Top 10 Medicare Supplement Companies in 2021
If you are considering purchasing one of the Medigap plans or Medicare Supplements, you may wonder where to buy it from. Most of you will consider getting it from the top 10 Medicare Supplement companies in 2021. But what are they?
These top companies offer plans with reasonable rates and useful benefits. Keep in mind that Medicare benefits are standardized.
It means that the benefits of each plan are the same regardless of where you buy the plan from. Medicare decides what coverage it includes in a plan. That’s why if you are planning to purchase a Medigap policy, make sure to look at the coverage and the carrier that offers it.
Insurance companies are competing against one another. All of them want to offer the most competitive rates. However, some of them will sell their plans at a higher rate but they give their members unique perks.
In this post, you will find the top 10 companies that sell Medicare Supplements in 2021. They are companies with a high market share in various states and their MS plans are rated the best in the industry.
This list is constantly updated to reflect the major players in the market. That said, don’t be surprised if one of the carriers included today will not be part of the list in a few weeks or months.
Medicare Supplement Plans Comparison
There are several things that you must focus on when you compare Medigap policies. As discussed above, Medicare standardized MS plans. For example, Aetna offers Plan G. The coverage of Aetna’s Plan G will be the same as the Plan G of Humana or Blue Cross Blue Shield.
Now, when you compare Medigap plans, you need to look at the additional benefits you can get from the carrier. You should also compare the plan’s rates from one insurer to another. The rates are different depending on the plan’s perks.
What are the Best Medigap Plans?
Medicare designed 10 Medicare Supplements. However, insurance companies would only sell a few of them. Among them, three plans truly stand out because of their coverage. These plans are F, G, and N.
These three plans stand out from the 7 other options because they offer comprehensive coverage. Keep in mind that when seniors choose to have a supplement plan, they purchase one because they don’t want to pay out-of-pocket expenses if they need to undergo a medical procedure or receive a medical service.
Plan F is the most expensive out of the three plans. It is also the most comprehensive as it covers all expenses that are not handled by Original Medicare. In other words, when you have this plan and you need to receive medical treatment, then you will have nothing to pay out-of-pocket.
However, if you can’t afford it, there is still option G. It doesn’t pay all out-of-pocket expenses of Original Medicare. It leaves one item. Another option is Plan N. It is cheaper but it still provides adequate coverage.
The other 7 plans have low coverage. That’s why only a few seniors would choose them.
Now that you have decided to purchase a supplemental policy to help you pay for the out-of-pocket expenses related to Original Medicare, you may now choose where to purchase the plan.
Here is our list of the top 10 Medicare Supplement companies in 2021. The companies are listed in no particular order.
United Healthcare
It is part of the Fortune 5 corporation. It has a revenue of more than $200 billion annually. Fortune Magazine considered this company as the World’s Most Admired Company in insurance.
Currently, it offers 7 Medigap policies. It is an extremely stable company resulting in stable premiums. It means that it doesn’t drastically increase its premiums every year.
It received an A+ rating from Standard and Poor. AM Best also gave it an A or Excellent rating.
Many companies in the US chose United Healthcare health plans for their employees. Thus, it is likely that you used to have UH as your carrier when you were still working or employed. Because seniors are familiar with the company, they chose this carrier over the others. Then, you can avail of the SilverSneakers program as one of the benefits of becoming its subscriber.
Aetna
It started as a life insurance provider. But it has become the most beloved provider of Medicare Supplement plans.
It has a lot of benefits that focus on providing the best care for its subscribers. For example, it allows its members to access great doctors from around the country while reducing patient costs. For decades, it has been providing health plans for seniors.
It is no wonder that the company received an excellent or A rating from AM Best. It also got the best financial score in the community that it serves. And this is why many Medicare recipients are choosing this insurer when buying a Supplemental policy.
Cigna
Cigna is a well-known insurance provider with a long history of offering exceptional customer service to its members. Worldwide, it has gathered more than 15 million subscribers. Its Medigap plans are some of the highest-rated policies because of their customer satisfaction rating.
Out of all the Medicare Supplement companies, this is the only provider that offers a 30-day money-back guarantee on Medigap plans. It says something about the company’s reputation.
Currently, AM Best gave this company an A rating.
Mutual of Omaha
It started in Nebraska in 1909. From its inception, it has become one of the country’s largest providers of Medigap policies. It introduced its first Medigap options in the 1960s.
For more than 50 years now, many financial institutions recognized this company as an innovative carrier of the Medigap plan. Currently, its Supplemental options received a Superior or A+ rating from AM Best. It also accumulated more than $2 billion in revenue.
Indeed, the company is only second in the Medicare Supplemental market in the US, it has an outstanding reputation for providing competitive rates. The rates are not the cheapest, though. But they are reasonable.
Blue Cross Blue Shield
It is one of the top Medicare Supplement companies because of its outstanding reputation as a provider of reliable healthcare. Currently, it offers plans A, F, G, K, L, and N, with high-deductible version Plan F.
