What Are the Best Medicare Supplement Insurance Companies?
- These top 10 insurance companies offer Medicare Supplement Insurance (also called Medigap) in most states. Learn about each company and the plans they offer so that you can compare plans and find the best coverage for your needs.
Ranking the top 10 Medicare Supplement Insurance companies can be difficult for two reasons.
- First, Medicare Supplement plans – also called Medigap – offer benefits that are standardized in every state except for Massachusetts, Minnesota and Wisconsin. This means each company’s plans pay for the same out-of-pocket Medicare costs as the same types of Medigap plans sold by other companies.
- Second, Medicare Supplement plan prices and plan selection can fluctuate from one company to another and from one location to the next, so the “top” company in one city or state might be different from the top company in another location.
With all that said, we’ve compiled a list below of 10 Medicare Supplement Insurance companies that all meet the following criteria:
- Serve a high number of beneficiaries
- Sell plans in most states
- Offer a diverse selection of plans
Any company that can check all 3 of those boxes should be considered among the top Medigap companies in the U.S. So without further ado, here are 10 of the top Medicare Supplement Insurance companies (in no particular order).
UnitedHealthcare is one of the top two largest insurance companies in the world.1 The company offers 9 of the 10 standardized Medigap plans that are available in most states, including the popular Plan F and Plan G.
UnitedHealthcare provides Medicare Supplement Insurance plans through a partnership with AARP, making the company a trusted source of coverage for millions of older adults.
Anthem Blue Cross Blue Shield
Anthem Blue Cross Blue Shield and their associated family of brands offer 7 different Medigap plans in various locations throughout the U.S., and as one of the nation’s largest health insurers, beneficiaries have access to the plans nearly everywhere.
Blue Cross Blue Shield is one of the most recognized brands in the insurance industry with Medicare Supplement plans that are accepted by any doctor, hospital and provider who accepts Medicare.
Aetna sells 7 Medigap plans and serves customers in 44 states. Aetna is among the oldest health insurance companies around, with a long history of satisfied customers.
Aetna recently merged with CVS Health, so plan members can pair an Aetna Medigap plan with an Aetna Part D prescription drug plan to utilize one of the largest pharmacy networks in the U.S.
Humana has a consistent model for its Medigap policies, selling the same 8 plans across 47 states.
Humana offers some additional perks to its Medigap plan members in certain markets, such as memberships to fitness clubs and discounts on prescription drugs and other products and services.
Cigna’s discount offers can help beneficiaries enroll in Medigap plans at affordable premiums.
The company offers 4 different Medigap plans, and the selection is diverse enough to offer something for just about everyone. Cigna also has multiple mobile apps for the more digitally savvy seniors, which can help with everything from checking on the status of a Medicare claim to paying monthly premiums.
Cigna has been in business since 1792, making it an easy company to trust.
Mutual of Omaha
Mutual of Omaha offers 3 Medigap plans, and all 3 options are among the more popular plans around, and the company sells policies in all 50 states and Washington D.C.
Mutual of Omaha has been in the Medicare market since Medicare was first established, and because the company also sells other types of policies such as life insurance and long-term care coverage, members can benefit from a more bundled approach.
Manhattan Life sells 5 Medicare Supplement Insurance plans, including the popular Plan F, Plan C and Plan G. The company also sells a variety of other insurance products, including a dental, vision and hearing package that can be paired with a Medigap plan to give you some extra benefits that Original Medicare (Medicare Part A and Part B) doesn’t typically cover.
Bankers Fidelity is unique because unlike the other insurance companies on this list, all of Bankers Fidelity insurance plans are designed specifically for seniors. Many consumers like the senior-focused style of Bankers Fidelity in addition to the 8 Medigap plans offered by the company.
Transamerica employs close to 8,000 people in the Americas is over 100 years old.
Medico offers 4 Medigap plans serving beneficiaries in 25 states, with a number of various discounts that may be available depending on where you live. The company supplements its Medigap selection with a lineup of related products such as short-term care insurance, hospital indemnity insurance and more.
Choosing a Medicare Supplement Insurance Company
Not every insurance company sells Medicare Supplement Insurance in every state. And even each company’s plan selection can vary within the states it does serve. Choosing a Medicare Supplement Insurance company begins with choosing one that serves the area in which you live.
After identifying which companies sell plans in your location, the next step is to determine which Medigap plan is right for your needs. Learn the benefits of each type of plan and decide where you need the most coverage.
Next, compare prices. One company’s Plan G might cost more than another company’s Plan G despite the two options both offering the same coverage. Also be sure to check out any discounts available from each company.
Lastly, consider factors such as an insurance company’s financial strength ratings, customer service reviews and overall reputation to ensure you can trust them with your business.
Working with a licensed insurance agent or Medicare insurance broker can also help you sort through your options and answer your questions before guiding you through the enrollment process once you find a plan you like.
AM Best Information Services. (Jan. 4, 2021). AM Best Ranks UnitedHealth Group and Allianz as World’s Largest Insurers. http://news.ambest.com/PressContent.aspx?altsrc=2&refnum=30256.