As a senior, having a Medicare Supplement Insurance plan (also known as a Medigap plan) is a crucial step in taking care of your health care bills. This plan covers some or all of the expenses Original Medicare does not cover in Part A and B coverage. All the benefits under the plan are standardized, and you can choose a Medicare Supplement Plan Company. When shopping for the best secondary insurance, it’s essential to compare plans from different companies. Here are the top 10 Medicare Supplement Companies in 2020.
Table of Contents
- 1 1. Aetna
- 2 2. Cigna
- 3 3. Manhattan Life
- 4 4. United Healthcare
- 5 5. Blue Cross Blue Shield
- 6 6. Humana
- 7 7. Transamerica
- 8 8. Bankers Fidelity
- 9 9. Mutual of Omaha
- 10 10. Anthem
- 11 Medicare Supplement Insurance- Frequently Asked Questions
- 11.1 What is Medicare Supplement Insurance?
- 11.2 What is the difference between Medicare Supplement Insurance and Original Medicare?
- 11.3 Am I eligible for Medicare Supplement Insurance?
- 11.4 When can I enroll for Medicare Supplement Insurance?
- 11.5 Can I use Medicare Supplement Insurance to cover prescription drugs?
- 11.6 Do I qualify for Medigap plans if I have pre-existing conditions?
- 12 Which Medicare Plan Should I Choose?
Aetna is an international insurance provider with a long history of success, dating back to the 1960s. The company offers several Medigap plans, including Plan A, B, F, G, and N. With Aetna, you can enjoy the following benefits:
- An extra 365-day coverage after Medicare runs out.
- Outpatient medical cover.
- Payments for deductibles.
- Coverage for skilled care nursing facilities and hospices.
- Payments for diabetic treatments and medical equipment.
- Discounts for members of the same household.
Cigna is one of the highest-ranking insurance providers in the United States. The company provides benefits under different subsidiaries, including Loyal American and American Retirement Life. The company has offers on Plan A, F, G, and N. The notable parts of the plans include:
- Plan G and F cover the same expenses for both Parts A and B. They cover Part A deductibles, hospital coinsurance, copayments, nursing, and hospice care, blood, and foreign travel insurance.
- Plan N covers everything in Plan F except Part B deductibles and excess charges.
- Plan A covers excess charges except for Part A and B deductibles, skilled nursing facility coinsurance, and foreign travel emergency.
3. Manhattan Life
For almost 170 years, Manhattan Life has provided affordable insurance coverage to its clients. The company currently holds a B+ company rating from A.M. Best Rating. The Plans A, C, F, G, and N, are available in different states. Here are some of the details under various plans:
- Plan A Covers Part A, supplemental hospital care, and hospice care coinsurance. It also covers Part B outpatient coinsurance and 3 pints of blood annually.
- Plan C covers all Plan A expenses and Part A hospital deductible, Part B deductible, skilled nursing facility coinsurance, and foreign travel emergency.
- Plan F covers Plan A and Part A deductible for inpatient care, Part B deductible for hospital care and outpatient services, excess charges for Part B, and foreign travel.
4. United Healthcare
The United Healthcare Medicare Supplement plans are some of the most popular in the United States. Plan A, B, C, D, F, G, K, L, M, and N are all on offer. The details of the plans include:
- All the policies cover Part A coinsurance and the first 365-day coverage after Medicare no longer works.
- Plan C and F offer Part B annual deductible coverage.
- Plan B, G, N, C, and F have coverage for Part A deductible. Plan K also has a 50% coverage, while Plan L covers 75%.
- Plan G, C, and F have foreign travel emergency coverage.
5. Blue Cross Blue Shield
Blue Cross Blue Shield (BCBS) has coverage in 36 states in the United States. The company is one of the oldest providers, dating back to the 1980s. Some of the plans include Plan A, F, G, K, L, and N.
- Plan A covers basic benefits, including foreign emergency travel and nursing coinsurance.
- Plans C, F, and G cover all nursing coinsurance, basic benefits, deductibles, Part B excess charges, and foreign travel emergencies.
- There’s a High deductible Plan F.
- Plan K offers to pay 50 percent of extra expenses and deductibles. It does not cover foreign travel.
Since its creation in 1961, Humana has continued to thrive in the healthcare industry. The company has providers in 22 states in the country. You can enjoy Plan A, B, C, F, G, and K Medigap plans by Humana.
