Medicare Supplement Insurance Companies
Your ongoing healthcare upon retirement is essential to your continued well-being. With medical costs always on the rise, you want to make sure that your needs and wants are covered so you spend your retirement living as easy as possible.
While not all supplement plans are equal, you’ll find that many offer an array of benefits and coverage that will help you with your needs. One way to limit your out-of-pocket costs with Medicare is to enroll in a Medicare Supplement plan, also known as a MediGap plan. Medicare Supplement plans are designed to fill in the gaps left by Original Medicare, which consists of Medicare Part A and Part B. These MediGap plans will assist with both your hospital and outpatient coverage. There are 12 different plans available, each named after a letter A-N. Each lettered plan has a different coverage level, so it is important to assess all of your options. When you begin to review the different Medicare Supplement plans available, you will probably notice that there are a lot of different insurance carriers offering the same lettered plan for different prices. These premiums can differ by 10-100 dollars depending on the insurance company! It is crucial to remember that Medicare Supplement plans are all standardized. This means that the benefits of each lettered plan are the same regardless of the insurance carrier. For example the benefits under Plan G with insurance carrier A are the same as the benefits under Plan G with insurance carrier B. The benefits of each lettered plan are also regulated on both a state and federal level. Fortunately for you, it is somewhat of a buyer’s market, and you can choose which insurance company you prefer for all your supplement needs. Like most people, you’re probably relatively familiar with some of the big-name companies. It could’ve been through the insurance you got from work or a commercial or magazine ad. The majority of these companies offer all types of insurance, including Medicare supplement plans. The one thing that will differ between them is the rates for the coverage.
While not all supplement plans are equal, you’ll find that many offer an array of benefits and coverage that will help you with your needs. One way to limit your out-of-pocket costs with Medicare is to enroll in a Medicare Supplement plan, also known as a MediGap plan. Medicare Supplement plans are designed to fill in the gaps left by Original Medicare, which consists of Medicare Part A and Part B. These MediGap plans will assist with both your hospital and outpatient coverage. There are 12 different plans available, each named after a letter A-N. Each lettered plan has a different coverage level, so it is important to assess all of your options. When you begin to review the different Medicare Supplement plans available, you will probably notice that there are a lot of different insurance carriers offering the same lettered plan for different prices. These premiums can differ by 10-100 dollars depending on the insurance company! It is crucial to remember that Medicare Supplement plans are all standardized. This means that the benefits of each lettered plan are the same regardless of the insurance carrier. For example the benefits under Plan G with insurance carrier A are the same as the benefits under Plan G with insurance carrier B. The benefits of each lettered plan are also regulated on both a state and federal level. Fortunately for you, it is somewhat of a buyer’s market, and you can choose which insurance company you prefer for all your supplement needs. Like most people, you’re probably relatively familiar with some of the big-name companies. It could’ve been through the insurance you got from work or a commercial or magazine ad. The majority of these companies offer all types of insurance, including Medicare supplement plans. The one thing that will differ between them is the rates for the coverage. Share on facebook
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The Benefits of a Medicare Supplement Plan
When choosing a Medigap plan, it is first important to assess what benefits you are looking for and what your budget is. Even though each plan will offer a variety of benefits, it can still cause a little anxiety when you’re starting.
- Medicare doesn’t cover everything. As much as you would like it to, that is an unfortunate reality. Medigap plans step in and will cover a fair bit of what Medicare doesn’t. Medicare only pays 80% of your costs for your medically approved treatment under Medicare Part B. While this is a lot, the other 20% can take a big cut out of your retirement savings. A supplement can cover the rest of this 20%, so you keep more in the bank and get better instead of stressing over bills.
- Medicare Supplement plans also cover many of the gaps left by your hospital insurance, Medicare Part A, such as deductibles and coinsurances.
- Private insurance is costly. When you enroll in a Medicare supplement plan, you can cut your costs significantly as Medigap plans have premiums that are much lower than their private counterparts.
- One of the biggest bonuses with having a supplement is that there are no networks to worry about. If a doctor or hospital accepts Medicare, then they will take your supplemental insurance as well. You won’t have to worry about any extra charges due to an out-of-network doctor.
- No matter what your current health status is, as long as you enroll during your open-enrollment window, you can’t be turned down. This is fantastic for your healthcare needs and overall well-being, making finding a plan much easier.
