10 Best Medicare Supplemental Insurance Companies 2024
When comparing the 10 best Medicare Supplemental insurance companies for 2024, it is essential to note that Medicare standardizes all plans offered by Medigap insurance companies for those with Medicare Part A and B. Therefore, each company’s difference will not lie in the coverage they provide but in other factors such as pricing, reputation, and customer service.
Key takeaways:
- Florida Blue offers some of the best rates to Florida residents on Medigap Plan G.
- Prosperity offers the lowest rates for Medicare Supplements and has a low rate increase history in recent years.
- Aetna/CVS provides excellent prices and customer service for their Medicare Supplements. They also offer the option to “bundle & save” on final expense life insurance and Medicare Supplements.
- Mutual Of Omaha has highly rated Medicare Supplement plans with great rates depending on the area. They are known for their life insurance as well.
- New Era offers fantastic Medicare Supplement rates but has received complaints regarding customer service and policy information changes.
- Manhattan Life has affordable rates for Medicare Supplements and has been a trusted leader in the industry since 1992.
Pro Tip: Before selecting a Medicare Supplement insurance company, it is recommended to thoroughly review and compare the coverage options, pricing, and customer satisfaction ratings of different providers to find the best fit for specific needs and preferences.
1. United Healthcare
Average Medigap Plan G cost: $136-$350
When talking about Medicare Supplemental insurance providers, it’s almost impossible not to mention United Healthcare. They are the biggest provider of Medicare Supplement plans in the country and have established themselves as one of the top companies in the industry. Their clients report extremely high satisfaction rates, and they have one of the lowest client turnover rates in the industry. They have the largest number of insureds and offer stable and competitive rates. Additionally, their innovative partnership with AARP has helped to create brand awareness, build member trust, and offer extra benefits like gym and fitness programs within their product offering.
Pros
- Nine plans are offered but can vary by state.
- Plans offered in all 50 States
- Age 50-64 plans available in 34 states
Cons
- An AARP Membership is required to purchase a plan
Included with Medicare Supplement plan purchase
- 12-month rate guaranteed offered in 41 States
- Gym Membership through Renew Active in 43 States
- AARP Vision Discounts provided by EyeMed in 49 States
- AARP Hearing Solutions Provided by UnitedHealthcare Hearing in 49 States
- Dentegra Dental Discount available in 49 states
- 24/7 Nurseline is available in all 50 states
Discounts Available
- Electronic Funds Transfer Discount
- Annual Payer Discount
- Multi-Insured Discount
Add on Plans Available
- Stand-alone prescription drug plans(PDP) available in all 50 states
- Dental, Vision, and Hearing Plans are available in 14 States
| Medigap Plan Type | Texas | Florida | Illinois | Pennsylvania | California | New Jersey | Average Rate |
|---|---|---|---|---|---|---|---|
| Plan N | $128.54 | $168.72 | $136.16 | $135.70 | $130.96 | $148.88 | $141.49 |
| Plan G | $150.04 | $197.41 | $146.38 | $159.19 | $154.96 | $174.32 | $163.72 |
| Plan F | $197.31 | $241.46 | $191.06 | $212.41 | $198.80 | $211.60 | $208.77 |
| High Deductible Plan G | n/a | n | n/a | n/a | n/a | n/a | n/a |
United is a prominent Medicare Supplemental insurance provider with extensive availability and a significant market share. United’s broad reach ensures that beneficiaries nationwide have access to their plans, making it a popular choice.
Alongside its widespread presence, United has gained a substantial market share due to its reputation and comprehensive coverage options.
United Healthcare Medicare Supplement plans offer a variety of features designed to complement your original Medicare benefits. These features include coverage for copayments, coinsurance, and deductibles that Medicare Parts A and B don’t cover.
Some plans also offer out-of-pocket maximums for added financial protection. Additionally, coverage is guaranteed renewable, meaning it won’t be canceled due to health conditions or age, as long as premiums are paid.
Lastly, the flexibility of these plans allows you to visit any doctor or hospital that accepts Medicare, with no referrals needed for specialist visits.
2. Mutual of Omaha
Average Medigap Plan G cost: $126-$250
Mutual of Omaha, a highly-regarded insurance company, offers Medigap, also known as Medicare Supplement insurance. This insurance is designed to cover healthcare costs not covered by original Medicare, such as deductibles and co-payments.
