When shopping around for the best Medigap policy available to you, it’s helpful to be familiar with the top 10 Medicare Supplement insurance companies in 2021. Whether you’re new to Medicare or are now considering supplemental coverage a few years after enrolling, we’re here with the information you need to make the best decision!
For a company offering Medigap to be one of the best, we must consider several elements. These measures include consumer reports, AM Best rating, Standard and Poor (S&P) rating, and the company’s number of years in the market. Knowing about these carriers’ reputations will help when you compare Medigap rates to find the best plan for your budget.
Top 10 Supplemental Medicare 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
- UnitedHealthcare – Wide Variety of Plan Options
- Manhattan Life – Best Website Experience
- Bankers Fidelity – Best Senior Expertise
- Blue Cross Blue Shield – Best Mobile App
- Medico – Best Value
The above are the top 10 most well-known companies offering Medicare Supplement policies. Every Medigap plan meets government standardization requirements. No matter which company you choose, the benefits are the same when the plan is identical. So, Plan G with Mutual of Omaha offers the same coverage as Plan G with Medico. Plan N with Cigna has the same coverage as Plan N with UnitedHealthcare. Additionally, all Medicare Supplement plans allow you to go to any doctor accepting Medicare assignment – which is the majority of doctors, coast-to-coast.
Thus, while comparing options, you may wonder why your premium rate quotes vary between carriers for the same letter plan. In the case of Medicare Supplement plans, many factors affect what you’ll pay each month. Demographic information – such as age, location, and tobacco use – affect Medigap premium prices. Indeed, the carrier offering the plan also influences rates across the board.
Each of the top 10 Medicare Supplement carriers on the list above is a private insurance company, which is the only type of entity that offers Medigap policies. These companies have various financial ratings and rate increase histories, both of which have a role in determining what you’ll pay each month. Due to the impact of the company you choose for your Medigap plan, research is crucial.
What Are the Best Rated Medicare Supplement Companies in 2021?
Now that you’re familiar with the top 10 well-known Medicare Supplement companies, we’ll let you know which five are the highest rated. There are several official types of ratings for insurance companies but in this article, we’ll focus on the AM Best and S&P ratings. A high rating with both of these agencies indicates a company’s financial stability and offering of high-quality insurance products.
Mutual Of Omaha: Best Rated Medicare Supplement Company
It’s clear why Mutual of Omaha (MOO) is at the top of our list. This company has an A+ rating with AM Best and an AA- rating with S&P. Established in 1909, Mutual of Omaha has been a household name for over a century. They pay 98% of Medicare claims within 12 hours, saving clients the hassle of worrying about claim status.
Plus, Mutual of Omaha offers more than just Medigap plans. You can also enroll in a Part D prescription drug plan or purchase long-term care insurance through MOO. Household discounts make it beneficial to choose MOO if your spouse already has an active Medigap policy with this company.
Aetna: Highly Rated Company for Medigap Plans
One of the most established insurance companies, Aetna was founded in 1853. Over 39 million customers rely on Aetna for health care, including Medicare. Aetna has excellent ratings all around; an A from AM Best and an A+ from S&P underscore the reasons for this company’s longevity.
Aetna Medigap plans include a 12-month rate lock. Meaning, you have the same rate with no increases during the first 12 months. They also offer a household discount in some states.
Cigna: A Top-Rated Carrier for Medicare Supplement Plans
The Insurance Company of North America (INA) began in 1792 as the first Marine insurer of the United States. INA would eventually become the company we know today as Cigna, one of the most renowned health insurance carriers offering Medicare Supplement policies. Both AM Best and S&P rate Cigna at an A. This company also offers a 7% household discount in select states.
United American: A Medigap Carrier with High Ratings
United American Insurance Company was founded in 1947. The company maintains an A+ rating from AM Best and has done so for over 40 years. S&P’s rating for United American is AA-. The company is most well-known for its High Deductible Plan F. United American is a subsidiary of Globe Life.
Government Personnel Mutual Life Insurance: A Best-Rated Medicare Supplement Carrier
Government Personnel Mutual Life Insurance is commonly called GPM. AM Best rates GPM with an A-. GPM offers five plans; Plan A, C, F, G, and N. Household discounts are available through this carrier as well – talk to your agent about the amount in your state.
Choosing the Best Medicare Supplement Company for You
The policy with the lowest premium rate right now isn’t necessarily the best policy for you in the long run. For example, even though a Plan G policy with Company A costs less each month than the same through Company B, there’s still more to consider.
Perhaps Company A has a history of steep rate increases while Company B’s rate increases are lower than average. If so, in a few years’ time, you could pay less with the originally pricier Company B policy than you would be paying at the same time after choosing Company A.
In addition, it’s crucial to think about your future experience with the company. We’re always thinking about ways to save money, but what about time? Choosing a company with a reputation for excellent customer service will provide value throughout the enrollment process and the entire life of your policy.
Lastly, you’ll benefit from selecting a policy from an established company. The insurance companies that started long ago and stand the test of time tend to be those offering products with which clients are satisfied.
How to Choose 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.
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