Figuring out who the best Medicare Supplement companies are can seem overwhelming. We understand: That’s why we’ve made choosing the best Medigap company effortless.
In this post today, I will go over what things to consider when choosing a Medicare Supplement company.
I will also list out the top 10 Medicare supplement insurance companies of 2023 and the pros and cons of each.
Do Some Medicare Supplement Companies Offer “Better” Plans Than Others?
The most important thing to remember when choosing a Medicare supplement company is that all the benefits are standardized by law.
This means that a Plan G with Heartland will have the same benefits as a Plan G with Aetna. There are only 3 states where this rule doesn’t apply because they have their own standardizations which are Massachusetts, Minnesota, and Wisconsin.
Even though the main plan benefits are standardized, some companies can offer additional benefits not provided by other companies.
Also, as long as your doctor accepts Medicare, they will take your Medicare supplement plan, so there aren’t any networks to think about when picking a company either. The most important thing to remember is that each insurance company can charge their own rates for their plans.
Speaking with a Medicare Expert who has years of experience in the industry can help you feel more comfortable with the process. Getting the most affordable rate should come first when thinking about which company to go with and then you need to figure out who has the best pricing method as we discuss below.
3 Medigap Pricing Methods the Best Companies Use
Understanding how your pricing will work is essential before you purchase any Medigap plan. While the rates might look great in the beginning, depending on how the prices are set to increase, you can find yourself struggling to pay your monthly premiums later down the line. There are three different pricing methods that Medicare supplement insurance companies use, and they are:
#1 – Community Rated
The way this payment option works is that everyone (the community) pays the same rates, your age doesn’t matter. For example: If you purchase your policy at 66, it will be the same price if someone bought their plan at 75. The rates will not go up as you get older but can increase due to other factors like inflation.
#2 – Issue Age Rated
The Issue-age pricing method which is also called “Entry-Age-Rated” pricing, determines your premium based on the age you were when you first purchased your policy.
This means the older you are when you get the policy, the more expensive it will be. Once you purchase your policy.
However, the rates are set and will not increase due to your age going up.
But keep in mind that other factors like inflation can increase your rates over time.
We have found it best to always get your policy as early as possible for maximum savings no matter what company you choose.
#3 – Attained Age Rated
The Attained-Age-Rated pricing method will calculate your monthly premiums based on your current age of obtaining the policy.
It will not matter how long you have had your policy, only what your current age is today.
This means that when you first purchase your plan, your premiums will be based on your current age.
If you are 68, you will pay a lower monthly premium than someone that is 74.
This is because premiums are based on your attained age and they will usually go up each year as you get older.
So:
You might find that “Company A” has the best rate to start with, but if your rate is based on your attained-age, they could actually be the most expensive option to choose over time.
We recommend going with an option that won’t give you an annual rate increase based solely on your age.
The Most Popular Medigap Plans
Out of the 10 current Medicare supplement plans, Plans G, N, and F are the most popular offered by our top 10 Medicare Supplement insurance companies. These three plans offer the most comprehensive coverage and give you the ability to have little to no out-of-pocket expenses when using healthcare services. On average, in regards to pricing, Plan N will be the most affordable, followed by Plan G, and then the most expensive of the 3 is Plan F. It is imperative that you look at the benefits of each plan before you purchase them to make sure they work for your specific health situation.
Plan F Is Going Away (For New Enrollees)
On April 16th, 2015 there was a law passed by Congress that affected some Medicare Supplement plans. The new law states that on or after January 1, 2020, a Medicare Supplement policy that provides coverage of the Part B deductible may not be sold or issued to a newly eligible Medicare beneficiary. Since the Plan F & Plan C currently have this benefit, it has been phased out January 1, 2020. So: If your birthday is December 31, 1954 (turning 65 on December 31, 2019) you may be the last group able to enroll in Medicare Supplement Plan F or Plan C. If you already have Plan F, you can keep it because the law only affects new enrollees. We have seen that plan G is a much more affordable alternative to Plan F most of the time, especially if you have been in your Plan F policy for some time. Actually, the only difference between a Plan G & Plan F policy is that the Plan G does not cover the Annual Medicare Part B deductible which is only $226.
Top 10 Medicare Supplement Insurance Companies
We only organized these companies by alphabetical order because they really are the best overall companies.
They are going to have different pricing but are all solid options to choose from.
We’ve also included the Medigap insurance companies’ ratings when possible.
Aetna Medigap Plans
Aetna was founded in 1853 and is one of the oldest health insurance companies around.
They focus primarily on consumer-directed health care insurance like medical, dental, Medicare, and long-term care to name a few things.
This powerhouse is now a subsidy of CVS Health and has a network of over 690,000 Primary care physicians and over 5,700 hospitals.
