The Top 10 Best Medicare Supplemental Insurance Companies
At My Medigap Plans, we often get asked “Who are the 10 best Medicare Supplement insurance companies?” and we always like to begin our answer with “Did you know that all Medicare Supplement insurance companies offer the same coverage?” We like to start here because we find that many people who are eligible to receive Medicare are under the impression that some insurance companies offer more or less than others when, in reality, that couldn’t be further from the truth. If a plan from one company offers hospital stay or hospice care coverage, for example, you can get the exact same plan and benefits from another company.
When comparing Medicare Supplemental insurance providers, it is important to note that all plans offered by Medigap insurance companies are standardized by Medicare for those who have Medicare Part A and Part B. The difference between each company will not lay in the coverage they offer but in other factors such as pricing, reputation, and customer service. We understand selecting your Medigap insurance coverage can be a bit confusing, particularly if you are new to Medicare Parts A and Medicare Part B, which is why we’ve come up with a list of questions to ask when determining which plan is right for you.
Get to Know the 10 Best Medicare Supplemental Insurance Companies
While many insurance companies offer Medicare Supplement plans, there are a few companies that stand out from the rest. As we mentioned before, what sets one Medicare Supplemental insurance provider apart from another are their rates, reputation, and customer service. But while some companies waver in the areas, there are 10 Medicare Supplement insurance companies that we consider to be the best. So without further ado, let us help you get to know the 10 best Medicare Supplemental insurance companies a little better.
1. Mutual of Omaha Medicare Supplement Insurance Company
Mutual of Omaha – Opening its doors in the beautiful state of Nebraska in 1909, Mutual of Omaha has grown into one of the nation’s largest Medicare Supplemental insurance providers. Dating back to the 1960s when the company introduced its first Medigap plans, the company has been recognized as an innovative provider in the Medigap plan market for over five decades. Today, the company’s Supplemental plans have received an A+ (Superior) rating from A.M. Best and garnered over $2 billion in revenue. While the company holds second place in the national Medicare Supplement market, they have an outstanding reputation for offering competitive rates and a fast, electronic application process.
2. Cigna Medicare Supplement Insurance Company
Cigna – This well-established insurance provider has a long history for providing exceptional customer service. With a global customer base of 15 million, Cigna’s Medicare Supplement plans have been recognized as one of the highest rated health insurance companies for customer satisfaction according to a J.D. Powers survey. Furthermore, The company solidifies its place as one of the 10 best Medicare Supplemental insurance companies by being one of the only Medigap insurance providers to offer a 30-day money-back guarantee on their plans.
3. Aetna Medicare Supplement Insurance Company
Aetna – Starting as a life insurance provider, Aetna has grown to be one of the most beloved Medicare Supplement plans by recipients across the nation. By allowing the customers to access great doctors while lowering patient costs, the company has been helping seniors pay for healthcare for decades. Currently, Aetna’s A (excellent) A.M. Best financial score and commitment to improving health and wellness in the communities that they serve are why many Medicare recipients consider the company to be among the 10 best Medicare Supplemental insurance companies for the health plans that are available in the marketplace.
4. Florida Blue Medicare Supplement Insurance Company
Florida Blue – Offering a wide variety of options, such as Plan A, B, C, D, F, G, K, L, M, and Plan N, Florida Blue is considered to be one of the 10 best Medicare Supplemental insurance companies. The company holds an outstanding reputation for providing reliable healthcare and having predictable coverage rates. Backed by the Blue Cross Blue Shield Association (BCBS), Florida Blue offers senior citizens in the Sunshine State the advantage of having access to the highly competitive rates offered by a BCBS-affiliated insurance organization.
5. AARP Medicare Supplement Insurance Company
AARP® – With over 4 million Americans choosing AARP® as their Supplemental insurance provider, the company has built a reputation for being a champion for senior citizens. Customers will find that the most competitive states for the company’s Supplemental insurance plans include Michigan, Pennsylvania, New Jersey, Ohio, Arizona, Texas, California, and New York. If you live in one of these states, you should definitely consider looking at AARP when looking for a Medigap policy. Furthermore, some of the company’s Supplemental plans offer extra perks such as a free Silver Sneakers membership when you sign up.
6. Colonial Penn Medicare Supplement Insurance Company
Colonial Penn – Primarily known for its life insurance policies, Colonial Penn offers many Medicare Supplement plans, including Plan F, high-deductible Plan F, Plan G, and Plan N. Based out of the City of Brotherly Love, Philadelphia, the company has been helping senior citizens and disabled individuals who receive Medicare benefits since 1968. The company holds an A- A.M. Best Rating and insures over 200,000 individuals across the country. So they are slightly smaller when it comes to the top 10 Medigap insurance companies, but they still offer great supplemental coverage options and have great overall ratings and financial strength.
7. Transamerica Medicare Supplement Insurance Company
Transamerica – Holding an A+ A.M. Best Rating, Transamerica has recently started to offer a variety of Medicare Supplement plan options, such as Plan G or Plan F. While the company has a rich history and excellent reputation for being a high-quality provider of financial products and life insurance policy options, its potential as a Medicare Supplement insurance provider has yet to reach its maximum but is still very promising.
8. Humana Medicare Supplement Insurance Company
Humana – Based in Louisville, Kentucky, Humana is known for providing dependable coverage for all types of consumers, including families, military members, and seniors. The company currently holds an A(-) A.M. Best financial score and offers competitive monthly premium pricing on their Medicare Advantage plans and stand-alone prescription drug plans.
9. Gerber Life Medicare Supplement Insurance Company
Gerber Life Insurance Company – While many people know Gerber for its iconic baby food producer and operate financially independent from the main Gerber company. Over the last eight years, the Gerber Life Insurance Company has expanded upon its children’s life insurance services to include Medicare Supplement plans. Holding an A A.M. Best Rating and a BBB S & P Rating, the company insures over 30,000 lives nationwide and offers health insurance plan options for seniors who have Medicare coverage, too.
10. Globe Life Medicare Supplement Insurance Company
Globe Life – While the company’s primary focus is offering affordable life insurance to its customer base, they also provide Medicare Supplement plans. After being in business for over 51 years, the company has earned an A+ A.M. Best Rating and insures over 25,000 people nationwide. Furthermore, the company has an impressive average rate increase of only 0.3% which helps solidify Globe Life’s position on our list of the top 10 best Medicare Supplemental insurance providers.
Let Us Help You Find the Best Medicare Supplement Insurance Company
You may find that you want to apply for Medicare Supplement insurance through one of the 10 best Medicare Supplement companies we mentioned above, but remember, it always pays to look up different Medicare Supplement quotes before you make any decision. If you’re in your Open Enrollment Period after signing up for Original Medicare, now is the time to start looking for your Medicare Supplement policy. Even if you aren’t, we can help you find the best Medicare Supplement insurance plans for you.
We, at My Medigap Plans, are here to help you learn more about your options. Whether you need help comparing rates or understanding the coverages offered by each company, we can provide you with additional guidance you need to make a sound decision. We can even tell you more about other Medicare plan options like Medicare Advantage, can explain Part D and how it’s helpful for those with a Medicare insurance Supplement and more.
We are your number one option for getting help with Medicare Supplement plans and Medicare Advantage plans. If you live in the United States and are looking for help with signing up for Original Medicare, though, check out these helpful resources first: