Medicare Supplement Insurance Companies

Like millions of older Americans, if you recently turned 65 or you’re about to, you’re probably planning on enrolling in Medicare. This health insurance program, which is funded by the United States government covers the costs that are associated with a long list of healthcare services.

If you’re younger than 65 and you have been diagnosed with a certain disability or illness, you may qualify for Medicare, too.

Medicare doesn’t cover the cost of everything, however. Medicare Supplement Insurance (Medigap) can help to pay for some of the out-of-pocket expenses that Original Medicare doesn’t pay for.

Medigap has to be purchased through private insurance companies, and there are several options to choose from. In this guide, we cover the top Medicare Supplement Insurance providers.

Medicare is comprised of four separate and distinct parts. Part A and Part B are known as Original Medicare. Part A covers the cost of medical care that you’ll receive while admitted to the hospital, as well as any related services. Part B pays for the cost of outpatient medical care, like doctor appointments, and durable medical equipment.

While Original Medicare can be a real lifesaver, it doesn’t cover the cost of all of your medical expenses; it only covers up to 80 percent. You’ll need to pay the remaining 20 percent – and products and services that Medicare doesn’t cover – out of your own pocket. These costs can really add up, but that’s where supplemental insurance can come in really handy.

Also known as Medigap, these policies cover some of the expenses that Medicare Part A and Part B won’t cover. In most states, there are 10 Medicare Supplement policies, which cover different Original Medicare expenses.

These plans are sold by private insurers, and each company can determine what policies they want to sell, how much they want to charge, as well as other things, like additional perks they provide for policyholders.

We’ve assessed some of the top Medicare Supplement Insurance companies. After carefully reviewing the differences they offer, coverage areas, affordability, and other key features, we narrowed down the options to what, in our opinion, are the best.

Here is a list of just a few of the top Medicare Supplement Insurance companies…

Mutual of Omaha offers Medicare Supplement Insurance in all 50 states, except Massachusetts, as well as Washington, DC. The company was founded more than a century ago and has a long-standing history of providing top-quality products and services. What really makes Mutual of Omaha stand out is the low rate of user complaints; in fact, the company has one of the lowest complaint records in the Medigap market.

Mutual of Omaha and its subsidiaries sell a variety of Medigap policies; however, some plans are only available in certain locations and/or aren’t available to all Medicare beneficiaries. The company’s most popular policies include Plan A, Plan F, Plan G, and Plan N.

Pros

•         Nationwide availability (except Massachusetts)
•         Low complaint rate
•         A 12 percent household discount is available for Mutual of Omaha Medigap policyholders who reside in the same house.
•         Fast review times
•         Strong financial history

Cons

•         Plans aren’t available in all locations or for all Medicare beneficiaries

AARP/United Healthcare sells Medicare Supplement Insurance in all 50 states, as well as the nation’s capital. The company offers 9 of the 10 Medigap policies, including Plans A, B, C, D, F, G K, L, and N; however, availability and eligibility vary by location and age.

AARPs Medigap plans are exclusively insured by United Healthcare, the largest Medicare Supplement Insurance provider in the United States.

One of the key features that set AARP/United Healthcare Medicare Supplement Insurance apart from the crowd is that they offer coverage in every corner of the country, including states that other providers don’t, and Washington, DC.

Additionally, the company’s complaint ratings are low, and they offer additional perks for policyholders, too.

Pros

•         Offers 9 out of 10 Medigap plans
•         Policies are available in all 50 States and Washington, DC
•         The company has a lower customer rating for customer complaints

Cons

•         “Wellness Extras”, the company’s health and wellness discounts can be pricy.
•         Some policies have up to three variations, which can get confusing.
•         While the premiums are low, for inpatient care, you do need to see in-network providers.

Anthem is another well-known health insurance company. While the company only offers a few policies that are only available in a handful of states, they earned a spot on our list because of the extra benefits they provide.

In some states, Medicare beneficiaries can choose to add additional coverage to their Anthem Medigap policy via cost-sharing services that aren’t offered with traditional Medicare Supplement policies. The extras can include things like dental healthcare, vision exams, and even prescription lenses and frames.

Pros

•         Offers coverage for dental and vision care, which can be mixed and matched with your policy
•         Certain Anthem Medigap policyholders may be able to take advantage of household discounts

Cons

•         Anthem only offers a few types of Medigap plans; however, those plans are the most popular
•         Coverage is limited to a select few states

Anthem is another well-known health insurance company. While the company only offers a few policies that are only available in a handful of states, they earned a spot on our list because of the extra benefits they provide.

In some states, Medicare beneficiaries can choose to add additional coverage to their Anthem Medigap policy via cost-sharing services that aren’t offered with traditional Medicare Supplement policies. The extras can include things like dental healthcare, vision exams, and even prescription lenses and frames.