Product Features
- covers some costs that Original Medicare doesn’t.
- See any doctor who accepts Medicare.
- No referrals needed to see a specialist.
- Coverage that goes with you anywhere in the U.S.
- Guaranteed coverage for life; Just pay your premiums
Plans Offered By Aetna
Plan A, Plan B, Plan F
Plan G, Plan N
Senior Benefit Services Thinks
Aetna holds an A (Excellent) rating from A.M. Best as well, in regards to their financial stability.
We think Aetna is a wonderful company to purchase a Medicare Supplement plan through.
Bankers Fidelity Medigap Plans
Bankers Fidelity has been around since 1955 and has a client-focused philosophy.
They are also a wholly-owned subsidiary of Atlantic American Corporation.
Bankers Fidelity has a focus on the senior market with products like Medicare Supplement, Short-Term Care, and Senior Security® Final Expense to name a few.
Bankers Fidelity Life Insurance Company is rated A- (Excellent) by A.M. Best Company and holds 4.7 out of 5 stars based on customer satisfaction reviews.
Product Features
- covers some costs that Original Medicare doesn’t.
- See any doctor who accepts Medicare.
- No referrals needed to see a specialist.
- Coverage that goes with you anywhere in the U.S.
- Guaranteed coverage for life; Just pay your premiums
Plans Offered By Bankers Fidelity
Plan A, Plan B, Plan C, Plan F
Plan G, Plan K, Plan N
Senior Benefit Services Thinks
Bankers Fidelity was named in the Ward’s 50 Top Performing Life & Health Insurers.
You can’t go wrong with a Bankers Fidelity Medigap Plan.
Bankers Fidelity does not offer their Medigap policies in AK, CA, CT, FL, MA, ME, MN, NH, NY, OR, RI, VT, WA or WI.
Cigna Medigap Plans
Cigna’s roots date back to 1792 as the Insurance Company of North America and is an American worldwide health services organization.
Its insurance subsidiaries are major providers of medical, dental, disability, life and accident insurance and related products and services.
Cigna offers Medicare, Medicaid, health, life, and accident insurance coverage primarily to individuals in the U.S. and selected international markets.
Cigna holds an A (Excellent) rating from A.M. Best as well in regards to their financial stability
Product Features
- covers some costs that Original Medicare doesn’t.
- See any doctor who accepts Medicare.
- No referrals needed to see a specialist.
- Coverage that goes with you anywhere in the U.S.
- Guaranteed coverage for life; Just pay your premiums
Plans Offered By Cigna
Plan F, High Deductible Plan F, Plan G,
Plan N, Plan A
Additional Options
Household Premium Discount
Available in most states when more than one member in a household enrolls in a Cigna Medicare Supplement plan.
Additional Programs and Savings
Access their Health Information Line and enroll in Cigna Healthy Rewards® for savings on health and wellness programs, at no additional cost to you.
*Note: You see we listed Cigna as an “A” for financial stability. Medicare supplement insurance companies’ ratings are important because they can help consumers determine the reliability of the Medigap company when it comes time to pay a claim.
Heartland National Medigap Plans
Heartland National Life is a subsidiary company of Heartland Holding Company.
Heartland National currently offers Medicare Supplement, Hospital Indemnity, and Cancer plans.
Heartland is licensed in 50 states and has solid financial stability.
Product Features
- covers some costs that Original Medicare doesn’t.
- See any doctor who accepts Medicare.
- No referrals needed to see a specialist.
- Coverage that goes with you anywhere in the U.S.
- Guaranteed coverage for life; Just pay your premiums
Plans Offered By Heartland National
Plan F, Plan G,
Plan N, Plan A
Senior Benefit Services thinks Heartland is best known for having some of the most competitive rates.
It will be hard to go wrong with this option if it is available in your state.
Guarantee Trust Life Medigap Plans
Guarantee Trust Life Insurance Company (GTL) was founded in 1936 and provides hospital indemnity plan insurance.
The company offers life and health insurance products.
These are products such as cancer, critical illness, hospital indemnity insurance, Medicare Supplements, and special risk insurance products.
Product Features
- covers some costs that Original Medicare doesn’t.
- See any doctor who accepts Medicare.
- No referrals needed to see a specialist.
- Coverage that goes with you anywhere in the U.S.
- Guaranteed coverage for life; Just pay your premiums
Plans Offered By Guarantee Trust Life
Plan F, Plan G,
Plan N, Plan A
Senior Benefit Services Thinks
GTL has an AM Best rating of A- (Excellent) in regards to it’s financial strength and is also known for having some of the most affordable rates.
Manhattan Life Medigap Plans
Manhattan Life was incorporated on May 29, 1850 and is currently a group of four life and health insurance companies.