- Plan A and B cover primary benefits and Part A deductible.
- Plan C has coverage for hospice care coinsurance and skilled nursing care facilities.
- Plan F covers the basics and Part A and B deductibles.
- Plan K is a suitable substitute for Plan F.
Transamerica has been operations since the 1900s and has an A+ rating by A.M. Best. With such a strong rating, you can trust the company to deliver. Some of the plans on offer include Plan A, F, G, K, and N.
- Plan A covers the basics, including Part A coinsurance and hospital care for 365 days after Medicare no longer works.
- Plan F covers deductibles, hospice, and skilled nursing facility care, blood, excess charges, and foreign travel.
- Plan G is like Plan F but doesn’t cover Part B deductible.
- Plan K covers the basics, part of Part A coinsurance, extra 365-day coverage, 50% of Part B copayment, skilled nursing, and hospice care, and blood.
- Plan N covers all charges except Part B deductible, excess charges, and also requires copayments for doctor and emergency room.
8. Bankers Fidelity
This company stands strong with A- rating by A.M. Best. Some of the plans on offer are Plan A, B, F, G, K, L, M, and N. Some of the benefits under the plans include:
- Plan F is comprehensive and covers all gaps, including Part B coinsurance, Part A and B deductibles, blood, hospice coinsurance, deductibles, and excess charges. There’s also a high deductible version of Plan F.
- Plan G covers everything under Plan F except Part B deductible.
- Under Plan N, you pay excess charges, copays, and part of Part B deductible.
- Plan K offers 50% payments for Part B coinsurance, blood, hospice coinsurance, and Part B deductible.
9. Mutual of Omaha
Since its creation in the 1900s, Mutual of Omaha has provided exceptional health benefits to clients. The company holds A+ rating by A.M. and offers Plan A, F, G, and N.
- Plan F and G are the most comprehensive plans. However, Plan G doesn’t cover Part B deductible.
- Plan N also offers all coverage except Part B deductible and Part B excess charges.
- Like most companies, the plans have national coverage, the ability to see any doctor that accepts Medicare, guaranteed renewable, and a 30-day free look period.
The company is part of BCBS, though it sells its Medicare Supplement plans separately. Like other companies, Anthem Medigap plans allow you to see any doctor and have a guaranteed renewable. Some of the plans on offer include Plan A, F, G, and N.
- Plan A covers basic supplement benefits, including Part A coinsurance, Part B and hospice coinsurance and copayments, and the first three pints of blood.
- Plan F is comprehensive and includes copayments, coinsurance, deductibles, and Part B excess charges.
- Plan G is like Plan F but does not cover Part B excess charges.
- Plan N is similar to Plan G.
Medicare Supplement Insurance- Frequently Asked Questions
What is Medicare Supplement Insurance?
Medicare Supplement Insurance (also known as Medigap) is private health insurance that covers some or all the costs not paid under Original Medicare.
What is the difference between Medicare Supplement Insurance and Original Medicare?
Medicare Supplement Insurance covers out-of-pocket costs not covered by Original Medicare Part A and Part B. It covers deductibles, coinsurance, copayments, foreign emergency treatments, and excess charges.
Am I eligible for Medicare Supplement Insurance?
You can apply for Medicare Supplement Insurance if you have Original Medicare Parts A and B coverage.
When can I enroll for Medicare Supplement Insurance?
If you qualify for Medicare part B coverage, you can enroll for Medicare Supplement Insurance during the open enrollment period. If you are 65 years and older, apply during the six month period after the date when you enrolled for Medicare part B. If you were eligible for Part B benefits before you turned 65, enter during the six months after you turn 65.
Can I use Medicare Supplement Insurance to cover prescription drugs?
Unfortunately, Medigap plans do not cover prescription drugs. The cover supplements Original Medicare Part A and B expenses.
Learn more about Medicare Part D (Prescription Drug Coverage)
Do I qualify for Medigap plans if I have pre-existing conditions?
During the open period, you can join any Medigap plan. Companies do not consider pre-existing conditions during this period.
Which Medicare Plan Should I Choose?
All companies provide different plans which may be suitable or unsuitable for you. Comparing different plans and weighing them against your health needs and financial capacity is the best way to find the right Medigap plan.