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10 Best Medicare Supplemental Insurance Companies

 

Have you turned 65 or is your birthday right around the corner? If so, you are starting to getting notices about Medicare and Medicare Supplement, and you probably have friends that are talking about it as well. There is so much detail and decisions around Medicare, it can be very confusing. You may wonder, if you have Medicare, do you even need a Supplement product? Medicare is great, but if you want to be fully covered without significant gaps, you need a supplement. 

Once you’ve decided you must buy a Medicare Supplement product, the next decisions are what type of Medicare Supplement plan to buy and what company you should choose. There are hundreds of companies operating in the United States selling supplements. Many of those companies have already filled your mailbox with information. Others blast their messages through TV advertising. 

How do choose the best carrier that will be easy to work with and pay your claims promptly? Which companies are best for pricing and benefits? In this article, we will give you the top ten best Medicare Supplement, and also give you tips on choosing the best company to protect your health decisions.

 

Tips for Choosing a Medicare Supplemental Company

The government mandates and structures the various Supplement Plans available. This is a huge benefit because plans between companies will be identical. Companies distinguish themselves through competitive pricing and by adding benefits. These factors may be attractive, but there are other critical items you need to consider before deciding on what to buy.

Financial Ratings

If companies are not financially stable, they may not pay your claims. They will be slow to act and cut costs with customer service. A struggling company will be difficult to work with. Financial rating companies examine insurance companies for stability. Pay attention to these companies and their rating scale and it will help you make good decisions. 

Moody’s, AM Best, and Comdex are the standards for insurance quality ratings. Moody’s top rating is Aaa. AM Best is A++. Comdex is a combined score of many rating agencies. They rate on a scale of 1-100. A great company will score between 85-100. 

Longevity

Health Insurance is a new product in the insurance world compared to life and property companies. Many health companies were established inside of life companies. Company longevity is a great indicator the company will be around when you need them.

Company Size

Size is an indicator of financial strength and stability. Be wary of very small companies or startup health companies. They may be a great company but it is a red flag, and you should ask more questions.

Customer Feedback

Most state departments of insurance store customer complaints on insurance companies. Double-check with your state to see if the company you are considering has a higher than average number of complaints. This could be a great indicator of whether they are difficult at claim time.

The other rating organization to consider is J.D. Power. You are probably familiar with their car ratings, but they also rate insurance companies as well. The company doesn’t necessarily have to get the best grade, but they need to be a the top. 

 

Top 10 Best Medicare Supplemental Insurance Companies

After examining hundreds of companies and running them through many of the same tests we mentioned above, we’ve compiled our Top 10. Not only have we delved into their financial, but we’ve also examined their products, seen their customer experience, and interacted with each.

  1. AARP United Healthcare
  2. Thrivent
  3. Mutual of Omaha
  4. Cigna
  5. GPM Life
  6. Aetna
  7. Transamerica
  8. Humana
  9. Americo
  10. Blue Cross Blue Shield (BCBS)

All 10 companies are solid and easy to recommend. But even among these 10, we’ve divided them into first tier and second tier recommendations. 

 

Top Tier Highly Recommended Medicare Supplemental Companies

 

AARP UnitedHealthcare 

UnitedHealthcare is is the largest healthcare organization in the world. As of 2018, they currently served over 115 Million Customers. Their size and financial sterngth gives them negotiating power in the healthcare industry. They continually innovate and offer benefits other Medicare Supplement providers do not.  

Recently, UnitedHealthcare restructured their underwriting creating stable and competitive rates for consumers. Customers receive an AARP members and all accompanying benefits by purchasing one of their Supplement plans. 

Each customer also receives free gym memberships. Because of their customer service features such as Docusign enrollments, friendly applications, and a 24/7 nurse line they have one of the highest persistency rates in the industry. AARP comes at #1 for out 10 best Medicare supplemental companies. For a more in-depth review, you can check out our complete review of AARP UnitedHealthcare.

Financial Ratings

S&P: AA-

AM Best: A

 

Thrivent Financial

Thrivent officially organized in 2002 as a merger of two Lutheran fraternal organizations. These two organizations have existed for the aid of their members since the early 20th century, and this mission mindset has continued in the new organization as well.

They currently employ over 3000 people and serve over 2.5 million members.

One unique feature of Thrivent is their non-profit status. Being a non-profit creates a customer-centric and charitable atmosphere that continues to improve the lives of their customers. Thrivent has the most stable and competitive rates in the industry. They also have the highest financial ratings as well. For a more in-depth review, you can check out our complete review of Thrivent Financial Medicare supplements.

Financial Ratings:

AM Best: A++

 

Mutual of Omaha

In 1909, a young med student along with his wife founded Mutual of Omaha to care for patients without financial resources. Today they are one of the strongest health and life companies in the Fortune 500.

Mutual of Omaha consistently receives the highest customer service ratings among their peers. 

