10 Best Medicare Supplemental Insurance Companies

Once you’ve decided to purchase a Medicare supplement plan, the following 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 supplement plans. Many of those companies have already filled your mailbox with information about their Medicare Advantage plans. At this point, you are probably just trying to find an independent, unbiased source of information. Let’s get something clear right out of the gate, Medicare supplement plans are not Medicare Advantage plans. How do you choose the top Medicare supplement carrier that will be easy to work with and pay your claims promptly? Which companies are best for pricing, and have automatic claims filing, where the secondary insurance company automatically pays the claim after Medicare approves first as your primary insurance? In this article, we will give you the top ten best Medicare Supplements and tips on choosing the best companies to consider. How do you choose the top Medicare supplement carrier that will be easy to work with and pay your claims promptly? Which companies are best for pricing, and have automatic claims filing, where the secondary insurance company automatically pays the claim after Medicare approves first as your primary insurance? In this article, we will give you the top ten best Medicare Supplements and tips on choosing the best companies to consider.

Medicare Supplement Plan Simplified

By typically covering the 20% of costs that Medicare does not cover, Medicare Supplement insurance, often known as Medigap, supplements your standard Medicare coverage.

There are ten federally standardized Medigap policies, but most Medicare recipients only pay attention to three of them. The other ones provide less coverage and do not receive a healthy enrollment. That is important when speaking of insurance plans; the more Medicare recipients on a plan, the more stable the rate in the future. Insurance works off of the law of large numbers. The larger the group, the more it washes out of adverse risks. Adverse risks are expensive for the plan because they submit claims to the insurance carrier.

 

Medicare Supplement Programs are straightforward in certain ways:

  • In contrast to Medicare Advantage plans, Medigap plans don’t choose which benefits to offer they are federally standardized to offer the same benefits.
  • You can visit any medical facility or doctor who accepts Medicare, and even if your provider only accepts cash, you can file for reimbursement with Medicare and the supplement plan.
  • Reimbursement is not allowed with a Medicare Advantage plan because Medicare would no longer be your primary insurance.
  • The deductibles, coinsurance, and copays associated with your medical expenses that Medicare does not cover are covered by Medicare supplement plans. There are no questions as long as they are Medicare-approved expenses. For example, if Medicare pays its 80%, your supplement plan will cover the remaining 20%.

Although all Medicare Supplement policies provide the same fundamental benefits, prices vary greatly, and some businesses provide extra perks that may entice you to choose their plans.

The procedures for enrolling in and changing insurance coverage are intricate.

Because you have the perfect chance to acquire the best supplement policy when you originally signed up, pick a Medicare Supplement plan with your future in mind, your current state of health is irrelevant at that point.

 

Get Free Quotes​

Compare Medicare Supplement plans by premium, rating and rate increase history.

 

Prior Consideration for Comparing Supplement Insurance Plans

The Medicare Supplements are federally standardized, as we have discussed.

For example, a Plan G offered by one company offers the same coverage as a Plan G offered by a different company. The history of rate increases and financial ratings, however, will differ.

Ask your agent or whoever is assisting you in finding a supplement plan to look for positive reviews and stable rates. This research will help determine which Medicare supplement insurance is best for YOU. Prices and rate increase history vary depending on where you live. We are licensed in 48 states and appointed with most insurance carriers, so we have many options to find you the right plan. Local agents tend to offer fewer plans and, most times, are not independent, so they can only represent one carrier. You get the most objective advice from an independent broker.

 

Most Popular Standardized Medicare Supplement Plans

Also, you should be aware that while there are ten different plans out there, the three most popular are Plans F, G, and N. That’s because they offer some of the most comprehensive coverage. Most people who buy Medicare Supplements do so because they want to have little or nothing out-of-pocket when they use healthcare services. So, it’s not all that surprising the three best-sellers are the three most comprehensive plans.

You’ll find then that Plan F usually has the highest premiums, followed by Plan G and then Plan N. While there are seven other Medicare Supplement plans for sale, they seldom get requested because they cover less. Hence, beneficiaries just have less interest in them.