One critical benefit of Mutual of Omaha is a household discount on Medigap policies. If you and another member household member have a Medigap policy from Mutual of Omaha, you may be eligible for this discount.
It’s a valuable way to save on premium costs while ensuring comprehensive health coverage. Please note eligibility and discount amounts can vary by state and policy.
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, it 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.
3. Cigna
Average Medigap Plan G cost: $116-$170
Cigna – This well-established insurance provider has a long history of providing exceptional customer service. According to a J.D. Powers survey, 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.
Furthermore, the company solidifies itself as one of the best Medicare Supplement insurance companies for 2024 by being one of the only Medigap insurance providers offering a 30-day money-back guarantee on their plans.
4. Aetna
Average Medigap Plan G cost: $122-$173
Aetna – Starting as a life insurance provider, Aetna has become one of the most beloved Medicare Supplement plans by recipients nationwide. By allowing 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.
5. Florida Blue
Average Medigap Plan G cost: $198-$235
Florida Blue – Offering various options, such as Plan A, B, C, D, F, G, K, L, M, and Plan N, Florida Blue is considered one of the ten best Medicare Supplemental insurance companies. The company has an outstanding reputation for providing reliable healthcare and 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.
6. Humana
Average Medigap Plan G cost: $165-$270
Humana, a reputable insurance provider, is highly trusted due to its excellent customer service. However, it is essential to note that their rates may be slightly higher than other competitors. Despite the higher rates, Humana’s commitment to customer satisfaction sets them apart from other companies in the industry.
They prioritize delivering exceptional service and support to their policyholders, ensuring their healthcare needs are effectively met.
In addition, Humana has a strong track record of reliability and dependability, which further enhances its reputation as a trusted insurance provider.
While their rates might be slightly higher, customers can be assured they will receive top-notch service and comprehensive coverage. It is suggested that potential policyholders carefully consider their budget and healthcare needs when evaluating the cost of Humana’s plans.
7. Prosperity
Average Medigap Plan G cost: $118-$171
In 2024, Prosperity stands out as one of the best Medicare Supplemental Insurance companies. Here are some highlights of the company and its Medicare Supplement plans:
- Competitive Pricing: Prosperity offers affordable Medicare Supplement plans that provide comprehensive coverage without breaking the bank.
- Flexible Plans: Prosperity offers a variety of Medicare Supplement plans to cater to different needs, allowing individuals to choose the coverage that best suits their healthcare requirements.
- Strong Financial Stability: With a solid financial foundation, Prosperity can provide reliable coverage and ensure the longevity of its Medicare Supplement plans.
- Excellent Customer Service: Prosperity prides itself on delivering exceptional customer service, promptly addressing policyholder inquiries, and providing support throughout the claims process.
- Additional Benefits: Besides the standard Medicare Supplement coverage, Prosperity may offer extra benefits such as fitness programs, wellness incentives, and telehealth services to enhance the healthcare experience.
Furthermore, Prosperity is known for continuously innovating its Medicare Supplement plans to adapt to the evolving healthcare landscape, ensuring that policyholders receive optimal coverage tailored to their needs.
Importantly, Prosperity is committed to transparency and provides transparent information about its plans, coverage, and costs. This helps individuals make informed decisions about their Medicare Supplement insurance options.
It is worth noting that Prosperity has a long history of serving seniors and individuals with Medicare, consistently providing reliable coverage and excellent customer service. This commitment to serving policyholders has earned Prosperity a trusted reputation in the industry.
8. New Era
Average Medigap Plan G cost: $119-$173
Key points to note:
– Competitive Rates: New Era provides Medicare Supplements at affordable rates, making it a cost-effective option for seniors looking to enhance their healthcare coverage.
– Comprehensive Coverage: Their supplements offer a wide range of benefits, including coverage for deductibles, coinsurance, and copayments, giving policyholders peace of mind.
– Limited Plan Options: New Era might provide fewer plan options than other companies. Seniors should carefully evaluate their healthcare needs and ensure that New Era’s offerings meet their specific requirements.
It’s worth considering New Era as an affordable option for Medicare Supplements, but prospective policyholders should carefully review the network limitations and available plan options to make an informed decision.
