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What Are The Top Medicare Supplement Insurance Companies

The top Medicare insurance companies have a lot to offer and this what we will go over here in this article. The great news for you is that Medicare supplements are standardized by CMS, which means you can rest easy knowing that the benefits for a Medicare supplement from one company to the next will be the same.

Top Medicare Companies

For example, a Plan G Medigap Plan with UnitedHealth, will have the exact same benefits as a Plan G with Mutual of Omaha. Choosing from one of the top Medicare supplement insurance companies in the country will be a great place to start looking. So if the benefits are the same, does it really matter which company you choose or should you just go with whoever is offering the lowest cost plan?  In this blog we are going to go over what the top Medicare supplement insurance companies are and what separates them from the rest of their competition. 

Top Medicare Supplement Insurance Companies

Here is a list of the top companies we represent that our customers choose to go with daily as their company of choice. With so many options out there, these companies have proven to be the top Medicare supplement providers that have kept our customers happy for years. 

  • Anthem Blue Cross Blue Shield–  Blue Cross Blue shield is one of the largest insurance companies in the United States and has been a household name that people recognize with great service. They have an AM Best Rating of A. They offer several perks for being a member with them when you purchase a medicare supplement. 
  • UnitedHealth– UnitedHealth is another one of the largest insurance companies in the nation as well. They also work  to offer their members not only quality medicare supplements but also additional benefits that come as a bonus to their brand. UnitedHealthcare also has an AM Best Rating of A and has a very stable financial future.
  • Thrivent Financial– Thrivent Financial has been in business for over 100 years. They are a fraternal benefit society and a not for profit orgnaization.  As of 2020 they have over 2 Million members. They have also maintained an AM Best Rating of A++ for over 20 years. They are one of the most financially stable businesses in the country and are also listed on the Fortune 500. 
  • Mutual of Omaha– Mutual of Omaha has been serving people all over the country since 1909. They have an AM Best Rating of A+ and have a financial outlook that is very stable. They also offer a 12% Household Discount which can be very beneficial to those who are either married or living with someone (providing certain criteria are met)
  •  Aetna– Aetna has been in the insurance business since 1853. They are one of the five largest companies in the USA. They have an AM Best Rating of A and have a very stable outlook as well. Having a company that has been around this long and one that is still running strong can only help you feel comfortable about their future Medicare supplement rates. 
 
  • Cigna– Cigna has been in health insurance since 1792. That is over 200 years of success and helping their clients. They have an AM Best Rating of A and also have a stable outlook. A company with this kind of reputation and strength is a company you can trust.
 
  • Medico–  Medico has been in business since 1930. They have the resources of a large company while providing you the services you would expect to get from a smaller insurer. They have over 250,000 clients in the country. They have an AM Best Rating of A- and have positive financial outlook. 
 
  • Manhattan Life– Manhattan Life has been operating since 1850. They offer competitive rates and operate in all 50 states across the country. They have an AM Best Rating of B+ and have an A+ rating with the Better Business Bureau. They have a stable outlook and can always be looked at as a trustworthy and strong insurer to have your supplement with. 

AM Best Medicare Supplement Ratings

Best’s Credit Rating (BCR) is a forward-looking, independent and objective opinion regarding an insurer’s relative creditworthiness. What does this mean for you? Companies with higher ratings are considered to be more capable to meet their ongoing insurance obligations. This means that the insurance company is strong enough financially to handle their insurance claims. This means that when the company takes a hit or two you can feel more confident that a higher rated company won’t go and pass on those costs to their clients.

 This doesn’t mean that you are going to go from year to year without seeing the occasional rate increase. Chances are that if you are with an A+ rated company you will see a much smaller rate increase when that time comes than if you were to be with a B rated company. 

This is a good piece of knowledge to have before selecting a plan. You may find out that purchasing a plan with a B rated company to save $5 a month may end up costing you more down the road after a few rate increases. While an AM Best rating is a good thing to consider, always talk with an agent to see what your best options are. Give us a call or text at 866-319-5886

Top Medicare Supplement Company Membership Benefits

Medicare supplement plans are standardized so the plan itself will be the same no matter which company you choose. Although insurance companies can’t add extra benefits into their plans, some provide extra perks for being a member of their company. For example, some companies will offer you a free Silver Sneakers membership just for being a customer of theirs. 

Some of the other membership benefits may be discounts off of certain services like 20% off of your prescriptions at the pharmacy or a discount on dental or vision services. Remember these are not actual benefits of the medicare supplement but a perk to being a member with a certain company. 

Many of the top insurance companies offer these benefits on the side as perk. Obviously you should not purchase a medicare supplement just for these perks but it doesn’t hurt to ask if the company you are looking at offers any of these to their members. Most of the top insurers listed above offers some perks as a member of theirs. So, not only do you get a great price when working with one of these stable and trustworthy companies but you will also get treated well as a bonus. 

You may think that these perks are offered to you as a way to draw you in but these Medicare supplement companies have found these perks to be a benefit to their business as well. By providing a membership to a gym and discounts on other health related services they can help keep their members healthier which helps them stay profitable. When they are profitable and their members stay healthy this helps keep your rates down as well. So this is a win win situation for everyone involved. 

Household Discounts

Some companies will offer you a discount that is called either a household discount or another that is called a spousal discount. These discounts can provide some significant savings offering you between 5% to 12% off of your policy premium.

A household discount is offered to people generally just for living with another individual that is 60 or older. The specific requirements will vary from state to state so it is best to contact an agent to find out what is available in your area. The household discount can be applied whether you are married or not in some cases as well. This discount is offered because these top insurance companies have found that most people who are not living alone live and happier and healthier lifestyle. 

A spousal discount is offered to a married couple if they both have a medicare supplement with the same company. At times this can be a great option but you will want to get in touch with an agent to see if this will work for you and your spouse. You can give us a call or text at 866-319-5886 or you can also submit a request HERE.

Medigap Plan Rate Increases

Knowing exactly how Medigap plan rates are going to increase from year to year is impossible to know. There are a few things that we can take into consideration though that will help you choose a plan with a company. The AM Best Rating of the company, the size of the company’s risk pool and the plan you choose will play big part in how your rate will increase from year to year. 

The AM Best Rating will let you know how stable the company is financially.  We discussed this above and how it will affect your rates. 

Your insurance company’s risk pool size will also play a great factor into your future rate increases. The larger group of people being insured means that there is more money coming in to help reduce any potential high costs that the insurance company may take on. The top insurance companies we have listed not only have great AM Best Ratings but also provide coverage to millions of people across the country. Due to having so many policies they are able to withstand higher health costs compared to some of the lower rated insurers out there. This will help keep your rates low as time goes on as well.

Choosing the right Medigap policy will also help prevent your rate from going up faster over time. Plan F is no longer available in 2020 for anyone new to Medicare. We have already seen very large rate increases because there will no longer be more people joining into this plan. Therefore the insurance companies are raising rates faster to make up for the lack of incoming premiums. Right now Medigap Plan G and Plan N have become the most popular plans and are still growing with new members every day. These are the two best plans right now to choose from to help slow down your rate increases over the coming years.

 

Which Top Medigap Company Should I Choose?

With so many great top Medicare supplement insurance companies to choose from you should use all of the previous information to make your choice. 

Give us a call or text at 866-319-5886 for a FREE quote or contact us online. We offer our sevices at no expense to you and would be happy to make sure you are making the best choice for you and your future. 

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