 

 

 

Tips for Choosing the Best Medicare Supplement

The government mandates and structures the various Supplement Plans to be federally standardized. Plan F, N & G coverage is the same no matter what insurance carrier you choose. However, insurance carriers distinguish themselves through competitive pricing and by adding benefits. A free gym membership or vision discounts may be attractive, but there are other critical items you need to consider before deciding on what Medicare insurance to purchase.

Monthly Premium Cost

Since there are ten different forms of Medicare supplement insurance, all insurers are required to provide the same basic coverage. Make sure you are comfortable with the value and that you can afford the monthly costs. Determine the overall out-of-pocket expenses. Include a breakdown of Part D drug coverage, which is not covered by Medicare supplement plans, as well as your monthly premium.

 

Extra Incentive Plans

Look at the third-party discounts the Medicare supplement plan may offer you. Such as a discount on dental, hearing, or vision. They might also provide free or inexpensive gym memberships. However, these discounts are not insurance. The insurance itself is federally standardized to offer the same coverage. For example, heart surgery covers the same for any Plan G, but one plan might give you $100 off dental once a year. The discount for dental is not insurance.

 

Financial Ratings

If companies are not financially stable, they will be slow to act and cut costs with customer service. 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. An excellent 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 customers’ complaints about insurance companies. Double-check with your state to see if the company you consider has a higher-than-average number of complaints. This could be a great indicator of whether they are difficult at claim time. Good customer service is what sets Medicare supplement plans apart. Asking friends and neighbors who subscribe is a way to rate customer service in your area.

 

Other Issues to Consider Before Choosing the Top Medicare Supplement Supplier

Plan F was the most popular plan, but it is not anymore. Plan G covers everything Plan F outside of the Part B deductible. Medicare recipients find that they save more in premiums that paying for the Part B deductible on Plan F makes no sense. The Medicare supplement plans offer foreign travel for emergencies. The deductible is $250, and they pay 80% within a few months abroad. The lifetime reserve for foreign travel is $50,000.

 

 

Get Free Quotes​

Compare Medicare Supplement plans by premium, rating and rate increase history.

 

Top 10 Best Medicare Supplement Companies

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

  1. Aetna
  2. Cigna
  3. Accendo
  4. Humana
  5. Mutual of Omaha
  6. Allstate
  7. Aflac
  8. Prosperity
  9. American Home Life
  10. Manhattan Life
 

The best Medicare supplement insurance companies are solid and easy to recommend. But even among these insurance carriers, we’ve divided them into first-tier and second-tier recommendations.

 

 

Top Tier Highly Recommended MedSupp Companies:

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 has made a concerted effort to be competitively priced across the nation, especially in the last couple of years. They go by Continental Life in many states. They are at the top of our list because of their price stability for all supplement insurance plans and customer service.

 

Cigna

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.

Cigna offers Medicare supplement policies at very competitive prices but really picks and chooses its battles on where it can compete. They are offering up to 20% discounts. They tend to have excellent Plan N prices.

 

Accendo

Accendo is a CVS company and an Aetna affiliate. Accendo is a new carrier to the marketplace, so we don’t have too many historical rates to make certain judgments. However, they do offer up to a 14% household discount in some states, which is a higher-than-average household discount given by most companies. Also, they use Aetna’s claims support and customer service, so they have come out of the gate very strong, and their pool of people is younger and healthier, promoting lower rates.

[TIP] Knowing this is a good tip when shopping for the perfect supplement plan for you. Don’t only look at individual pricing, but consider yourself and your spouse as a package. You might find overall pricing much more competitive than if you both chose different company plans. A good broker can run those numbers for you to find the most affordable coverages with the most significant benefits.

 

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. They offer up to 12% household discounts in certain states. There are some states where customers receive a gym membership along with the Silver Sneakers program. However, make sure that the program is available in your state by speaking with one of our agents! They do not offer Silver Sneakers with “Humana Achieve.”

 

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 that offers Medicare part exclusive for your every ailment.

