There are so many top-rated Medicare health insurance companies that finding the best one for you can seem like a never-ending process. But we’re here to help you narrow your search and make your choice.
Once you choose the Medigap policy you want, you need to select the company that will give you that coverage. In the content below, we’ll go over the top 12 Medicare insurance carriers and explain why they are so popular to those looking for Medicare Supplemental plans.
What are the Top 12 Medicare Insurance Providers?
There are plenty of top-rated Medicare insurance companies, but these are generally the most popular because of the range of coverage, options, and rates they can offer you:
- Aetna
- Anthem Blue Cross Blue Shield
- Americo
- Bankers Fidelity
- Cigna
- Humana
- Kaiser
- Medico
- Mutual of Omaha
- United American
- UnitedHealthcare
- USAA
Aetna
Aetna is reputable for its large provider networks and extensive coverage and is one of the largest Medicare carriers. They have A+ ratings through the Better Business Bureau (BBB). Also, since Aetna is financially strong, it can offer low-cost Medicare coverage options.
While this company doesn’t offer all the Medigap plans, their policies are competitive. Aetna offers Medigap Plans A, B, F, G, and N.
Even great Medicare Advantage plans through Aetna include ancillary benefits like dental, vision, hearing, and fitness memberships.
No matter which Medicare option you choose, Medigap or Medicare Advantage, Aetna has quite a few options worth comparing. Aetna even has the lowest premium Part D option, known as SilverScript.
Anthem Blue Cross Blue Shield
While Anthem Blue Cross Blue Shield is a huge insurance carrier, they only offer Medigap in California, Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri, New Hampshire, Nevada, New York, Ohio, Virginia, and Wisconsin.
Anthem has top-rated Part D plan options and offers Part C plans. Many of the Anthem Advantage plans have a 4 to 4.5-star rating.
Depending on your needs and your location, an Anthem BCBS plan could be a suitable option.
Americo
Americo has been around for over 100 years. This company is well known for its life insurance coverage, but they also offer Medicare Supplement and Annuity products. Americo has an A (Excellent) rating for A.M. Best.
There are currently 38 states that offer Americo Medigap plans. This company doesn’t currently provide Part C or Part options.
Bankers Fidelity
Bankers Fidelity, a private insurance company, has an A- (Excellent) rating through A.M. Best Company. Without a doubt, Bankers Fidelity is a leading Medigap insurance provider because of its secure financial position and client-centered philosophies.
Bankers Fidelity is commonly known to have lower costs than some larger companies, but it’s not available in all states.
While this company doesn’t offer Part C or Part D plans, they sell final expense life insurance, cancer coverage, short-term care coverage, and hospital indemnity plans.
Cigna
You’ve likely heard the name “Cigna” before; they are a popular, top-rated carrier. They’re a solid company offering low-cost Medicare options.
Cigna Medigap plans are available in 48 states, 46 of which have plan options A, F, G, N, and high deductible Plan F. Specialized policies meet those state standards in Wisconsin and Minnesota.
Cigna Medicare Supplement plans aren’t available in New York or Massachusetts.
Part D prescription drug coverage and Part C plans are available through Cigna too. The Part C and Part D plans have ratings ranging from 2.5 to 5 stars.
Humana
Starting in Kentucky, Humana has grown to be a massive competitor in the Medicare industry with an A+ rating through the BBB. Humana Medigap plans can include benefits like hearing, life alert, SilverSneakers, and vision. Although, if you want dental, you’ll need to enroll in a separate Humana dental policy.
Humana offers Medicare Supplement insurance in all 50 states. All Medigap plans are available with this company apart from Plan D and Plan M.
Regarding Medicare Advantage, Humana has 4-star ratings for nearly all their Part C plans, and this company is the second-largest Part C insurance company. Did you know Humana offers plans in 85% of counties?
If you choose Humana, you might be overwhelmed with all the ancillary benefits and perks, but it’ll be worth it.
Kaiser
The company, Kaiser Permanente, is best known for its 5-star Medicare Advantage plans. Customer satisfaction rates are high with this company. Too bad it’s only available in 8 states and Washington D.C.
While the premiums might be higher, the cost of care is affordable. You can manage your health records and insurance through the same online portal.
The biggest pitfall is the limited flexibility on where you get your care or the high cost of an HMO-POS. Kaiser doesn’t currently offer Medigap or stand-alone Part D plans.
Medico
Since 1930, Medico has provided insurance products. Available in 25 states, Medico can seem like a small company, but the benefits are just as great as the other top carriers. Medico has an A+ rating through the BBB.
If you have a pre-existing condition and are applying for coverage outside your Medigap Open Enrollment Period, there is no pre-existing condition waiting period with Medico.
Currently, Medico doesn’t offer Part C or Part D benefits. But Medico does offer dental, vision, and hearing plans.
Mutual of Omaha
Providing Medigap insurance since the beginning of Medicare, Mutual of Omaha (MOO) is one of the best Medigap carriers overall, with A+ (Superior) ratings through A.M. Best.
Many choose this company by offering lower premiums than other plans with the same benefits. Medigap plans from MOO are available in 47 states; however, Mutual of Omaha doesn’t offer Part C plans.
United American
For over 40 years, United America has kept an A rating from A.M. Best. United American offers ten different Medigap plans in 49 states. Policies in New York are sold through First United American Life Insurance Company.
Those with health issues may find United American a good fit; it’s best to consult an agent to ensure possible eligibility. But this company will consider someone with atrial fibrillation or one hospitalization in the last year, plus more.
United American doesn’t sell Medicare Advantage or Prescription drug plans.
UnitedHealthcare
The AARP and UnitedHealthcare plans have the largest group of customers in the country. A.M. Best gives this company an A (Excellent) rating.
This company has 11 Medigap plan options, but not in every state. While the coverage isn’t always the lowest monthly premium, it could be in your area.
Most of the UnitedHealthcare Advantage members have a 4-star or higher plan. The Part D plans available are even top-rated. Part C and Part D are available in all 50 states and 74% of counties.
If you find a UnitedHealthcare plan you like, this is a sound company with top ratings.
USAA
The United Services Automobile Association founded USAA and made it one of the largest and top Medicare companies in terms of revenue. This company offers families that served in the United States military banking, investing, and insurance.
USAA plans are available to those that have served or are currently serving in the United States Armed Forces. This company is an A-rated carrier.
Plan N and Plan F are offered in most states. Customer experience is one of the most significant selling points of this company.
Prices can run higher than some of the other top carriers, so comparing plans side by side can help you determine your best option.
FAQs
Who is the largest Medicare Advantage provider?
The answer to this is UnitedHealthcare. While UnitedHealthcare doesn’t offer Medigap plans in every state, it does service all 50 states with Medicare Advantage and prescription drug plans.
What is the most popular Medigap plan?
Plan F is extremely popular among Medicare beneficiaries because it is the most comprehensive Medicare supplement available. However, you have to have been eligible for Medicare no later than January 1, 2020, to take advantage since it has been phased out going forward for new users. Plan C is also being discontinued along with Plan F.
Plan G is the most popular plan for all people eligible for Medicare and covers the same out-of-pocket costs as Plan F except for the Medicare Part B deductible.
Is Medicare Plan G worth it?
The short answer is yes. It is pretty comprehensive coverage and the best thing currently available to all new Medicare beneficiaries. Plan G will carry an additional monthly premium but eliminate many co-pays that can pile up as you get older or your health unexpectedly declines.
What do Medicare Supplement Insurance Plans cover?
Medicare Supplement policies pick up the leftover cost-share from Medicare Part A and Medicare Part B. Depending on the health plan you choose, these benefits could be included:
- Medicare Part A deductibles
- Medicare Part A coinsurance
- Medicare Part A copayments
- Medicare Part B deductible
- Medicare Part B coinsurance
- Medicare Part B excess charges
Some plans also include the extra benefit of a foreign travel emergency benefit.
How to Find the Top Medicare Carrier
As you can see, many Medicare Supplement insurance companies offer great plans, rates, and options regarding your health care coverage. But it can still seem daunting to make a crucial decision like this.
The easiest way to find the company with the right plan for you regarding Medicare Advantage or Supplement coverage is with the help of a licensed insurance agent. An insurance agent may even find a way you’re eligible for a Special Enrollment Period!
Our agents offer their expertise to you free of charge, so call us today or fill out our online rate form to get connected with the best rates and plans in your area.
The post Top 12 Medicare Insurance Carriers for 2023 appeared first on Medigap.com.
from Medigap.com https://www.medigap.com/faqs/top-medicare-insurance-carriers/
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