5 Medicare Supplement Insurance Companies in 2020

4 min


Medicare is a valuable healthcare resource for seniors in our country. We must stress this: It does not cover all of the healthcare costs. But it is a good way to prepare yourself for the future. It is a one way seniors can plan ahead for unexpected costs. Customers pay a monthly premium for insurance that can lower their costs in the future.

For example, a Medicare plan can cover for deductibles, hospital stays, copays, doctor’s appointments, and more. All of these costs can come unexpectedly. And it is good to prepare for such costs in the future.

Understanding the Basics of Your Medicare Supplement Insurance

Medicare supplement insurance is a type of insurance. Because of this, the policies might contain terminology and stipulations that sound and look confusing. We want to help you understand the basics easily.

Are you eligible? You can purchase a Medicare supplement insurance if you have the original Medicare, Parts A and B. Seniors with Part C or Medicare Advantage cannot purchase Medicare Supplement Insurance.

The insurance is private and provided to consumers by private insurance companies. The government does not provide Medicare Supplement Insurance. Yet, the federal and state government regulate the plans that you can buy. Insurance companies can decide which plans they offer.

All the plans are standardized and come with the same basic benefits. Yet, some companies like Medisupps offer extra benefits so that you choose them. But Part A from one company has to cover all the basic things as Part A from a different company.

Medigap is just another popular term for Medicare Supplement Insurance. Plan types are different. We said plans have to contain the basic benefits. But companies also offer other plan types to attract customers. There are three basic types of plans, high deductible, select plans, and innovative plans.

With a high deductible, you pay lower monthly premiums, but a higher annual out-of-pocket spending gap. Select plans force you to choose from a smaller network of preapproved facilities and doctors. But the premiums are much lower. The difference is that with other Medicare plans you can choose to visit any doctor accepting Medicare.

And with innovative plans, you pay a higher premium than standard plans. But you get benefits like vision coverage, dental coverage, and much more.

What are the most popular standardized Medicare Supplement Plans?

We mentioned before that companies sell standardized plans. Part F from one company has the same benefits as Part F from another company. But the financial ratings, rate increase histories, and some other factors are different.

There are more than 10 different plans out there. But the three most popular are Part F, Part G, and Part N. These offer the most comprehensive coverage.

Part F comes with the highest premium. Part G follows and then Part N. Because these three offer the most benefits, customers usually decide between one of the three.

Top 5 Companies in 2020

Mutual of Omaha

The company has the longest experience in Medicare Supplement plans. They work with Medicare from the beginning. And they have several subsidiary companies. Because of that, you will get a policy under the name United of Omaha or another subsidiary name. It depends on the state where you live.

Mutual of Omaha has an A+ rating. The company allows policyholders to create a personal account on their website to pay bills, change billing options, but also view an explanation of benefits.

The company is in the business since 1990 and offers high quality and in-depth information on their website. The only downside is that you can choose only between three Parts, G, N, and A. There is no mobile application. You can contact the company on their website online or over the phone.

Humana

Humana has more than 13 million customers nationwide. It is one of the most-respected insurance providers in the industry. Founded in 1961, Humana is the third-largest health insurance provider in the US.

They offer a variety of health insurance products. They have Parts A, B, C, F, HD-F, K, L, N, and more. They also provide plans for states with specialized requirements. Humana offers discounts on eye exams, glasses, massage therapy, weight-loss programs, and more.

With a simple online tool, you can easily find out which plan is available in your location.

AARP

The best part about AARP is that they offer a user-friendly and interactive website. You can also get easy access to further contact in-person with a representative. AARP is a nonprofit and nonpartisan membership organization that helps people over 50. They provide a variety of services and information for retirees and other seniors.

The company covers Parts A, B, C, F, G, K, L, and N. Enter your ZIP code and you will get pricing information.

The downside of the company is that you have to join AARP to enroll in the plans. Regarding in-person appointments, you can schedule one. But check with offices in your location and the current Covid-19 protocols.

Cigna

Innovating since 1982, Cigna offers competitive monthly premiums. It is a top choice for Medicare Supplement Plans. They have an A rating. Cigna is a Fortune 500 company involved in many levels of health care.

They provide Medicare Supplement Insurance in 38 states. The downside is that not all plans are available in all areas. It depends on state regulations.

On the plus side, some of their plans offer international coverage. The company sells parts A, B, C, D, F, HD-F, G, and N. They also offer guaranteed renewal, except for nonpayment.

Aetna

Founded in 1853, Aetna serves more than 40 million customers in the US. The company offers a diverse selection of insurance plans. Working with Medicare for more than 50 years, Aetna proved as a company that puts the customers first.

Aetna has a history of giving back to communities after natural disasters and often contributes to charitable causes. The company goes the extra mile to simplify the process of getting what you need.

They offer the most common parts like A, B, F, HD-F, G, and N. You can get one in any of the 42 states. But not all plans are available in all locations. Use the online tool to see which plan you can get.

How to find the best Medicare Supplement Plan for you?

You can research plans and coverages all day long. But you have to pay attention to special benefits depending on the state, costs, and more factors.

But before you start, determine whether you are eligible to get a Medicare Supplement Plan. Generally, when you approach your 65th birthday, you can sign up for Medicare.

Look for companies providing coverage plans depending on your state and ZIP code. In some states, like Minnesota, Wisconsin, and Massachusetts, companies offer different policies.

Determine which aspects of the coverage are important to you. Do you have concerns about out-of-pocket copays? Or do you have a preexisting condition? All plans come with the same basic benefits. But premiums can vary, and each policy comes with additional benefits.

Compare the differences in cost among different plans. And learn the factors that affect pricing. And once you find a plan that works for you, sign up.

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