Mutual of Omaha consistently receive the highest customer service ratings among its peers. Their sister company is GPM, and you can find a good deal here occasionally as well. Here is an article on GPM: https://medicarenationwide.com/gpm-medicare-supplement-company-review/

There are many companies with much higher rate increases than Mutual of Omaha. Among customer benefits, they have the most flexible billing methods, significant household discounts, and plan selections. Their online tools are innovative and contribute to their high customer satisfaction rankings. They have had higher rate increases, though, in recent years in many states. However, that is a comparison to those on this list. If you care more about quality than price, this is the carrier for you. Medical providers attest they are very fast to pay claims as they are top among the Medicare supplement carriers for automatic claims filing. All top-tier carriers are fast to pay claims automatically.

 

 

Tier Two Recommendations for Medicare Supplement Insurance Companies

Again, these are great companies. Just because they are in our second-tier companies doesn’t mean you shouldn’t consider if the quote is right!

Allstate

Allstate is one of the nation’s top insurance companies considering its size, scope, coverage options, and general financial soundness. They have leveraged the best of innovation to take their policy management online, thereby making it easily accessible. To make it even better, you can enjoy various amazing discount deals and wellness programs offered by Allstate on these supplement plans. They have been around longer than Aflac (see below), but are still relatively new to Medicare supplements. If you are looking for the lowest rate, this is your carrier.

 

Aflac

Aflac Insurance was established in 1955. More than 50 million customers are served globally by the Columbus, Georgia-based insurance firm offering a comprehensive range of insurance products, including supplement insurance. They offer some of the lowest prices in the country and are rapidly growing their Medicare supplement offerings. They are the newest major carrier to offer secondary insurance plans, so they need to prove themselves a bit.

 

Prosperity

Prosperity Life Group offers excellent personal financial protection and unique plans for seniors. It had offices in New York and Virginia when founded in 2010. A promising experience with comprehensive insurance, operating, financial, M&A, reinsurance, and regulatory experience.

The business provides asset accumulation and protection products via a variety of channels. Prosperity Life Group, LLC is the marketing name for several businesses, including SBLI USA Life Insurance, S.USA Life Insurance, and Shenandoah Life Insurance Company. This company has just introduced some of the market’s most affordable Medicare supplement plans.

 

American Home Life

American Home Life Insurance Company was founded in Topeka, Kansas, in the year 1909. Previously named Kansas Home Mutual Life Insurance Company, the firm merged with American Mutual Life Insurance Company, McPherson, Kansas, and adopted the current name. They are perhaps the only Medicare supplement carrier with conservative values. Their Medicare supplement, life, and annuity products have some of the most competitive rates in the market. They also have a large discount when you combine Final Expense life insurance with your Medicare supplement.

Why are they lower on our list? Typical of a midsize carrier, they have more risk since the insurance pool is smaller, which can affect future rates.

 

Manhattan Life

Established back on May 29, 150, Manhattan supports a stellar history that has helped them gain consumer confidence and provide financial protection. It is the trust that earned them the nickname, Ol’ reliable.

Manhattan Life offers five of the most renowned Medicare Supplement plans- A, C, F, G, & N, their consistency, discount availability, and flexibility in health conditions sets them apart from others on the same scale. However, since they are a midsize carrier, they are a bit lower on the list.

 

Get Free Quotes​

Compare Medicare Supplement plans by premium, rating and rate increase history.

 

How Can Medicare Supplement Policies Be Purchased and Comparable?

Getting coverage requires doing your research to get the best plan for you. Depending on your state, the coverage you want, and the cost, each plan offers particular perks.

#1 Determine Your Eligibility for Enrollment.

In general, you are eligible for Medicare’s Open Enrollment when you turn 65 years old or if you delayed Part B due to creditable coverage when you leave your employer or union plan.

The initial Medicare Open Enrollment Period is the ideal time to purchase a Medicare Supplement policy. Federal law permits you to enroll in any Medicare Supplement policy sold in your state during this once-only, six-month period. During this time, preexisting conditions are allowed, and you cannot be charged extra or be denied a Medicare Supplement policy because of current or prior health issues. Make sure you are aware of the beginning of your open enrollment period.

