Accendo/CVS Health Medicare Supplement Review
There’s a new Medicare Supplement carrier in town, and it goes by the name of Accendo Insurance Company. It first came onto the market in March 2020, and it’s part of the CVS Health family of companies. Accendo is an Aetna affiliate, a name we all know and trust.
We’re very excited about Accendo's release, and we have a lot of fun information to share with you, including Accendo’s top-notch 14% household discount.
Without further ado, here’s an Accendo/CVS Health 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 Accendo 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 Accendo 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 cost of the plan and the underwriting (or health questions). Keep that in mind as we dive into this full Accendo Medicare Supplement review.
What is Accendo/CVS Health?
Accendo Insurance Company (ACC) is part of the CVS Health family and an affiliate of Aetna.
While Accendo is a new name to the Medicare Supplement market, CVS Health and Aetna aren’t. They are names we have grown to trust, with both companies boasting an A (Excellent) rating from AM Best.
CVS Health operates on a single purpose of helping people on their path to better health, and Aetna’s slogan is, “We want you to know.”
Founded upon the same principles of CVS Health and Aetna, Accendo has the support and backbone to rise to the challenge of its founders.
As of March 13, 2020, Accendo is offering a new Medicare Supplement that’s available in 15 states, including Illinois. Accendo also boasts a record-breaking 14% household discount as well as a fast application process that gives you an instant yes or no – no waiting several days to find out if you were approved!
How Is Accendo Rated?
Because Accendo Insurance Company is so new to the market, we don’t see any ratings or reviews from popular sources like Standard & Poor’s, Moody’s, or Fitch.
However, an Accendo representative tells us that since Accendo falls under Aetna/CVS Health as an additional entity, the information about Aetna also applies to Accendo.
In that case, Accendo falls under Aetna Senior Supplemental Insurance, which is rated “A” (Excellent) by A.M. Best Company (as of August 22, 2018).
In the senior market, we focus the most on the A.M. Best rating, so it’s great to know that Accendo has such a high grade.
While all public insurance companies are reinsured, it can still be nice to know that Accendo is financially secure, and they have the “A” rating to back it up.
Medicare Supplement Plan Types Offered by Accendo
Accendo currently 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 will no longer be available for new Medicare enrollees on or after January 1, 2020. However, if you’re already on Medicare when 2020 comes around, you can still purchase a Plan F.
How Does an Accendo Medicare Supplement Work?
Since the government regulates all Medicare Supplements, an Accendo 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, which is also referred to as Original Medicare. 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, which can be paid monthly, quarterly, semi-annually, or annually.
Even though Accendo offers four different Medicare Supplement plans, we only recommend Plans F, G, and N due to the coverage they provide for the price.
Accendo Plan F
Remember that the benefits of a Plan F from Accendo are the same as a Plan F from any other company.
Many individuals aging into Medicare love a 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 Accendo 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, 2020, you won’t be able to purchase a Plan F.
Accendo Plan G
A Plan G from Accendo will pay for everything a Plan F pays for except the Part B deductible at the doctor (Medicare Part B is your medical insurance).
The Part B deductible isn’t much – it’s $198 in 2020.
If you do the math, you know that a Plan G offers $198 less in coverage than a Plan F. However, a Plan F almost always costs over $198 more than a Plan G.
Insurance companies – including Accendo – 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, the majority of our clients here at Sams/Hockaday who have a Medicare Supplement choose a Plan G. It offers excellent value for the superb coverage you get.
Accendo Plan N
An Accendo 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 the hospital admits you, the plan waives the copay
- If you see a doctor who does not accept Medicare (pretty rare), the doctor may charge you an excess of up to 15% more than the Medicare-approved amount
Plan N has a lower premium than a Plan G. If you don't mind the occasional copay and the possibility of excess charges, you can save a bit of money. Excess charges are extremely rare, 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, but it does seem to be gaining popularity versus years past.
Accendo Medicare Supplement Prices in Decatur, IL
Just like all Medicare Supplement companies, the premium of an Accendo 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 less expensive 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, Accendo is a very competitive carrier.
In nearly all the quoting scenarios we ran, Accendo was the most competitive Medicare Supplement price in Macon County, Illinois. That includes plans F, G, and N at various ages.
However, there's a small catch – you have to qualify for their household discount.
Accendo’s 14% Household Discount
Accendo has a 14% household discount, which is the highest discount in the industry today. If you qualify for it, you can get the best Medicare Supplement price in several scenarios. However, if you don’t qualify, there are other companies with better pricing.
To qualify for the Accendo household discount, you must live with an individual that:
- Has a policy with Accendo, or
- One of you has a policy with Accendo, and the other has a policy with Aetna.
You may be better off taking a look at other carriers if:
- You live alone
- Your spouse isn’t Medicare eligible
- Your spouse is with a different Medicare Supplement company, and their health can’t qualify them to switch to Accendo or Aetna
NOTE: Due to COVID-19, we have temporarily closed our office, but you may still book appointments via phone or video conference.
What We Think of Accendo Medicare Supplements
At Sams/Hockaday, we’ve been offering the best Medicare Supplement options in Illinois for decades. Accendo is an exciting new option, not only for its incredible household discount but for its affiliation with CVS Health and Aetna.
To see what an Accendo Medicare Supplement would cost you today, you can request an appointment using the link below. You can also call our office at 217-423-8000. We can’t wait to serve you!
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