When you reach the age of 65, you’re faced with an important decision regarding your healthcare insurance. You spent your entire working career paying into Medicare, now it’s time to reap the benefits. Not only is it time to enroll in Original Medicare, but it’s also time to enroll in Medigap.
You know what letter plan you want, now you need to choose the carrier you want. We’ve put together a list of the 10 best supplemental insurance companies for Medicare in 2020.
The below information is based on consumer reports for the best Medicare Supplemental insurance companies.
We’ll include the companies A.M. Best Rating, S&P Rating and the years they’ve been in the market. A.M. Best Rating is known to be one of the top resources used in the insurance industry to rate an organization’s financial strength and quality. S&P is also a top resource that provides market intelligence in the form of credit ratings and thought leadership.
10 Best Medicare Supplemental Insurance Companies in 2020
- Manhattan Life Medicare Supplements
- Transamerica Medicare Supplements
- United Healthcare Medicare Supplements
- Blue Cross Blue Shield Medicare Supplements
- Anthem Medicare Supplements
- Mutual of Omaha Medicare Supplements
- Aetna Medicare Supplements
- Cigna Medicare Supplements
- United American Medicare Supplements
- Bankers Fidelity Medicare Supplements
It’s also important to know what Medigap pricing method a company uses to determine the cost of your Medicare Supplement plan.
By comparing their ratings & pricing method, you’ll be able to find the best company to purchase your Medigap plan of choice. Rating methods vary across the carriers and your location.
Important Information to Know When Comparing Medicare Supplement Insurance Companies
All plans are standardized. This means that regardless of the company you go with, the benefits per letter plan will be the same. With that said, it’s important to keep in mind that rate increases and financial rating history may differ. If you’re new to Medicare, ask your agent to help you find a company with both low rate increases as well as good overall ratings.
Most Popular Medigap Plans Will Change in 2020
Due to MACRA, there are many changes coming to Medicare in 2020. Popular plans like Plan F & High-Deductible Plan F will no longer be available to new beneficiaries. However, if you were considered eligible for Medicare prior to 2020, you’re still eligible to enroll in first-dollar coverage plans.
A new plan to consider that’s being introduced in 2020 in High-Deductible Plan G. So when comparing the 10 best Medicare Supplement companies, the most popular plans to look at for this eligible for Medicare prior to 2020 are Plan F, Plan G, & Plan N. For those not eligible for Medicare until after 2020, the most popular plans to compare are Plan G, High-Deducible Plan G, and Plan N.
Manhattan Life Medicare Supplement Plans in 2020
Manhattan Life offers a household discount of 7%. Even if you just live with someone who is over 60 years old, you can apply for a discount as long as you lived together for 12 months. They have a B+ rating with A.M. Best. They also offer additional coverage you can add to your supplemental policy, like dental, vision, and hearing. With their dental, vision, and hearing plans, you can choose your own providers.
They allow agents to submit your application online with an e-app, which makes it much easier for the beneficiary. They also allow you to apply up to 6 months before your Open Enrollment Period and don’t have a pre-existing waiting period.
Transamerica Medicare Supplement Plans in 2020
Transamerica makes it easy for customers to view and/or update their insurance policies information, as well as print claims right from their computer. They have strong financial ratings, as well as a superior rating from A.M. Best.
They also allow you to apply up to 6 months before your Open Enrollment Period. If you choose to switch to Transamerica without creditable coverage outside your OEP, you may have to wait 6 months for coverage on any pre-existing conditions. However, this does not apply to those living in Hawaii, Ohio, or Texas.
United Healthcare Medicare Supplement Plans in 2020
United Healthcare is one of the most popular and well known Medicare companies. Especially since they co-branded with one of the most respected senior organizations.
Many employers offer group coverage through United Healthcare. United Healthcare allows beneficiaries to enroll up to 3 months prior to their Open Enrollment Period. They do offer a household discount, but both members must have the same AARP membership number and both have a policy with the same type of coverage.
Blue Cross Blue Shield Medicare Supplement Plans in 2020
Another very popular company is Blue Cross Blue Shield. With an A+ A.M. Best Rating as well as an A+ with S&P, they’ve been in the insurance market for 51+ years.
Blue Cross Blue Shield offers its members 24/7 access to their policy information through their website. They offer letter plans A, F, G, K, L, & N. The post popular plans beneficiaries choose are Plan F, Plan G, and Plan N.
Anthem Medicare Supplement Plans in 2020
Anthem has been around since 2004. They’re given an A rating by A.M. Best and an AA- by S&P. They’re part of BCBS, but their Medicare Supplement policies are sold separately. Anthem includes SilverSneakers as an added benefit for their policyholders.
Anthem offers these plans to residents in the states listed here.
Mutual of Omaha Medicare Supplement Plans in 2020
With an A+ superior rating from A.M Best company as well as AA- from S&P, Mutual of Omaha Medicare Supplement plans are next on the list. They’ve been in the insurance industry since 1909.
You might see that your policy is listed under United of Omaha, or another subsidiary name. They offer a household discount to those individuals who reside with a spouse or domestic partner of any age, or to those individuals who have resided with another adult who’s at least 60 years old for a minimum of one year.
They also offer a spouse discount as long as that spouse has an active Medicare Supplement policy with the same Mutual company.
Aetna Medicare Supplement Plans in 2020
Aetna has been around for over 13 years. They have an A.M. Best A rating and AA- with S&P. You can learn more about the Aetna Medigap plan options here.
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.
Cigna Medicare Supplement Plans in 2020
Cigna is known for its conservative rate increases and an A rating with A.M. Best Company. They’ve been around since 1982. They offer an easy to use online platform for their customers to view benefits and claims.
United American Medicare Supplement Plans in 2020
Established in 1947, United American has maintained an A+ rating with A.M. Best and an A+ with S&P.
Bankers Fidelity Medicare Supplement Plans in 2020
Bankers Fidelity Life Insurance Company was found in 1955. They’ve held a steady rating with A.M. Best of an A-. They love working with beneficiaries, and it shows through their great support team.
One of the many reasons they’re so popular is because they offer guaranteed renewable coverage. They also offer a spouse discount as long as the spouse has an active Medicare Supplement policy with the same Bankers company.
Compare the Best Medigap Insurance Companies for 2020
We hope you’ve found this information helpful as you navigate all your Medigap carrier options. When you work with MedicareFAQ, you’ll never have to worry about dealing with big call centers. You can call our Client Care Team with any problems with claims, questions, or concerns.
We can compare quotes in your area with no obligation to sign up. Call or click here to compare Medigap quotes online today!