 

#2 Locate a list of Medicare Supplement Plans in Your State or ZIP Code.

We can provide you with rates in your area and information on all the carriers and plans. It is entirely free to work with an independent broker. We are licensed in 48 states; unlike most local agents, we represent almost all the carriers and can provide you with objective advice about the best plans available in your area.

 

#3 Select the Coverage Aspects That Are Most Crucial to You.

Consider the differences between a Medicare supplement plan and a Medicare Advantage plan. A Medicare supplement plan allows you to see any doctor who accepts Medicare, and a Medicare Advantage plan restricts you to a network of doctors. However, if you can’t afford the Medicare supplement plan premium, you might need to find a Medicare Advantage plan that accepts your doctors. We can assist in finding the right plan for you. For more information please read our article on the differences between the two types of plans: https://medicarenationwide.com/medicare-advantage-vs-medigap/

 

#4 Evaluate the Cost Variations amongst Medicare Supplement Plans.

Compare prices between Medicare Supplement plans as the prices vary depending on demographics and geographics.

Massachusetts, Minnesota, and Wisconsin offer equivalent plans to the rest of the country, but they have different names. For example, MedSupp1A is Plan G, but in Massachusetts, they call it MedSupp1A; everywhere else, they call it Plan G.

The core benefits are the same for all Medicare Supplement plans, beginning with the same letter, regardless of which insurance provider provides them. For instance, regardless of the firm that provides the plan, all Plan G insurance has the same coverage.

 

#5 Take into account speaking with a consultant or looking up a reputable site.

You can read our five-star reviews on Google, Facebook, and Trustpilot. Our independent brokers are licensed in 48 states, and we don’t have any agents that have been working for us for less than three years. It is entirely free to work with an independent broker, and they tend to work with more carriers and offer more plans than a local agent. Local agents tend to be new to insurance and try to promote the single company they represent.

Medicare, federal programs, and non-profits do not represent the insurance carriers and their products. So, only insurance brokers have pricing information and can enroll you in a plan.

 

#6 Signing up.

When a plan that meets your needs has been satisfied, enroll by getting in touch with an independent broker. We hope you choose us! There aren’t many independent brokers licensed in 48 states where you know you can speak to someone that is not a newbie. Below is our Medicare Eligibility Chart.

Feel free to contact us if you believe you are eligible to enroll in a plan.

 

Medicare Advantage Open Enrollment Chart

 

Choosing an Agent

Choosing a company is essential, but choosing the right agent is critical. It would help if you had an expert who has spent the time and resources to determine the best carriers and products available. It would be best if you had 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 ask when 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 a few companies, they may be more concerned about their needs and not yours.

 

Does the agent have certifications?

Insurance certifications and designations are essential. 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 value to their customers. CFP® (Certified Financial Planner) is an excellent designation to keep your eye out for. Here, you can read about who we are.

 

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 into how they will perform for you.

 

 

Understanding the Distinction between a Medicare Supplement Plan and a Medicare Advantage Plan

Although they are both additions to Original Medicare, Medicare Advantage and Medigap plans are distinct from one another.
 

A different Medicare plan is Medicare Advantage Plan. The majority of prescription drugs are covered through Medicare Advantage, which has a low or no monthly cost but may have fewer options for doctors and network locations.

It is prohibited for anyone to try to sell you a Medicare Supplement policy while you are enrolled in an Advantage plan unless you are going back to your Original Medicare. A Medicare Supplement plan cannot be utilized to recoup expenses from an Advantage plan. You can become qualified to receive Supplement insurance if you decide that you don’t like your Advantage plan and immediately switch to a Medicare Original Plan (which you’re able to do within a year of signing up for the Advantage plan).

 

Conclusion

Compare Everything About Medicare Supplement in One Place

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 coverage. Contact us today to compare the entire supplement framework. It is entirely free to work with us, so why navigate this maze alone?