Founded in 1890, WoodmenLife started as a fraternal benefit society and has maintained a stable financial presence for over 130 years, with a history of fulfilling its commitments to policyholders.
Originating with a focus on life insurance, the organization nowprominently features Medicare Advantage plans among its offerings.
WoodmenLife earned its A+ (Superior) rating for financial strength and stability from A.M. Best, reaffirmed on February 1st, 2023.
What Is a Fraternal Benefit Society?
A fraternal benefit society is a not-for-profit membership organization offering a range of benefits, including life insurance and financial products.
These societies are membership-based, often with a social, religious, or cultural foundation, and are committed to community service and charitable work. They provide mutual support and benefits to members and are governed by elected boards or committees.
WoodmenLife Products and Solutions
Medicare Supplement Insurance (Medigap)
WoodmenLife provides a range of Medigap plans, including Plans A, G, and N.
Each of these standardized plans provides different levels of coverage.
Plan A covers essential benefits, while Plans G and N are designed to provide more comprehensive coverage.
Specifically, Plans G and N provide comprehensive coverage of all medical expenses approved under Medicare Parts A and B but not paid. These include all deductibles and copays for hospitalization, physicians’ fees, lab fees, durable medical equipment.
Aside from your premiums, your only out-of-pocket expenses under Medicare Parts A and B will be your annual Medicare Part B deductible, which is $240 as of 2024.
Plan G also covers any excess charges your doctor may charge over and above the Medicare Approved amount.
Visit this pageto learn more about Plan G.
Plan N provides nearly identical benefits as Plan G, except that it does not cover Medicare excess charges. Plan N may be a good match if you live in one of the states that does not allow doctors to charge Medicare patients more than the Medicare-approved amount. As of 2024, these states are Connecticut, Massachusetts, Minnesota, New York, Ohio, Pennsylvania, Rhode Island, and Vermont. If you’re in one of these states, Plan N may provide a slightly better value, thanks to lower premiums.
WoodmenLife High-Deductible Plan G
Depending on your state, WoodmenLife offers an excellent high-deductible Plan G option.
The High-Deductible Plan G provides similar benefits to Plan G, except with a deductible of $2,800 per year, instead of $240. That is, before the High Deductible Plan G begins paying benefits, you must pick up the first $2,800 per year in Medicare Part A and B deductibles, co-insurance, and copayments.
However, your monthly premiums with the High Deductible Plan G policy will be much, much lower compared to the standard Plan G or Plan N policy.
And you still get the same freedom to choose your own providers anywhere in the country with the High Deductible Plan G that you do with all other Medigap plans.
The High Deductible Plan G may be a good match if you have some savings, you can afford to pay $2,800 in the event of a medical emergency, you are in generally good health, and you don’t expect to need much care.
It may not work as well if you would have trouble absorbing medical costs of more than $240 up to $2,800 per year, or you would be likely to skip or delay needed care because of costs.
Note: Medigap plans do not cover prescription drugs.
If you want prescription drug coverage, you should additionally purchase a stand-alone Medicare Part D policy.
WoodmenLife Medicare Advantage Plans
WoodmenLife also offers Medicare Advantage plans in a range of states, including Alabama, Arkansas, Colorado, Florida, Georgia, Iowa, Illinois, Kentucky, Louisiana, Missouri, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, and West Virginia.
Each state may have different coverage options and network restrictions.
Medicare Advantage plans often feature very low or zero up-front premiums. However, they also frequently have higher out-of-pocket costs in the event you need care.
Additionally, Medicare Advantage plans have networks of contracted care providers. You may not be able to fully use your benefits for non-emergency care outside of the network.
Before enrolling in a Medicare Advantage plan, you should check to see if your preferred doctors, clinics, or hospitals are in their network.
If you want to maximize your freedom to choose your own doctors and other providers, you should consider a Medigap plan, rather than Medicare Advantage.
However, Medicare Advantage plans can work well if you’re in fairly good health, or you want a low or zero-premium plan to minimize monthly expenses in years in which you don’t need care.
For expert, personalized help in selecting the best possible plan for your specific circumstances, click here and make a free appointment for a consultation with a MediGap Advisors Personal Benefits Manager.
WoodmenLife Extra Offerings and Value-Adds:
Under the Family Legacy program, WoodmanLife provides up to $1,000 per month for the care of orphan children of deceased members.
This benefit lasts until the child turns 19, or if the child is enrolled in an institution of higher learning, until age 22.
“Life’s Perks” Member Discount Program
WoodmenLife members are entitled to participate in the Life’s Perks™ program, which offers discounts on a wide array of goods, services, and activities—enhancing the value of membership.
Life’s Perks also includes discounts at local businesses, as well as over 30,000 vendors worldwide.
These savings apply to everything from cell phones, restaurants and wholesale club memberships to major purchases like furniture, automobiles, and even homes.
Signing up with WoodmenLife
With its expansion into Medicare Advantage and its presence in multiple states, WoodmenLife has become a popular option for MediGap Advisors’ clients.
Let us help you design a policy that works best for you with a more personalized and detailed free analysis, just click here to make an appointment with a Personal Benefits Manager.
Note, we do not offer every plan available in every area – only those plans that we feel offer the best value. Any information we provide is limited to those plans we do offer in your area. You can contact the government at Medicare.gov or 1-800-MEDICARE to get information on all of your options.