They were the first insurance company to introduce the incontestable clauses in life insurance contracts before any other company.
Manhattan Life Also issued the first ever group life insurance contract and issued one of the first life policies to a woman.
Product Features
- covers some costs that Original Medicare doesn’t.
- See any doctor who accepts Medicare.
- No referrals needed to see a specialist.
- Coverage that goes with you anywhere in the U.S.
- Guaranteed coverage for life; Just pay your premiums
Plans Offered By Manhattan Life
Plan A, Plan C, Plan F,
Plan G, Plan N
Senior Benefit Services Thinks
Manhattan Life currently holds an AM Brest Rating of B+ (Good) in regards to their financial strength.
They are a well known company and rates usually are around mid pricing tiers.
Mutual of Omaha Medigap Plans
Mutual of Omaha is a privately held Fortune 500 mutual insurance and financial services company that was founded in 1909.
They provide a variety of health insurance options and product services, including Medicare Supplement, life insurance, long-term care coverage, and annuities.
In 1910 they became authorized to issue health and accident insurance in the state of Nebraska.
In 1917 they extended coverage to working women as they flooded into the workplace.
Product Features
- covers some costs that Original Medicare doesn’t.
- See any doctor who accepts Medicare.
- No referrals needed to see a specialist.
- Coverage that goes with you anywhere in the U.S.
- Guaranteed coverage for life; Just pay your premiums
Plans Offered By Mutual Of Omaha
Plan A, Plan F, Plan G,
Plan K, Plan N
Additional Options
12% Household Premium Discount Available
You may be eligible for our household premium discount.
Senior Benefit Services Thinks
Mutual of Omaha also holds an A+(SUPERIOR) rating with A.M. Best Company, Inc. for overall financial strength and ability to meet ongoing obligations to policyholders
Thrivent Medigap Plans
Thrivent started in 1902 as the Aid Association For Lutherans (AAL).
It is now a not-for-profit business on the Fortune 500 list.
In their early days, they only focused on offering insurance contracts to Lutherans, to help them create mutual security where there had once been individual risk.
In 2013, their members voted overwhelmingly to extend the common bond of membership beyond Lutherans, to include all Christians.
Product Features
- covers some costs that Original Medicare doesn’t.
- See any doctor who accepts Medicare.
- No referrals needed to see a specialist.
- Coverage that goes with you anywhere in the U.S.
- Guaranteed coverage for life; Just pay your premiums
Plans Offered By Thrivent
Plan A, Plan B Plan C, Plan D,
Plan F, Plan G, Plan L Plan M
Senior Benefit Services Thinks
Thrivent has an A++ (Superior) rating with A.M. Best for financial strength and claims-paying ability.
You might not have ever heard of Thrivent, but don’t let that dissuade you, they are a great company to do business with.
Transamerica Medigap Plans
Transamerica was founded in 1928, that puts them at over 90 years old.
What you probably didn’t know is that the Founder of Transamerica also was the founder of Bank of America.
Transamerica offers life and health insurance, as well as Medicare Supplement products and operates primarily in the United States.
Product Features
- covers some costs that Original Medicare doesn’t.
- See any doctor who accepts Medicare.
- No referrals needed to see a specialist.
- Coverage that goes with you anywhere in the U.S.
- Guaranteed coverage for life; Just pay your premiums
Plans Offered By Transamerica
Plan A, Plan F, Plan G,
Plan K, Plan N
Senior Benefit Services Thinks
Transamerica serves 13 million customers in the United States and holds an A+ (Superior) Rating with A.M. Best in regards to financial strength and claims paying ability.
Top 3 Medigap Insurance Ratings
One important factor when considering the best Medicare supplement companies is their financial strength. After all, when it comes time for them to come out of pocket with benefits, you want to be sure they can pay out!
Out of our top 10 Medigap companies, three of them shine as having the highest financial ratings.
Our best rated companies are:
- Thrivent (A++ Rated by A.M. Best)
- Transamerica (A+ Rated by A.M. Best)
- Mutual of Omaha (A+ Rated by A.M. Best)
In the eyes of A.M. Best, each of these companies above has a “superior” ability to meet their ongoing claims obligations.
In the case of some of the lower rated companies that get an A- or B++, for example, we are still comfortable recommending them. In fact, many of these companies have been around for 100+ years!
Taking Action
It can be confusing when trying to navigate the top 10 Medicare supplement insurance companies.
However, we work with these companies on a daily basis and can help you determine which insurance company will work best for you.
We will look over your specific situation and put you with the company that will be the most affordable for you and give you the most benefits.
There is no reason to wait, go ahead and fill out one of our forms or call us today toll-free at 1.800.924.4727