Pros

•         Offers coverage for dental and vision care, which can be mixed and matched with your policy
•         Certain Anthem Medigap policyholders may be able to take advantage of household discounts

Cons

•         Anthem only offers a few types of Medigap plans; however, those plans are the most popular
•         Coverage is limited to a select few states

Aetna is the third-largest provider of health care insurance in the United States and charges some of the lowest rates on premiums. Aetna provides coverage in 43 states, and the company offers the most popular Medicare Supplement plans, as well as some that aren’t so popular, including Plans A, B, D, F, G, and N.

While premiums are low for some policies, they aren’t low for all policies; the rates for some plans are higher than average. Additionally, Aetna has a high level of customer complaints.

Pros

•         Low rates on popular supplement plans, such as Plan G and Plan N
•         The company spends more of the money taken in through premiums on member benefits than other Medigap providers.

Cons

•         Complaint rates are higher than average
•         Other insurers provide lower rates on some of the plans that Aetna offers

Aetna is the third-largest provider of health care insurance in the United States and charges some of the lowest rates on premiums. Aetna provides coverage in 43 states, and the company offers the most popular Medicare Supplement plans, as well as some that aren’t so popular, including Plans A, B, D, F, G, and N.

While premiums are low for some policies, they aren’t low for all policies; the rates for some plans are higher than average. Additionally, Aetna has a high level of customer complaints.

Pros

•         Low rates on popular supplement plans, such as Plan G and Plan N
•         The company spends more of the money taken in through premiums on member benefits than other Medigap providers.

Cons

•         Complaint rates are higher than average
•         Other insurers provide lower rates on some of the plans that Aetna offers

Allstate is a very well-known insurance company that began offering various insurance products in 1939. In January of 2021, Allstate acquired National General Holdings Corp and began offering Medicare Supplement insurance.

Their headquarters is in New York City and they have an A.M. Best financial strength rating of A+.

Allstate Medicare Supplement plans have various discounts that are some of the best in the industry for those who qualify or take advantage of them.

Pros

•         Stackable discounts up to 25% (Household discount, dual household discount, activity tracker discount, annual billing mode discount)
•         Highly competitive premiums even before discounts are applied

Cons

•        Relatively new to the industry
•        Very little rate increase history (though they have many things in place to help keep rate increases lower)

  Question: How do I choose the best Medicare Supplement insurance company?

Answer: When choosing a Medicare Supplement insurance company, consider factors like the company’s financial stability, customer service reputation, plan availability, pricing structure, and any additional benefits or discounts they may offer. We represent all the top companies and can help match you up with one that provides you with the best options.

  Question: Are all Medicare Supplement insurance companies the same?

Answer: While all Medicare Supplement insurance companies offer the same standardized Medigap policies, they can differ in terms of cost, customer service, and additional benefits. Some may also offer innovative services like wellness programs or telehealth services. As well, they all offer different household discounts which we can help get applied for you if you qualify.

  Question: Can I switch my Medicare Supplement insurance company?

Answer: Yes, you can switch your Medicare Supplement insurance company at any time, but if you do so outside of your Medigap Open Enrollment Period, you might be subject to medical underwriting, which could influence your premium or even your eligibility for coverage.

  Question: How does pricing vary between Medicare Supplement insurance companies?

Answer: Pricing for Medicare Supplement Plans can vary greatly between insurance companies. They use three types of pricing methods: community-rated, issue-age-rated, and attained-age-rated. Each method could affect the premium amount and how it increases over time.

  Question: Does every Medicare Supplement insurance company offer all types of Medigap plans?

Answer: No, not all Medicare Supplement insurance companies offer all types of Medigap plans. However, they are required by law to offer at least Plan A if they offer any Medigap policy, and if they offer any plan in addition to Plan A, they must also offer Plan C or Plan F.

  Question: What happens if my Medicare Supplement insurance company goes out of business?

Answer: If your Medicare Supplement insurance company goes out of business, your policy is guaranteed renewable, which means the insurance company can’t cancel your policy unless you don’t pay the premium, you weren’t truthful on the policy application, or the insurer becomes bankrupt or insolvent. You will have a guaranteed issue right to buy a Medigap policy from another insurance company.

  Question: How do Medicare Supplement insurance companies handle pre-existing conditions?

Answer: During the Medigap Open Enrollment Period, Medicare Supplement insurance companies can’t deny you coverage or charge more for pre-existing conditions. However, if you apply for a Medigap policy outside this period, the insurance company can impose a waiting period of up to six months before covering your pre-existing conditions.

  Question: Can I buy a Medicare Supplement Plan from any insurance company in my state?

Answer: Yes, you can buy a Medicare Supplement Plan from any insurance company in your state that’s licensed to sell one. However, not all Medigap plans may be available in your state or from every company.

  Question: How do I file a complaint about a Medicare Supplement insurance company?

Answer: If you need to file a complaint about a Medicare Supplement insurance company, you can do so through your state’s Department of Insurance, the Medicare program, or the State Health Insurance Assistance Program (SHIP).

To compare rates from the top providers of Medicare Supplement Insurance, including the insurers mentioned above, and many others, submit the form to the right and you’ll receive instant access to a variety of options.

You can also call us toll free at 1-888-891-0229 to speak with an agent.