There are many reasons you could be looking for the top 10 Medicare Supplement companies of 2021. Maybe you’re new to Medicare, or you’re hoping to find your company on the list. Either way, we have all the details! The information below is from consumer reports for the top Medicare Supplement insurance companies. We’ll include the companies A.M. Best Rating, S&P Rating, and the years they’ve been in the market. You can also compare Medigap plan rates side by side with all the top companies to see which one has the lowest rate in your area.
Top 10 Medicare Supplement Insurance Companies in 2021
- Mutual of Omaha- Best Overall
- Aetna- High-Quality Nationwide Options
- Cigna- Superior Customer Care
- United American- Best Enrollment Experience
- GPM- Superior Coverage Options
- TransAmerica- High Financial Strength Ratings
- Manhattan Life- Best Website Experience
- Bankers Fidelity- Best Senior Expertise
- Blue Cross Blue Shield- Best Mobile App
- Medico- Best Value
Every Medigap plan meets government standardization requirements. No matter which company you choose, the benefits are the same when the letter plan is identical. So, Plan G with Mutual of Omaha has the same coverage as Plan G with Medico. Plan N with Cigna is the same coverage as Plan N with TransAmerica.
The differences are in premium, rate increase, and the financial rating history of the carrier. Every Medigap plan allows you to go to any doctor, coast to coast. Some policies even offer international coverage. For those new to Medicare or anyone that finds the process too confusing, our agents can walk you through everything.
By comparing company ratings, hopefully, you’ll be able to determine the best carrier for you. Below we discuss the important key factors in each company; pros, cons, and everything in between.
There is no wonder why Mutual of Omaha is making the top of our list; the company has an A+ rating with A.M. Best and an AA- with S&P. Back in 1909, Mutual of Omaha enters the insurance industry.
Mutual of Omaha boasts about paying 98% of Medicare Claims within 12 hours, meaning you don’t need to worry about claim status!
Then, there are household discounts up to 12% for beneficiaries that live with someone over 60 for at least a year. There is also a spouse discount for those with a spouse that has an active Medigap policy with the same Mutual company.
Of course, discounts vary by state. Either way, you can’t go wrong when you go with Mutual of Omaha.
Imagine starting an insurance company in 1853; well, that was Aetna. The name comes from a highly active volcano in Sicily, Mt.Etna. In the ’90s, Aetna was the first to make a commercial about insurance.
Over 39 million customers rely on Aetna for Healthcare, including Medicare.
Aetna has excellent ratings from all over. A.M. Best gives them an A and S&P rates Aetna at an A+.
Aetna Medigap plans include a 12-month rate lock. Meaning, you have the same rate with no increases during the first 12-months.
Further, you can use their website to track your claims, view your coverage, and even request an ID card.
They offer a spouse discount to those who have an active Medicare Supplement policy with the same Aetna company. Aetna does offer household discounts as well; the amount varies by state.
Both A.M. Best and S&P rate Cigna at an A. Cigna began in 1792 as the first Marine insurer of the United States; during that time, it went by the name Insurance Company of North America. Now, Cigna insures people for all kinds of things, such as life, accident, health, and more.
Cigna designs policies with the thought of pre-existing conditions in mind. Many companies have strict enrollment eligibility guidelines for a Medigap policy. However, Cigna will cover customers with serious issues that most companies would reject.
Cigna offers a 7% household discount when both spouses signup for a supplemental policy, like everything else, the amounts vary by state.
Like many other companies, Cigna has an online platform that allows clients to view their policy, set up payments, update information, print ID cards, and more.
For over 40 years in a row, United American has gotten an A+ rating from A.M. Best. S&P rates the company an AA-. United American established the company back in 1947 with four core values in mind. These core values include stability, service, quality, and commitment.
Unlike most companies, United American has many clients that experience a premium reduction at some point, though premium increases are standard.
The company is most well-known for it’s High Deductible Plan F.
United American is a subsidiary of Globe Life. Much like Cigna, United American allows policy approval for beneficiaries in less than good health.
Although, those with a pre-existing condition, working with an agent is a recommendation you should heed. Agents are aware of state guidelines and underwriting rules that you won’t find online.
Working with an agent means you can quickly determine the best policy in your area; so, you save time and money!
Government Personnel Mutual Life Insurance is commonly called GPM. A.M. Best rates GPM with an A-. The company benefits policyholders. Much like Mutual of Omaha, GPM is a mutual company. Policyholders are the owners of Mutual Companies; any profits and the beneficiary earns dividend distributions or premium reductions.
GPM offers five plans; Plan A, C, F, G, and N.
There are household discounts available, talk to your agent about the amount in your state.
A.M. Best gives Transamerica an A rating, whereas S&P rates them at an AA-. The company has more than $130 billion in assets and over $460 billion in revenue-generating investments; this indicates strong financial performance by Transamerica.
Those switching to Transamerica without creditable insurance may have to wait six months for coverage on any pre-existing conditions. However, this doesn’t apply to those living in Hawaii, Ohio, or Texas.
Transamerica makes it easy for customers to view and update information, as well as print claims right from a computer.
Many clients have more than one policy with Transamerica; the company is trustworthy in both health and financial needs.
There are household discounts available.
For those looking for coverage in Puerto Rico, Manhattan is one of the few companies that operate where others don’t. Manhattan Life is one of the longest continuously serving insurance companies in America; they’ve been going since 1850.
They have a B+ rating with A.M. Best.
Also, they offer additional coverage you can add to your supplemental policy, like dental, vision, and hearing. With those plans, you can choose your providers.
Manhattan Life offers a household discount of 7% even if you live with someone over 60, as long as you lived together for 12 months.
Back in 1955, Bankers Fidelity began. They have an A- with A.M Best and an S&P rating of BBB+. The ratings come from their financial transparency and ability to meet insurance obligations.
You should know that Colonial Penn underwrites the Medicare Supplements through Bankers Fidelity. Though, you can avoid underwriting if you enroll during your Medicare Supplement Open Enrollment Period.
Bankers Fidelity isn’t available in all states, and the household discounts vary but usually fall between 5% and 10%.
Established in 1929, Blue Cross Blue Shield has over 100 million members in the United States. Overall, they insure about 1 in every 3 Americans.A.M. Best rates BCBS as an A company. S&P ratings are AA- for Blue Cross Blue Shield.
BCBS offers more than just supplemental insurance; they have dental, vision, and marketplace policies for those under 65.
You may hear people refer to this company as Anthem. In most states, the household discount is 5%.
Since the 1930s, Medico has been offering Americans quality insurance options. A.M. Best rates Medico as an A- for being a stable and affirmed company.
Medico offers a plethora of services and products such as Hospital Indemnity Coverage, Life Insurance, and Cancer Insurance. Although, if you want to add dental and vision, they can help with that too.
Medicare Supplement Plans through Medico won’t be available in all states. Also, Medico doesn’t offer household discounts everywhere it operates; however, if one is available, it ranges from 7%-12%.
How to Get Help Choosing the Top Medicare Supplement Company in Your Area
While every top carrier is competitive, it makes sense to pay more for superior customer service and financial stability. There are many top-rated medicare supplement companies to choose from in 2021, and when you use our agents, you get your cake and eat it too!
When you enroll in a policy through us, you get the benefits of a low-cost plan with elite customer service.
Our agents can access the most popular Medigap plans for you! So, instead of calling each company for a quote, you dial one agent, and they quote you on all the top carriers. Getting all your quotes in one phone call is going to save you time and money.
Are you considering buying a Medicare Supplement plan? Call our agents at the number above to get the best coverage in your area.
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