Ace Property and Casualty Insurance Company, commonly known as Chubb, is a leading provider of supplemental health insurance products for seniors in the United States. With over 30 years of experience in the Medicare supplement insurance industry, Chubb offers highly-rated Medicare supplement plans as well as other health insurance options for retirees.
An Overview of Chubb
- Founded in 1985 as ACE USA, the company was acquired by Chubb in 2016 and is now a subsidiary of Chubb Limited.
- Chubb is headquartered in Whitehouse Station, New Jersey and has offices throughout the United States.
- It is currently licensed to sell insurance products in all 50 states and DC.
- Chubb employs over 31,000 people worldwide.
- In 2021, the company reported $93.7 billion in assets, $42 billion in net premiums written, and $4.8 billion in net income.
Chubb’s Medicare Supplement Insurance Products
Chubb offers Medicare supplement insurance plans (also known as Medigap plans) to help pay healthcare costs not covered by Medicare Parts A and B. Key features include:
- Plan F, G, and N – Chubb offers Medicare Supplement Plans F, G, and N in most states. These are among the most comprehensive standardized Medigap plans available.
- Nationwide coverage – Chubb Medicare supplement plans provide coverage nationwide. This means you’re covered whenever you travel within the United States.
- Guaranteed renewable – Chubb guarantees that your Medicare supplement plan will be renewable every year as long as you continue to pay the premiums.
- No network restrictions – You can visit any healthcare provider that accepts Medicare. There are no network restrictions.
- 30-day free look period – If you decide you don’t want the coverage within the first 30 days, you can get a full refund of any premium paid.
Chubb also offers Medicare Select plans in some states. These plans require you to use hospitals and providers within a network in order to receive full benefits. The network is typically limited to a specific geographic area.
All of Chubb’s Medicare supplement plans offer coverage for Medicare coinsurance, copayments, deductibles, excess charges, blood transfusions, and foreign travel emergencies. The plans differ in their coverage for the Medicare Part B deductible, skilled nursing facility care coinsurance, and foreign travel emergency care.
Reasons to Consider Chubb for Medicare Supplement Insurance
There are many reasons why Chubb is a leading choice for Medicare supplement insurance:
- High financial strength ratings – Chubb has received extremely high ratings from A.M. Best (A++), Moody’s (Aa2), and Standard & Poor’s (AA) which reflects its financial stability and ability to pay out future claims.
- Good customer service – Many customers praise Chubb’s customer service department for being responsive, knowledgeable, and efficient.
- Quick claims processing – Chubb processes Medicare supplement claims quickly, often within 10 business days or less.
- Household discount – If you live with a spouse or partner, you can qualify for Chubb’s household discount which gives you and your household member a 7% discount on Medicare supplement premiums.
- Experience – With over three decades of experience in this market, Chubb has a long track record of providing Medicare supplemental coverage.
- Competitive pricing – Chubb’s Medicare supplement premiums are competitively priced relative to other top insurers.
- Policyholder benefits – Chubb provides value-added benefits on Medicare supplement plans such as fitness membership reimbursement and vision & hearing care discounts.
- No pre-existing condition exclusions – Chubb does not impose pre-existing condition waiting periods or exclusions on its Medigap plans.
Chubb’s Other Supplemental Health Insurance Products
In addition to Medicare supplement insurance, Chubb offers other supplemental health insurance products targeted to retirees and seniors:
- Hospital indemnity insurance – These plans provide cash benefits for hospital stays to help cover out-of-pocket costs.
- Specified disease insurance – This insurance pays benefits for treatment related to major critical illnesses and diseases.
- Accident expense insurance – Chubb offers accident-only plans that provide lump-sum cash benefits in the event of covered injuries.
- Chronic care insurance – This coverage is designed to pay daily benefits for nursing home, assisted living, or in-home care required due to chronic illness or disability.
These supplemental policies can be purchased on an individual basis and are often used to fill gaps left by Medicare and Medicare Advantage plans. The benefits are paid directly to the policyholder.
Is a Chubb Medicare Supplement Plan Right for You?
Chubb Medicare supplement insurance offers robust coverage options for many retirees, but is it the right choice for you? Here are some key considerations:
- Medigap Open Enrollment – If you are in your Medigap Open Enrollment period (first 6 months after enrolling in Medicare Part B), you are guaranteed issue coverage from any insurer. Take time to shop and compare plans.
- Coverage needs – Consider your expected healthcare costs in retirement and whether a Medigap is necessary for your situation. Medigap plans make sense for those who frequent doctors often.
- Prescription drugs – Medigap plans do not cover Rx medications. You will need a separate Part D drug plan if you want prescription coverage.
- Budget – Compare premiums from insurers for the plans you are considering. Make sure you can fit the Medigap premium into your retirement budget.
- Health history – Unlike other health insurance, Medicare supplement plans do not medically underwrite. Your health/medications do not affect eligibility or premiums.
- Travel habits – If you plan to travel extensively in retirement, a Medigap can be beneficial for national, worry-free coverage.
Working with an independent insurance broker can help you weigh these variables and determine if a Chubb Medicare supplement plan meets your coverage requirements and budget.
How to Enroll in a Chubb Medicare Supplement Insurance Plan
If you decide that a Chubb Medicare supplement plan is the right choice, here are the steps to enroll:
Compare plans – Use the Medicare Plan Finder Tool at Medicare.gov to compare Chubb Medigap options and premiums for your ZIP code. Consider Plans F, G, or N.
Apply – Request quotes and apply for coverage directly through Chubb’s website or work with an independent insurance broker. Provide details about your Medicare coverage.
Complete underwriting – Chubb will process your application and run prescription history checks to finalize your policy terms. This usually only takes 3-5 business days.
Make payment – Once approved, you’ll need to make your first monthly premium payment for your policy to take effect. Chubb accepts payments online, phone, check, or electronic funds transfer.
Send proof – Provide a copy of your Medicare ID card as proof of enrollment in Medicare Part A and Part B.
Get policy docs – Chubb will mail your welcome packet and ID card. Review your policy documentation carefully.
File claims – To file a claim, simply submit your Medicare Summary Notice showing what Medicare paid. Chubb will process under your Medigap benefits.
That’s it! Consult Chubb’s helpful enrollment checklist for more details on each step in the process.
Is Chubb the Right Medicare Supplement Insurer for You?
Choosing the right Medicare supplement insurance company comes down to pricing, customer service, coverage options, and financial stability. Based on these factors, Chubb is clearly a leading choice to consider when shopping for Medigap coverage. Their long track record of success, competitive premiums, and stellar financial ratings make them a trusted option for Medicare beneficiaries seeking robust supplemental coverage.
Before enrolling in any Medigap plan, be sure to do your homework and compare all options side-by-side. Working with an independent broker can provide guidance to ensure you select coverage that truly fits your healthcare needs and budget in retirement. If Chubb looks like a good fit, request a free quote and apply today!
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