Here are 10 of the best Medicare supplement insurance companies to consider while shopping for a Medigap plan.
Shopping for Medicare supplement insurance can be tough. For starters, there are 10 Medicare supplement plan types to choose from at the moment. Also, a ton of companies currently sell these policies, which some call MedSup or Medigap.
To help you find the best Medigap plan for your situation, here are 10 top Medicare supplement insurance companies you should consider while shopping for MedSup coverage.
We considered several factors to come up with this list of best Medicare supplement insurance companies, including:
If you’re looking for a Medicare supplement provider that has been around for a long time and is likely to stick around for many years to come, look no further than Aetna. Aetna was founded in 1853 — that means it’s been in business for more than 160 years.
Other reasons to consider Aetna for Medigap:
Anthem Blue Cross and Blue Shield has you covered if you want Medigap discounts. For starters, it offers a 5% household discount in many states. It also provides discounts for annual payments and payments that use automatic withdrawal.
Other reasons to consider Anthem Blue Cross and Blue Shield for Medigap coverage:
This Atlanta-based insurance company sells eight different Medicare supplement plans. That’s a lot for any insurer, but it’s especially impressive for a small one.
Other reasons to look to Bankers Fidelity Life for your Medigap needs:
Central States Indemnity of Omaha has an A+ rating from A.M. Best. That makes it a standout among small Medicare supplement providers.
Other reasons to consider Central States Indemnity of Omaha for Medigap plans:
If you and your spouse — or someone else in your household — buys a Medigap plan from Cigna, you could earn a household premium discount of 7%.
Other reasons to consider Cigna for Medicare supplement coverage:
Humana is licensed to sell Medigap policies in a whopping 45 states, plus Washington, D.C.
Also, it sells eight different plans: A, B, C, F, G, K, L and N. It sells the high-deductible Plan F, too. (Note: all plans aren’t available in all states.)
Other reasons to look to Humana for Medigap coverage:
Actually, you could argue that Mutual of Omaha offers the best Medicare supplement discount of any Medigap provider, regardless of size. Its household discount can cut your premium by 12%. As if that weren’t enough, your spouse, partner or roommate doesn’t need to be a policyholder. They just need to live with you and be over 60.
Other reasons to consider Mutual of Omaha for Medicare supplement insurance:
If you want options when it comes to accessing Medicare supplement agents, State Farm may be the company for you. Its agents can help you online, over the phone or even in person. That’s not something you can say about every insurer these days.
Other reasons to consider State Farm for Medigap plans:
What do you get when you combine two well-known brands like AARP and UnitedHealthcare? You get a Medicare supplement insurance provider that’s seriously difficult to ignore while shopping for a Medigap plan. This is especially true when you consider UnitedHealthcare’s Medigap plans are the only ones that carry AARP’s name and support.
Other reasons to look at UnitedHealthcare for Medigap coverage:
USAA is known for offering the best insurance plans and products, and its Medicare supplement policies are no exception. The only caveat: you must be active military, former military, or an eligible family member to buy a Medigap plan from USAA.
Other reasons to look to USAA for your Medigap needs:
Not only do a lot of insurance companies sell Medigap plans, but they sell a lot of different Medigap plans, too.
In fact, insurers can sell up to 10 different Medigap plans. They go by letters — like Plan A, B, C, D, F, G, K, L, M and N.
Use the information below to compare Medigap benefits and find the best Medicare supplement plan for you.
Medigap Plan A is the most basic Medicare supplement plan. It covers these out-of-pocket costs: your Medicare Part A coinsurance and hospital costs, your Part A hospice care coinsurance or copayment, your Medicare Part B coinsurance or copayment and the first three pints of blood you receive each year.
Medigap Plan B covers all the same costs as Medigap Plan A, plus it covers your Medicare Part A deductible.
Medigap Plan C covers the same costs as Medigap Plan B. It also covers the Medicare Part B deductible, skilled nursing facility care coinsurance and 80% of foreign travel emergency care.
Medigap Plan D covers the same costs as Medigap Plan C except it doesn’t cover the Part B deductible.
Medigap Plan F is the most popular Medigap plan. It’s also the most comprehensive. It covers all the costs mentioned so far as well as the Medicare Part B excess charge.
Medigap Plan G covers the same costs as Medigap Plan F except for the Part B deductible.
Medigap Plan K is similar to Medigap Plan D. Plan K differs from Plan D by only covering 50% of most costs. It also has an out-of-pocket limit of $5,560.
Medigap Plan L is like Medigap Plan K but only covers 75% of most costs. Its out-of-pocket limit is $2,780.
Medigap Plan M is the same as Medigap Plan D but only covers 50% of the Medicare Part A deductible.
Medigap Plan N also is the same as Medigap Plan D but it doesn’t cover all Medicare Part B copayments.
To compare Medigap plans side by side, see our Medicare supplement plans comparison chart.
You can buy a Medicare supplement plan whenever you want — as long as you’re over the age of 65 and you’re enrolled in Medicare Part A and Part B.
But when should you buy one of these policies? The best time to buy a Medigap plan is during your Medigap open enrollment period. This six-month window starts the month you’re both 65 and enrolled in Medicare Part B.
During the Medigap open enrollment period, you can buy any Medicare supplement plan sold in your state, even if you have health problems. And not only that, but you can buy a plan for the same price as someone in perfect health.
After this enrollment period ends, you might pay a lot more for that same Medigap policy. And you may not be able to buy a Medigap policy at all. This is because, outside of open enrollment, insurance companies can refuse to sell Medicare supplement coverage to people based on their health or medical histories.
Medicare supplement insurance can be expensive. You could spend as much as $2,000 a year on a Medigap plan, according to HealthView Services, a maker of healthcare cost-projection software. That equals about $160 per month.
How much you pay for a Medigap plan can depend on several factors, such as:
Also, insurance companies price Medicare supplement plans using one of three methods:
To save money on Medigap, do one or more of the following:
Although most people get Medicare Part A and Part B coverage from the federal government, that’s not where you buy Medicare supplement insurance.
Instead, you buy Medigap plans from private insurance companies. The plans these companies sell are standardized. This means that all Medigap Plan G policies must provide the same benefits, no matter where you buy them.
Here are some other basic details to keep in mind as you shop for a Medicare supplement plan:
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