as a Plan F from any other company.

Many individuals who are aging into Medicare love Plan F because it covers the remaining Medicare-approved charges. Yep – all of them. You don’t have to deal with any copays, coinsurance, or deductibles when you have a Plan F.

A Plan F from MAC will cover your hospital and doctor coinsurance, up to 100 days in a skilled nursing facility, your hospital and doctor deductibles, excess charges from doctors who don’t accept Medicare, and even 80% of foreign travel emergency charges.

Medicare Supplement Plan F is the most comprehensive Medigap coverage you can buy, which also explains why it has the highest premium.

Remember: if you are first eligible for Medicare after January 1 of 2020, you won’t be able to purchase a Plan F.

MAC Plan G

A Plan G from MAC will pay for everything a Plan F pays for except the deductible at the doctor. This is also called the Medicare Part B deductible (Part B is your medical insurance).

The Part B deductible isn’t much – it’s $233 in 2022.

If you do the math, you know that a Plan G offers $233 less in coverage than a Plan F. However, a Plan F almost always costs over $233 more than a Plan G.

Insurance companies – including MAC – charge a premium for a Plan F, and many seniors don’t like that as it can feel like they are overpaying.

To be transparent, most of our clients here at Sams/Hockaday choose a Plan G. Is it our favorite plan. It offers excellent value for the comprehensive coverage you receive.

MAC Plan N

A MAC Plan N offers the same coverage as a Plan G aside from three exceptions:

• You will have a copay of up to $20 every time you see the doctor
• You will have a copay of up to $50 every time you visit the ER – if you’re admitted to the hospital, that copay is waived
• If you see a doctor who does not accept Medicare (pretty rare), you may be charged an excess of up to 15% more than the Medicare-approved amount

Plan N offers some savings in premium, so some individuals take on the copays and possibility of excess charges to save money in premiums when compared to a Plan G. (Excess charges are infrequent, as 97% of all doctors accept Medicare, so this hardly ever factors into the decision.)

Most of our clients do not choose a Plan N because of the copays, though it’s gaining popularity.

MAC Medicare Supplement Prices

Just like all Medicare Supplement companies, the premium of a MAC Medicare Supplement will vary depending on a few factors, including:

• How much coverage you want (a Plan F is more expensive than a Plan N)
• Your age (younger is cheaper)
• Your zip code (Decatur will be cheaper than Chicago)
• Your gender (females are less expensive than males)
• Whether or not you are a tobacco user (tobacco users are generally more expensive)

In the Decatur, IL area, MAC is the most competitively priced company for a Plan F or a Plan G (as of 3/1/2021). They are almost the most competitively priced company for a Plan N as well.

What’s unique about MAC’s pricing is its competitive premiums for 65-year-olds, 70-year-olds, and 75-year-olds. Typically, a company might have the best rate for a 65-year-old, but their rates aren’t as attractive for older age groups.

MAC is leading the pack by offering the most competitive rates at all age ranges. If you’re currently in the market for a Medicare Supplement, be sure to ask about ManhattanLife Assurance Company of America!

Not only will you benefit from a competitive monthly premium, but you also have the assurance (pun intended!) that ManhattanLife is a globally known brand with 150 years of experience.

If you’d like to compare pricing for your Medigap plan, simply schedule an online appointment using our online scheduling system, or give us a call at 217-723-8000!

Conclusion

At Sams/Hockaday, we’ve been offering the best Medicare Supplement options in Illinois for decades. ManhattanLife is a tried-and-true option, not only for its financial stability and experience but for its recognized name in the senior insurance market.

MAC is a trustworthy name, and they have the most competitive premiums in Macon County.

To see what a MAC Medicare Supplement would cost you today, you can request an appointment with a local agent using the link below. We offer appointments over the phone or in our office.

You can also call our office directly at 217-423-8000. We can’t wait to meet you!