UPDATED: Nov 30, 2018
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IAC was founded as Institutional Agencies Corporation in the Pacific Islands, providing life and financial services to the residents of that area. The name change to Individual Assurance Company Life, Health, and Accident took place in conjunction with a move of the headquarters to the state of Missouriin 1973; the acronym remained the same with the name change.
While continuing to offer basic term life insurance, IAC also began operating in reinsurance and third-party administration. They added their second personal insurance product, Medicare Supplement, but the company remains relatively unknown in terms of brand recognition.
IAC’s headquarters is now located in Edmonds, Oklahoma and they offer their products through independent agents across the country. They also continue to serve the Pacific Islands and surrounding territories.
IAC Medicare Supplement Products
IAC offers plans A, B, C, D, F, G, and N. That is a pretty good selection and more options than we often see form much larger and better-known insurance companies. They appear to offer these plans across the country, but that is not made entirely clear on the website.
Plan A is the base-level plan, which covers all Medicare Part A & B coinsurance amounts as well as the first three pints of blood each year. Plan F is the highest level of coverage available; this plan pays all of the out of pocket costs not covered by Medicare, and also covers you for emergency medical during foreign travel. While there is a version of plan F that has a deductible in return for a lower premium, IAC does not offer this option.
The remaining plans on IAC’s chart offer a range of coverage in between A and F. There is a good enough selection that most people should be able to find the right balance of coverage and price.
Although they do write coverage in the few states that do not use the letter system for Supplement plans, they do not seem to offer any information on products in those areas.
Rate information is not offered for IAC’s Medicare Supplement plans. Quotes can be obtained by contacting a local agent or by calling a toll-free number.
It is not surprising given the limited nature of this company’s website that online quoting is not available, but we do often see rate charts for Medicare Supplement. Since rates vary from state to state and IAC covers a wide area, a quick quote system would be simpler, but this company offers neither option.
Claims information is not offered regarding Medicare Supplement on the IAC website. Medical claims are usually handled directly with providers, so a lack of claims information is pretty standard for this type of product.
Although there is a form download page, there are no Medicare claims forms to be found there.
Ratings and Consumer Reviews
IAC has an A+ rating with the Better Business Bureau (BBB). They are not accredited, but they do not have any complaints on file in the past three years.
We were unable to find any reviews of IAC anywhere online, including the usual places for insurance company complaints. When it comes to insurance companies a lack of reviews is usually a good sign, but it can make it difficult to develop a solid opinion of a company’s reputation, particularly one that lacks information overall.
The Bottom Line
While IAC has a pretty good list of available Medicare Supplement plans, information on this company is largely absent and even their own website offers little detail. Without a clear picture of this company, we cannot provide a recommendation. Most people will likely want to look to a company with more visibility for their Medicare Supplement needs.
For a list of companies that we recommend, visit our Best Insurance Companies page.