Its coverage rates are predictable and competitive. If you are an existing subscriber of one of its plans, then you can quickly access your policy information through its online portal 24/7. It is easy to register an account and you can do it with no charge at all.
Transamerica
Another option where you can purchase your Medigap policy is from Transamerica. It holds an A+ rating from AM Best. It is not easy to achieve such a rating unless you offer superior customer service. Furthermore, insure.com awarded the company the People’s Choice.
The company offers a wide array of Supplemental options, like Plans G and F. Its rates are also competitive.
It has a long history and outstanding reputation for being an excellent provider of financial products. It has not reached its maximum yet. However, the company is a very promising carrier that you must consider.
Manhattan Life Insurance
It is not as well-known as Cigna or Aetna. However, this company has been around for decades. Its Medicare Supplement plans are good options for many seniors. This insurer offers 5 Supplement plans: A, F, G, C, and N.
In terms of trustworthiness, the company received an A+ rating from BBB. The company is not known to underwrite the health history of its members resulting in higher premium rates.
Furthermore, some carriers will deny you coverage for your pre-existing condition. But not with Manhattan life. However, you must only have one pre-existing condition. If this is true, then you can be written with this carrier.
Bankers Fidelity
The company has been providing insurance options to seniors for more than 6 decades now. It is a subsidiary of Atlantic American Corporation. It maintains an A- rating with AM Best.
There are many advantages to signing up with this carrier. These would include having a 30-day free look period and household discount for those who qualify. It offers three Supplement plans: F, G, and N.
It offers competitive rates and friendly customer service, making this insurer an ideal choice for seniors.
Anthem
It is a part of Blue Cross Blue Shield. However, its Medigap policies are sold separately. Currently, it offers Plan F, Plan F high-deductible version, Plan G, and Plan N.
One of the best things about being a subscriber of Anthem is that it offers the SilverSneakers program. It is a fitness program that can help you keep track of your overall health. It gives you free access to gyms nationwide.
Its BBB rating is excellent with A+. AM Best gave this company an A rating, as well. With these excellent ratings, you can be sure that the company is an excellent choice.
Combined Insurance
It is not as popular as other carriers listed above. However, this provider has been around since 1922. Furthermore, AM Best rated it as an excellent provider of Medicare Supplements.
Combined’s offices are located throughout North America and it has managed to gather more than 5 million subscribers.
How Medigap Policies are Rated
They can say a lot about the company’s reputation as a provider of Medigap policies. Having an excellent rating means that the company managed to resolve claims in a short period. Plus, they offer outstanding customer service and member perks.
However, you can’t easily evaluate a company based on ratings. The reason for this is that the rating is not straightforward, unlike Medicare Advantage ratings. Keep in mind that the plans have the same coverage no matter where you purchase them.
When you study each carrier, you need to look at its overall ratings, customer satisfaction, and member perks, among others.
However, most of our clients don’t care about the ratings. Instead, what they want from a carrier is a company that offers outstanding customer service. It means that when they need to file a claim, it will be straightforward with no hassle.
But these companies have call centers around the US. When you call them, you will still be put on hold before your inquiries are answered.
However, if you purchase a Medicare Supplement through us, then you don’t have to call them. Rather, you can send us your inquiries or issues and we will handle them for you.
In other words, our health insurance experts will manage everything for you so that whatever issues you may have about your carrier, they are handled well without hassles, especially if you need to file a claim. Now, that is the best customer support you can find in the industry.
Who has the Best Medicare Supplement Plans?
You may revisit our top 10 list above to know which companies are offering the best plans. However, the list is not constant. It changes frequently. Thus, you need to come back regularly to know the updates of the companies listed above.
In terms of offers, you should consider the company’s customer support and the member perks that it provides. If you wish to know more about them, then make sure to call us. Our health insurance experts are just here to assist you in making the right decision.
What is the Best Medigap Plan?
One of the reasons many seniors would choose Plan F is that of its comprehensive coverage. They simply don’t want to pay any out-of-pocket expenses when they have to go to the hospital or visit their doctor. With Plan F, every cost not covered by Original medicare is taken care of.
However, some of the items in the Plan F coverage may not apply to you. In that case, Plan F is not necessarily the best option for your case. But it is the most popular option as it handles all expenses left by Original Medicare.
Then again, you should evaluate your medical needs if you really need such coverage.
What is the Alternative for Plan F?
Plan F is going away and it is no longer accessible by new subscribers starting January 1, 2021. In that case, if you will turn 65 this year, then you can’t enroll in Plan F. However, there are still other options available.
One of them is Plan G. It covers nearly all costs handled by Plan F. However, if you have Plan F now, you can still renew it next year.
Where can you buy a Medigap Policy?
It can be overwhelming to choose one Medigap policy. That’s why you should call us to help you narrow down all your choices!
You may think that Plan F is the best option for you because of how comprehensive it is. But it still depends on your medical needs. Perhaps, this plan gives you the coverage that you don’t need.
Talk to us today to help you choose which one of the top 10 Medicare Supplement companies in 2021 to obtain your Medigap.