Among customer benefits, they have the most flexible billing methods, largest household discounts, and most plan selections. Their online tools are innovative and contribute to their high customer satisfaction rankings. Mutual of Omaha is a strong #3 for out 10 best Medicare supplemental companies. For a more in-depth review, you can check out our complete review of Mutual of Omaha Medicare supplements.

Financial Ratings:

AM Best: A+

 

Cigna (also known as Loyal American & American Retirement)

Cigna may be the oldest among healthcare insurers. They can trace their roots back to the INA corporation in 1792. They are also a global company with over 95 million customers worldwide.

Choice is key with Cigna. They have 3 different subsidiares with multiple pricing options, underwriting guidelines, and plan diverstiy to choose from. No matter which Cigna offering you choose, a discounted gym membership is included. For a more in-depth review, you can check out our complete review of Cigna Medicare supplements.

Recently, they received an “Excellent” rating from Consumers Advocate.

Financial Ratings:

AM Best: A+

 

GPM Insurance

GPM Life Insurance was originally known as Government Personnel Mutual Insurance. This company began in 1934 and is a mutual insurance company. Mutual companies are owned by policyholders. 

GPM is a small company that is often overlooked but is incredibly financial stable and offers competitive, stable rates to customers. They tend to have the lowest premiums in the industry. To offset their size, they utilize Mutual of Omaha’s infrastructure for claims and customer service handling. For a more in-depth review, you can check out our complete review of GPM Medicare supplements.

Financial Rating:

AM Best: A-  

 

Tier Two Recommendations

Again these are great companies. They made it in our top 10 among hundreds of companies to choose from. Just because they are in our second-tier companies doesn’t mean you shouldn’t consider if they are a great fit for you.

Aetna 

Aetna began in 1819 and has a long-standing history in the healthcare industry. In 2008, Aetna was acquired by pharmacy giant, CVS. 

Aetna’s rates vary widely based on geography. In some parts of the country they are very stable and competitive but struggle in other areas. With an Aetna policy, you will have the benefit of a gym membership and program called Silver & Fit. For a more in-depth review, you can check out our complete review of Aetna Medicare supplements.

Financial Rating:

AM Best: A 

 

Transamerica

Transamerica has been providing insurance products since 1904. They are in the Fortune 500 of insurance companies as well. 

Transamerica consistently has the lowest rate among all our carriers. For a more in-depth review, you can check out our complete review of Transamerica Medicare supplements.

Financial Rating:

AM Best: A+

 

Humana

Humana is a healthcare company based in Louisville, KY. In 2014, they served over 13 million customers. In 2018, they were ranked 56 on the Fortune 500 list.  

Humana has a diverse product offering. With every policy, customers receive a gym membership along with the Silver Sneakers program.

Financial Rating:

AM Best: A- 

 

Americo

Americo is also known as Great Southern Life Insurance Company and its origins go back over 100 years. 

Their plans are limited but they have excellent rates for most of their customers.

Financial Rating:

AM Best: A

 

Blue Cross Blue Shied (BCBS)

This is one of the most well known Health Insurance brands. BCBS is actually a collection of numerous subsidiaries that operate regionally. Because of this, you might find some areas of the country where they are not competitive and others where they are very competitive. We can help determine if your geography warrants a quote with their products. Lastly, Blue Cross comes in at #10 for out 10 best Medicare supplemental companies. For a more in-depth review, you can check out our complete review of BCBS Medicare supplements.

Financial Rating:

AM Best: A+

 

Choosing an Agent

Choosing a company is important, but choosing the right agent is critical. You need an expert who has spent the time and resources to determine the best carriers and products available. You need someone who has access to a vast number of options, so he can help you find the best product for your needs and budget. 

Not all agents are equal. Just like insurance companies, here are questions to asken choosing an agent.

 

Does the agent represent a wide variety of companies?

Be concerned if an agent only represents one or two companies. They may not be able to find you the best company for your needs. Because they represent few companies, they may be more concerned about their needs and not yours.

 

Does the agent have certifications?

Insurance certifications and designations are important. They demonstrate that the agent is committed to being an expert in his industry. They have spent their own money learning more about the products they sell. Also, most designations have a binding code of conduct or ethics statement. Agents who carry those designations are committed to bringing the value to their customers. CFP (Certified Financial Planner) is a good designation to keep your eye out for.

 

Are they involved in an insurance association?

Similar to designations and certifications, an agent who belongs to an association is committed to his business for the long-term and not looking for short-term sales. 

 

Does the agent have positive testimonials and reviews?

Nothing indicates how beneficial an agent can be apart from what other customers are saying about them. The quality of reviews and testimonials an agent gets is a perfect window on how they will perform for you.

 

Conclusion

Each company in this review will provide excellent coverage and service. Because markets and products change, let us be your long-term partner in helping you find the best possible coverages for a healthy life.  Contact us today.

 

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