What is the best Medicare Supplement Plan for you?
There are many factors that can go into answering that question. Age, smoking status, state and zip code are some that help determine what the insurance premiums would be for the different Medicare Supplement plans (also known as Medigap Plans). It’s important to get a comparison of Medigap Plans (or Medicare Supplement) from an independent agent who can show you all the Medicare supplement companies. The Medicare supplement insurance cost can vary greatly between companies for the exact same plan. You can get a comparison by filling out the “get a quote” form on this page.
- Mutual of Omaha Medicare Supplement
Mutual of Omaha Insurance Company (Mutual of Omaha) was founded in 1909. As a mutual company, they are owned by their policyholders, which enables them to take a long-term view and focus on the customers’ insurance and financial needs. Because their interests are fully aligned with their customers, they are able to pursue a sound business plan and disciplined investment strategy. They have a $3.2 billion policyholder surplus which represents added security and protection for their customers.
The company has an “A+” rating with A.M. Best and an “AA-” with S&P. In addition, Mutual of Omaha offers Medicare supplemental coverage, Part D plans, Long-Term Care insurance and Life Insurance.
They also offer household discounts, for their Medicare Supplement Plans, up to 12% for beneficiaries that live with someone over age 60 for at least a year. The up to 12% discount is available in Texas, Colorado, Georgia, North Carolina, South Carolina and Michigan. Discounts can vary by state and may be 7% or 0% in other states. An independent insurance agent can make sure you get the discounts available to you in your state.
Mutual of Omaha Medicare Supplement plans are offered through different brands depending on the state. Some of the brands are listed below:
United of Omaha
Omaha Insurance Company
Omaha Supplemental Insurance Company
2. Aetna Medicare Supplement
Aetna is a CVS Health company and has been in business since 1853. It offers a variety of Medicare Supplement plans in most of the states. Aetna is one of the nation’s leading diversified health care benefits companies. They serve an estimated 46 million people with information and resources to help them make better health care decisions, including Medicare Supplement Insurance.
Aetna has excellent ratings from all over. A.M. Best gives them an “A” and S&P rates Aetna at an “A+.” Aetna Medicare Supplement Plans include a 12-month rate lock. Meaning, you have the same rate with no increases during the first 12-months.
They offer a spouse discount to those who each get a Medicare Supplement policy with the same Aetna company at the same time.
Aetna Medicare Supplemental Insurance has several different brand names depending on the state. Below is a list of some of them:
• Aetna Health and Life Insurance Company (AHLIC)
• Aetna Health Insurance Company (AHIC)
• Aetna Life Insurance Company (ALIC)
• American Continental Insurance Company (ACI)
• Continental Life Insurance Company of Brentwood, Tennessee (CLI)
3. Humana Medicare Supplement
Humana, headquartered in Louisville, Kentucky, is one of the nation’s largest publicly traded health benefits companies, with 17 million medical members and 6 million specialty members. The company, founded in 1961, is traded on the New York Stock Exchange.
• Fortune 100 company with 2018 revenues of approximately $56.91 billion.
• Total assets of approximately $25.41 billion as of December 31, 2018.
• Net income for 2018 was $1.68 billion.
• Approximately 17 million medical members including 8.5 million Medicare members of which
3.25 million are Medicare Advantage members, approx. 310,000 are Med Supp members as of 1/1/2020
and 5 million prescription drug plan members.
• The company’s strategy is on track creating innovative, consumer-directed products and services
powered by leading edge information technology.
Humana Medicare Supplement Plans commonly offer Plans A, B, C, F, High Deductible F, G, High Deductible G, K, L, and N with some variance by state and product. See your state’s Outline of Coverage for plan availability.
4. Transamerica Medicare Supplement
A.M. Best gives Transamerica an “A” rating, whereas S&P rates them at an “AA-.” The company has more than $130 billion in assets and over $460 billion in revenue-generating investments; this indicates strong financial performance by Transamerica.
Those switching to Transamerica without creditable insurance may have to wait six months for coverage on any pre-existing conditions. However, this doesn’t apply to those living in Hawaii, Ohio, or Texas. Over the years Transamerica Medicare Supplement Plans also used the brand name of Stonebridge Medicare Supplement Insurance.
5. Blue Cross Blue Shield Medicare Supplement
Established in 1929, Blue Cross Blue Shield (BCBS) has over 100 million members in the United States. Overall, they insure about 1 in every 3 Americans.A.M. Best rates BCBS as an “A” company. S&P ratings are “AA-” for Blue Cross Blue Shield. BCBS offers more than just supplemental insurance; they have dental, vision, and marketplace policies for those under 65. In some states this company is referred as Anthem Medicare Supplement Plans.
Blue Cross Blue Shield has different companies for each state. Blue Cross Blue Shield Medicare Plans of Texas, Blue Cross Blue Shield of Michigan and Blue Cross Blue Shield Medicare Plans of Georgia are some of them and they are all independent of each other.