9. Manhattan Life
Average Medigap Plan G cost: $141-$189
Manhattan Life, a well-established player in the Medicare Supplement industry, is widely recognized for its trustworthiness and competitive rates. Their reputation as a trusted leader is built on their commitment to providing high-quality coverage and affordable pricing options.
With Manhattan Life, beneficiaries have the assurance of comprehensive Medicare Supplemental insurance at a great value.
Take advantage of the opportunity to secure reliable coverage with Manhattan Life’s competitive rates.
10. Lumico
Average Medigap Plan G cost: $121-$159
Lumico: A Comprehensive Overview of Affordable Medicare Supplement Plans
Lumico, an esteemed Medicare Supplemental insurance provider, introduces an extensive range of cost-effective plans tailored to address the specific needs of Medicare beneficiaries. With a Semantic NLP perspective, this article offers an informative analysis of Lumico’s low-cost Medicare Supplement options.
Lumico, known for its commitment to delivering outstanding health coverage, stands out with its diverse selection of Medicare Supplement plans. These plans are designed to fill the gaps in Original Medicare, offering policyholders peace of mind and financial security.
In addition to offering essential benefits such as hospital and medical coverage, Lumico’s Medicare Supplement plans allow policyholders to see any healthcare providers in the Original Medicare network. Lumico policyholders can receive high-quality medical care from trusted professionals without compromising affordability.
Moreover, Lumico prioritizes customer satisfaction by providing exceptional customer service and support. Policyholders can rely on Lumico’s responsive team to address inquiries, clarify doubts, and guide them through the claims process. This emphasis on effective communication and personalized assistance sets Lumico apart from its competitors.
Conclusion
The top 10 Medicare Supplemental insurance companies offer extensive coverage and reliable services. These companies have proven to provide exceptional benefits and customer satisfaction. Their comprehensive plans and competitive rates ensure that individuals have access to the necessary healthcare coverage.
Moreover, their strong financial stability and excellent reputation make them reliable choices for Medicare beneficiaries. They prioritize customer needs and provide tailored solutions that enhance their healthcare experience. Overall, these companies are committed to delivering high-quality support and coverage to individuals seeking supplemental insurance for Medicare.
Methodology
A detailed and comprehensive methodology was used to determine the top 10 Medicare Supplement insurance companies. This approach involved thorough research and analysis based on various criteria. Here is an overview of the methodology used:
- Evaluation of Financial Stability: Each company’s financial strength and stability were assessed, considering factors such as their credit ratings and years in operation.
- Customer Satisfaction: Surveys and customer feedback were utilized to gauge the satisfaction levels of policyholders. This included assessing the quality of customer service, claims handling, and overall customer experience.
- Coverage Options: The range of coverage options each company offers was considered. This involved examining the extent of coverage provided for Medicare Part A and Part B deductibles and additional benefits such as prescription drug coverage.
- Pricing and Affordability: The affordability of premiums and the transparency of pricing structures were considered. This involved analyzing premium rates, rate stability, and any available discounts.
- Industry Reputation: Each company’s overall reputation and credibility within the insurance industry were considered. This involved reviewing industry rankings, accreditation, and any regulatory actions or complaints filed against the company.
FAQs:
The top 10 Medicare Supplement insurance companies were selected based on rates, customer service, customer reviews, and rate increase history. Each company was evaluated on these criteria to determine their ranking.
Yes, every Plan G Medicare Supplement plan is identical to every other Plan G, regardless of the company offering it. The only differences between companies are the price and customer service, as they compete primarily on these factors.
No, not all top Medicare Supplement companies offer coverage in every state. It is essential to check which states each company operates in before deciding. Some companies, like Prosperity, may have limited coverage areas.
Prosperity has been found to have the lowest rates for Medicare Supplements among the top companies. Their competitive pricing can save individuals hundreds of dollars annually on their Medicare Supplement insurance.
While many top Medicare Supplement companies focus on offering competitive rates and quality customer service, others like Aetna and Prosperity provide additional benefits. These benefits may include bundling final expense life insurance with Medicare Supplements or ancillary health insurance products for extra coverage.
Yes, customer reviews are one of the criteria used to determine the ranking of the top Medicare Supplement companies. These reviews provide valuable insights into each company’s overall customer satisfaction and experience.
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