Want to know the 10 Best Medicare Supplemental Insurance companies, this article will give you such details. Medicare supplemental plans are also called Medigap plans and they are sold by so many private insurance companies.
The Top Medicare Insurance companies offer competitive pricing and modern, easy-to-use interfaces for their websites. They also make it very easy to reach customer service agents and offer discounts.
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10 Best Medicare Supplemental Insurance
To determine the best Medicare supplemental insurance companies, we analyzed the data on the List of Medicare Insurance Companies in the United States that offer nationwide plans, and how they are ranked in terms of their financial health.
What Is Medicare Supplement (Medigap)?
Medicare Supplement, or Medigap, is a private insurance policy that can be purchased to help pay for what isn’t covered by Original Medicare which includes Part A and Part B.
Medigap plans generally do not cover prescriptions. So, you will have to consider enrolling into a Medicare part D plan which covers prescription drugs, or Medicare Advantage plans which include drug coverage.
The top 10 Medicare insurance companies are contained in the list below
Top 10 Medicare Insurance Companies
The list below contains 10 of the best Medicare insurance companies in the United States of America.
Cigna Medicare Supplement
Cigna is by far one of the most popular insurance companies in the United States of America. Its Medigap plans hold a 4-star rating from the Centers for Medicare and Medicaid services because of their quality of preventive services and chronic condition management.
Like other highly rated insurance companies, it offers Part D coverages and additional discounts for those who apply for coverages online.
Cigna is available in 48 states in the United States of America, and six types of Medigap plans.
AARP is a subsidiary of United Healthcare. It is ranked as one of the because for the following reasons. Its coverages are available in all 50 states of the United States. This company offers nine types of Medigap plans, its policies can include some additional benefits beyond what regulations require.
Like Humana, it has A-rating from A.M. Best in 2022. It also offers Part D (prescription drug) coverage specifically. It also offers dental and vision benefits.
This insurance company has one of the best customer service and support teams equipped with experts that can answer questions and help you find the best plan for you.
Mutual Of Omaha
Mutual of Omaha is notable for its high quality of customer services, fast claim fulfillment, and overall satisfaction with coverage. This insurance company pays 98% of Medicare claims within 12 hours.
Just like other top insurance companies in the United States, it also offers Part D coverage and dental services.
Its services are available in 49 states and its offers 6 types of insurance plans.
Humana Supplemental Insurance
On Fortune 500 list, this company was placed in the 41st position of 500 companies. Humana is one of the largest insurance companies in the United States. The reasons why it has maintained its position are that it has coverages available in 49 states in the United States, and it offers 10 different types of Medigap plans. Its policies can include additional benefits than what regulations require.
This company has an A rating from A.M best in 2022. Its coverage includes part D (prescription drugs) coverage specifically. It also offers dental and vision benefits.
Aetna Medicare Supplement
Aetna made its way to this list because of the numerous supplement plans that it offers. It provides strong coverage information as well as a Medicare education section on its website to help policyholders get a better understanding of its benefits.
Aetna makes it very easy to contact customer care from its website, and it has emergency coverage available abroad.
The United American Insurance company is preferred by some consumers for certain reasons. Apart from the fact that it has a very high rating from AM best and has been around for over 40 years, it offers some of the top insurance plans in the United States
The Carriers of United America specialize in high deductible Medicare plans. They have the lowest premium costs.
United America has some of the highest customer ratings and very few complaints.
Capitol Life insurance is a very successful insurance company. It also has an A rating by AM Best and S&P. according to its users, it is one of the most reliable Medicare insurance companies in the United States. Capitol Life is committed to bringing low-cost Medicare Supplement plans to as many people as possible.
One good thing about Capitol life is that real-time instant approval is available for clients who are in good health and can answer questions honestly.
This company has the simplest underwriting process. This insurance company is one of the oldest in the Business. This company is one of the top two largest insurance companies.
It is also rated A+ by AM Best and S&P. its Medicare supplement plans are available in almost all the states of the United States. Its services are easy to access. Its online portal allows members to check claims, search providers, and manage the benefits of their plans.
Manhattan Life insurance company is one of the oldest insurance companies as it has been in the business for over 170 years. It is dedicated to the satisfaction of its policyholders.
Manhattan is rated B++ from the AM Best and A from S&P. this company has a comprehensive dental, vision, and hearing plan.
It provides a discount for two people in the same household on a Medicare supplement policy. It gives a discount of 7% for most of its plans. Just like United Healthcare, it has a very easy underwriting process, which allows people with more health issues to access supplement policy.
Blue Cross Blue Shield
Blue Cross Blue Shield is also ranked high because it is readily available in all 50 states in the U.S, and it offers 10 different types of Medigap plans. Its policies also include additional benefits for its customers.
Blue Cross Blue Shield also has a very good rating from A.M in 2022. It offers Part D coverage and its plans are available in areas like Washington, D.C, and Puerto Rico.
How To Shop and Compare Medicare Insurance Plans
When shopping for a Medicare Insurance Plan, there are six things that you must consider; these six things are;
- Consider the amount of Medicare insurance options in the market
- Pay attention to copays, co-insurance, deductibles, and changes in the plan’s drug benefits.
- Confirm the network participation of your doctor
- Understand which insurance companies are rated higher
- Use plan finder tools like Medicare.gov.
Benefits Of Buying a Medicare Supplement Plan
The Medicare Supplement plan pays for the costs that were not paid for by Original Medicare. These costs include coverage for prescription medications, hospital stays, hospice care, bloodwork, and emergency room visits. Medicare Supplement plans can drastically limit the out-of-pocket expenses that you may be hit with.
Frequently Asked Questions
Do You Need Medicare Supplement Insurance?
If your Medicare coverage is experiencing a gap, you may need to choose supplemental coverage. Explore all the options you have to find out what coverage you’re lacking and if things like prescriptions, doctor visits, vision, and dental care are covered or if you will need help paying for them. If you’re not fully covered, then it is best to purchase a Medicare supplement insurance plan.
How Do You Select a Medicare Supplement Insurance Company That Works for You?
When you have researched and compared lots of companies, select a supplemental insurance company that works best for you. consider things like the reputation and reviews of the insurance company and how easy it is to navigate their website and apply for coverage.
Some other factors to consider include types of plans available, pricing, and deductibles.
When Can I Buy a Medicare Supplement Plan?
You can buy a Medicare Supplement policy from the first day of the month you turn 65 years old, and for the following six months. This depends on the plan and state you reside in. However, people who are below the age of 65 may qualify if they are permanently disabled.
What Does a Medicare Supplement Plan Typically Cost?
Most providers do not give detailed information about their costs. However, most plans start in the range of $100 per month, and many providers offer discounts for a range of qualifiers like being female or a non-smoker, or if you have purchased more than one policy from that provider.
What Do Medicare Supplement Plans Not Cover?
Most of the things not covered by the Medicare Supplement plans are;
- Part B Deductible
- Part B Excess Charge
- Foreign Travel Exchange
Is A Medicare Supplement Plan Worth It?
Of course, it is, Medicare supplement plans can help cover what the Medicare plans cannot cover. This includes prescription medicine, ER visits, extended stays in hospitals, nursing care or facility stays.
This depends on the plans you finally choose, you may have copays, for example, or extremely limited doctor visits.
Who Needs a Medicare Supplement Plan?
If are looking into Original Medicare coverage, it is important to check if you need a Medicare Supplement plan. Note that there will be out-of-pocket expenses associated with Original Medicare. If you cannot afford those costs, it’s better to enroll in a Medicare Supplement plan.