6. United Healthcare Medicare Supplement
Some people who have a United Healthcare Medicare Supplement plan refer to it as an AARP Medicare Supplement plan. However, AARP is not an insurance company but they have a licensing deal with United Healthcare to market Medicare Supplement plans with the AARP Medicare Supplement brand name. UHC has an A rating with the rating agencies and is a strong company. The two plans they offered the most over the years were Plan F & Plan N. They eventually came out with a Plan G after several years of Plan G being available at other insurance carriers.
7. Accendo Medicare Supplement Insurance
Accendo Medicare Plans offer a 14% household discount in some states such as Colorado, Georgia, Michigan, North Carolina, South Carolina and Texas. In order to get the discount both parties must be on Medicare and need to get issued a Medicare Supplement Policy at the same time. A CVS company and Aetna affiliate.
• 12-month rate guarantee (all plans)
• Competitive rates
• No waiting period for pre-existing conditions
• Over 30 years claims experience
8. Bankers Fidelity Medicare Supplement
Back in 1955, Bankers Fidelity began. They have an “A-” with A.M Best and an S&P rating of “BBB+.” The ratings come from their financial transparency and ability to meet insurance obligations. You should know that Colonial Penn underwrites the Medicare Supplements through Bankers Fidelity. Though, you can avoid underwriting if you enroll during your Medicare Supplement Open Enrollment Period. Bankers Fidelity Medicare Plans are not available in all states, and the household discounts vary but are typically between 5% and 10%.
9. Cigna Medicare Supplement
Both A.M. Best and S&P rate Cigna at an “A.” Cigna began in 1792 as the first Marine insurer of the United States; during that time, it went by the name “Insurance Company of North America.” Now, Cigna insures people for all kinds of things, such as life, accident, health, Medicare supplement plans and more. Cigna designs policies with the thought of pre-existing conditions in mind. Many companies have strict enrollment eligibility guidelines for a Medicare Supplement policy. However, Cigna will cover customers with serious issues that most companies would reject.
Cigna offers a 7% household discount when both spouses signup for a Medicare supplemental policy but the discount varies by state.
Like many other companies, Cigna Medicare Supplement Plans have an online platform that allows clients to view their policy, set up payments, update information, print ID cards, and more.
10. Medico Medicare Supplement
Since the 1930s, Medico has been offering Americans quality insurance options. A.M. Best rates Medico as an “A-” for being a stable and affirmed company. Medico offers many products such as Hospital Indemnity Coverage, Life Insurance, and Cancer Insurance. Although, if you want to add dental and vision, we can help with that also.
Medico Medicare Supplement Plans won’t be available in all states. Also, Medico doesn’t offer household discounts everywhere it operates; however, if one is available, it ranges from 7%-12%.
11. United American Medicare Supplement
For over 40 years in a row, United American has gotten an “A+” rating from A.M. Best. S&P rates the company an “AA-.”United American established the company back in 1947 with four core values in mind. These core values include stability, service, quality, and commitment. Unlike most companies, United American has many clients that experience a premium reduction at some point, though premium increases are standard. The company is most well-known for it’s High Deductible Plan F.
United American is a subsidiary of Globe Life. Much like Cigna, United American Medicare Supplement Plans allow policy approval for beneficiaries in less than good health. Although, those with a pre-existing condition, working with an agent is a recommendation you should heed. Agents are aware of state guidelines and underwriting rules that you won’t find online.
12. Gerber Life Insurance Company
Since 1967, Gerber Life Insurance Company has provided quality life insurance, especially for young families on a limited budget. They also offer Medicare Supplement Plans. As an affiliate of the Gerber Products Company, “the baby food people”, the two companies share a common goal: to help parents raise happy, healthy children. It is also their mission to be the company parents and grandparents trust to help them achieve financial security and protection at every stage of life. By providing affordable, industry-leading juvenile life insurance, and life, accident and Medicare supplement insurance for adults, they strive to give their customers the comfort and peace of mind they deserve. Gerber Medicare Supplement Plans have been around a long time.
How Can I Look at Rates and Plans for the Top Ranked Medicare Insurance Companies?
As you can see, there is a lot to consider when looking for a Medicare Supplement Plan. It would take weeks or maybe months for a person to research plans and premiums for all the Medicare plans available in their area. Luckily you don’t have to. A good independent Medicare agent can show you what’s available and compare that to your specific situation. The best part is we don’t charge you for our service. We work for you, not the insurance carrier.
You can view Medicare premiums and plans from the top ranked carriers in your area by submitting an online Medicare Supplement quote request on this page. We know that Medicare can be confusing, so if you need help at any point, we’re here for you at (888) 407-866. We make Medicare seem easy™.
Whether you’re getting ready to enter Medicare or you already have a plan and want to look into saving money we can help. We’ll answer any questions that you have and help you get the best plan for your specific situation. We also complete the application for you and submit it to the carrier. We follow up with the carrier and make sure everything gets processed in a timely manner.