Thrivent Financial Medicare Insurance Review & Complaints: Health Insurance (2024)

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What is Thrivent Financial Medicare Insurance? It is a Midwest-based financial service provider company that also offers a range of insurance products including life insurance and supplemental health coverage. They operate across the country through faith-based chapters and are ranked on the Fortune 500. Looking for reviews?  Simply read on.

Before you decide to buy, check out your options. Compare insurance in your local area by entering your ZIP code in the free comparison tool above.

What is Thrivent Financial Medicare?

The insurer offers only Medicare supplement insurance, and not Advantage or Part D. There is no list of plan options, so we can’t say whether supplement Plan G or any other plan is available.

Its Medicare supplement eligibility requirements include the regular Medicare requirements as well as the company’s membership rules.

Are the Medicare rates competitive?

Does the company sell health insurance? Rates are not listed for Thrivent Financial Medicare Supplement insurance on the website, nor is there any online quoting option. This is not surprising given the lack of detailed information about the plans themselves. Again, visitors to the site are directed to call the toll-free number and be put in contact with a representative in order to get rates. So, you will have to speak with a licensed insurance agent to find out what your premium payment could be, along with other details of coverage options that are available.

Is Thrivent a public company? Yes, it is. While it is not unusual for this type of membership-based company not to have online quoting, it is a large company and it would be nice to see some pricing information on its website. It is likely that they prefer to have potential new customers get quotes directly from a representative to verify membership requirements and details.

If you need to make payments, you’ll need to use Thrivent Financial’s EFT provider known as Claim MD. Thrivent Financial’s Medicare Supplement Payer ID is THRIV. It appears that online payments are the standard way that an insured person can pay their premium with this company.

What are the general Medicare rates?

Although Medicare quotes aren’t available online, we can look at general Medicare rates explained by the U.S. Centers for Medicare and Medicaid Services. Here’s a list of rates for Medicare Part A.

Medicare Part A Taxes and Rates Summary

Most people with Medicare don’t pay monthly rates for Part A, which is also called “premium-free Part A.” If you buy Part A, you’ll pay up to $458 per month as of 2020. If you paid Medicare taxes for less than 30 quarters (seven years, six months), the standard Part A rate is $458. If you paid Medicare taxes for 30-39 quarters, the standard Part A premium is $252.

Let’s look at another factor of Medicare Part A you might want to know about.

Medicare Part A Hospital Inpatient Deductible and Coinsurance Rates

*After day 90 for each benefit period (up to 60 days over your lifetime)

Medicare Part A is essentially hospital insurance and will cover costs based on the deductible of coinsurance for each benefit period.

Now, let’s look at Medicare Part B deductibles and rates.

Medicare Part B Estimated Monthly Premiums, Deductibles, and Coinsurance Rates

**Pay 20 percent of Medicare after the deductible is met

According to the U.S. Centers for Medicare & Medicaid Services, after your deductible is met, you pay 20 percent of the Medicare-approved amount for most medical care and doctor services including inpatient hospital services, outpatient therapy, and durable medical equipment (DME) services.

Read more: What is the Medicare tax rate?

Compare insurance rates in your area by entering your ZIP code in the free comparison tool below.

What are formulary health discounts?

When you choose a Part D plan, make sure your prescription drugs are covered. Some drugs are covered by every plan. Each plan develops its own list of covered drugs, called a formulary, which must include more than one drug in each classification.

A formulary is a list of certain kinds of prescription drugs that a Medicare drug plan will cover, subject to limits and conditions.

Members may be able to use their current health insurance policy by using Thrivent’s Health Discounts benefit for services their health insurance won’t cover such as a prescription that’s not on their health plan’s approved formulary drug list or dental procedures that are not covered by Medicare.

What programs does the company offer?

One of the company’s most notable programs is the Thrivent Financial Representative Development Program.

This program targets new rising graduates and young professionals who are looking to enter the business, finance, and sales industries. The company is also a supporter of the American Armed Forces and has made sizable contributions to all branches of the U.S. military.

How do I cancel my Medicare insurance policy?

Maybe you found a cheaper insurance policy, or maybe you’re not going to be driving for a while. Whatever the case may be, you want to cancel your insurance policy. This section will go over the proper methods you can use to do so.

What happens if you cancel insurance?

When you cancel your insurance policy, you’re saying that you want out of the insurance services from your current insurance company. Canceling your insurance policy may come with a fee. Some fees are as low as $25, but some insurance companies issue fees that are a portion of the policy.

Do I get a refund if I cancel my insurance?

That depends on how much you paid at the beginning of the policy. If you purchased a term life insurance policy, for example, with a return of premium, you can get a refund for the premiums you paid. As the name suggests, your insurance provider will return your premiums to you when the term life insurance is up.

Usually, you’ll receive the sum of the rates you’ve paid each month tax-free. However, the fees or costs of any additional people that were added to the policy may not be refunded.

How do you cancel an insurance policy?

Call, email, or send a certified letter to your insurance company letting them know you want to cancel your insurance policy. There are several steps you may have to take before you cancel entirely.

Can you cancel an insurance policy at any time?

It’s not ideal, but yes. You can cancel your insurance policy at any time, but it’s best to give your insurance company a 15- to 30-day notice, if possible.

Setting a specific date for cancellation will give you time to shop around and find a new insurance policy, as you do not want a lapse in coverage. If you’re looking for insurance, enter your ZIP code in the free comparison tool below to find rates for coverage in your area.

What type of insurance products are offered?

The company sells only Medicare Supplement and does not offer Part D or Medicare Advantage plans. Thrivent Medicare supplement is often confused with Trident Medicare supplement.

Trident Medicare Supplement comes from a company called Trident Family and Health and has no affiliation with Thrivent Financial.

There is mainly general information about Medicare Supplement insurance on the Thrivent website, and no specifics regarding which plans the Medicare company offers or how these rank against the best Medicare companies. Visitors to the site are directed to call a toll-free number in order to be connected with a local representative.

Since Medicare Supplement plans are standardized, the coverage offered is the same across companies. All states with the exception of Massachusetts, Wisconsin, and Minnesota use a set of letter-coded standard plans; these three have their own standard plan system.

The question, therefore, would be not what is covered by Thrivent’s plans, but which plans they actually offer. Unfortunately, the website does not say.

All companies offering Medicare Supplement in letter-coded states are required to offer at least Plan A, and must additionally offer either Plan C or Plan F.

Plan A is the basic supplement plan, while F is the most comprehensive. The best insurance companies offer at least a few options in addition to these requirements.

Does the company have a Supplement Plan G?

Here’s a look at what Thrivent Financial offers under Thrivent Financial’s Medicare Supplement Plan G and other plans.

Medicare Supplement Insurance Plans Offered by Thrivent

Thrivent financial medicare supplement Plan G supports Medicare Part A, some of Medicare Part B, and coverage for any incidents occurring out of the country.

What’s the history of Thrivent Financial?

The company traces its roots back to a pair of Lutheran organizations. The first is the Aid Association for Lutherans, created in Appleton, Wisconsin in 1902. The second is the Lutheran Brotherhood, a fraternal society that started in Minnesota in 1918 as the Luther Union. The two provided assistance only to Lutherans and eventually merged to form Thrivent Financial for Lutherans in 2002.

It expanded its membership requirements to include Christians of all denominations in 2013, and they dropped the Lutheran part of the company name. The Thrivent Financial headquarters is located in Minneapolis, and they have a secondary headquarters located in Appleton.

Thrivent is known for its philanthropic efforts, including work with Habitat for Humanity and disaster relief around the world. They ranked at number 343 on the Fortune 500 in 2018.

The products are only open to members of the organization. In order to become a member, the applicant must be a Christian, married to a Christian, or be a child being raised in the Christian faith. Membership is available at two levels: Benefit and Associate.

Non-Christians are not accepted for membership and thus not eligible for products.

An Associate Member pays a monthly fee for membership and no purchase of a product is required. The purchase of a Thrivent product or joining the credit union are other methods of gaining Benefit membership without the fee requirement.

The company operates on a chapter-based system, with local chapters available across the country. Financial representatives, many of whom are part of local church communities, sell their products locally. Among those products are financial services, life insurance, and Medicare Supplement insurance.

Read more: Thrivent Financial Insurance Review & Complaints: Life & Supplemental Insurance

Enhancing Insurance Experience: Thrivent Financial Medicare Claims Process Unveiled

Ease of Filing a Claim

Thrivent Financial Medicare Insurance offers a streamlined claims process, allowing policyholders to file claims conveniently through various channels. Whether it’s through their user-friendly online platform, over the phone, or via dedicated mobile apps, filing a claim is hassle-free and accessible.

Average Claim Processing Time

Thrivent Financial Medicare Insurance prioritizes efficiency in claim processing, aiming to provide quick resolutions to policyholders. The average claim processing time is designed to be efficient, ensuring policyholders receive their benefits in a timely manner.

Customer Feedback on Claim Resolutions and Payouts

Customer feedback is a valuable aspect of Thrivent Financial Medicare Insurance’s claim process. The company places importance on listening to their customers’ experiences, resolutions, and payouts, using this feedback to continuously improve their claims handling and customer satisfaction.

Empowering Coverage: Exploring Thrivent Financial Medicare’s Digital and Technological Advancements

Mobile App Features and Functionality

Thrivent Financial Medicare Insurance offers a feature-rich mobile app, granting policyholders access to a range of functionalities. The app provides a user-friendly interface, enabling users to view policy details, submit claims, check claim statuses, and access essential insurance-related information while on the move.

Online Account Management Capabilities

Thrivent Financial’s online platform empowers policyholders with robust account management capabilities. Through a secure online portal, policyholders can easily access and manage their policy information, make payments, update personal details, and review policy documents, enhancing their control over their insurance coverage.

Digital Tools and Resources

Thrivent Financial equips policyholders with a suite of digital tools and resources. These include educational materials, FAQs, and interactive calculators, providing valuable insights and aiding in navigating the insurance landscape.

The availability of these digital resources enhances the overall customer experience, enabling individuals to make well-informed decisions regarding their Medicare insurance.

Are the ratings & consumer reviews positive?

Thrivent has an A+ rating with the Better Business Bureau (BBB), and there are a total of 10 customer complaints on file for the past three years. The organization has been BBB accredited since 1999. Here’s a compilation of ratings for Thrivent Financial Medicare:

Thrivent Financial Medicare Ratings by Agency

The NAIC Complaint Index shows the ratio of complaints compared to average. The 0.06 means it had considerably fewer complaints than the average insurance company.

There are 12 reviews of the company on Yelp, with an overall one-star rating. The complaints cite poor customer service, unscrupulous marketing practices, and failure to pay claims.

While the complaints here are quite detailed, the volume of them is low for a large company like Thrivent. Still, it’s worth noting that the reviewers felt the company was not living up to its faith-based promise.

Overall, there are really very few reviews of the company out there, but from what we can see, it appears that it has a pretty solid reputation.

What’s the bottom line?

Thrivent Medicare Supplement is often confused with Trident Medicare Supplement. These are two different companies with different policies and practices.

The insurer is a good choice for anyone interested in a Christian faith-based membership society. While we were unable to obtain details on their Medicare products or prices, the company is solid financially and does not have many customer complaints online. Those in search of a secular company without membership requirements should look elsewhere for Medicare coverage.

Even if you have found affordable Medicare coverage, you should compare your options. Once you enter your ZIP code in the free comparison tool, click “Get Quotes” to get started.