What to Look for in a Medicare Supplement Insurance Company
When choosing a company, you need to decide how well their policies will meet your healthcare needs. If they have a history of large rate increases, then you may want to consider another company. Considering that the insurance industry is large, you’ll find many companies offering Medicare supplement plans. When looking for the right company, look at these factors before going forward with a plan.
- Look at how many plans the insurance company offers. Even though numerous companies offer these plans, some will only offer a few of all the available ones. Look for a company that provides the majority of the plans, so you have more to choose from. A company that offers more plans will allow you to select the option you need for your health care.
- Even though an insurance company may offer a Medicare supplement plan, they may not offer it in your state of residence. It can prove a challenge to find actual coverage on a nationwide scale. Most companies will serve a big part of the country. Though this may be the case, they still may not offer all the plans in every state and may limit your options.
- Selecting an insurance company you can trust is crucial. When it comes to your health care, you want to purchase a plan from a company with a fantastic reputation, excellent financial ratings, and acceptable rates for your needs and budget. The companies listed below have proven themselves trustworthy and have long provided insurance services to many customers.
Popular Insurance Companies that Offer Medicare Supplement Plans
We take our work seriously and want to provide you with the best Medicare supplement insurance from one of the best companies around. We will help you choose the policy that fits your needs and the right company for you to work with so you aren’t left scrambling to pay a bill that you thought your insurance provider would pick up.
Here are some of the reputable companies we work with:
- United Healthcare: United Healthcare has been around since 1974, with an extensive network of doctors and healthcare workers. They are ranked 7th on the Fortune500 list. The Medigap plans they offer plans A, B, C, F, G, K, L, and N. Their website is easy to use. They also provide a smartphone app that has an intuitive interface and fantastic for the tech-savvy senior. United Healthcare has partnered with AARP, which is a nonprofit organization that is dedicated to empowering people 50 and older. AARP membership offer many benefits including assistance on health, travel, financial planning, and more. You must be an AARP member to enroll in a United Healthcare Medicare Supplement plan.
- Aetna: Another familiar brand in insurance companies, Aetna, has a user-friendly online portal and offers plans for international travel coverage. Its been in business since 1853. The Medigap plans it offers Plans A, B, F, G, and N. It’s rated with an A+ for its financial health. Aetna also offers a household discount in many states.
- Accendo: Accendo is a new name to the Medicare Supplement game, but it is back by two power-house companies. Accendo is a partnership between Aetna and CVS with a strive to provide better services to your household. This partnership went into effect in 2008 as Aetna became a subsidiary of CVS. While new, Accendo is built on the strength of these two companies and strives to put the customer first. While Accendo offers Medigap Plans A, B, F, G, and N, the overall availability of these will vary depending on where you live. Accendo also offers a household discount in many states.
- Cigna: Around since 1792, Cigna is a large household name when it comes to insurance and Medicare Supplement plans. They allow for easy comparisons and educational videos that explain Medicare basics. Cigna are rated with an A in their financial health, and offers a household discount in many states. For Medigap plans, they offer Plans A through High-deductible F, G, and N.
- Mutual of Omaha: This company has been around since 1909 and offers a comparison checklist that will show you which coverage is best for you. The website is easy to navigate and has a discount if you or your spouse/domestic partner applies for coverage. The company is also rated with an A+ when it comes to their financial health. Dependent on your state of residence, Mutual of Omaha offers different lettered plans.
- United American: The company was founded in 1947 with an offering for Medicare supplement plans in 1966. They carry a rating of A when it comes to their financial strength. They offer ten Medigap supplement insurance plans. There is a household discount on your policy premium depending on where you live and offers fast claim handling and top-notch customer service.
- Humana: Humana is another house-hold named insurance carrier offering Medicare Supplement plans in many states. Dependent on your location, you may also be eligible for a household discount if your spouse also enrolls into a Medicare Supplement plan.
Many companies will offer a variety of benefits and possible discounts for their plans. They also offer the majority of the plans, giving you more options to choose from, so you have a better chance of getting what you want. Each one will have its own pricing structure, but all Medigap plans will be the same. If you’re considering Plan G, then this plan will offer the same coverage and benefits with Aetna as it will with Cigna. You won’t have to worry about any surprises.
Give us a call at 877-88KEITH (53484) an experienced agent will walk you through the available Medicare Supplement plans in your area.
It's important that we find the right plan at the right price with the right insurance company. That's what we do best!!
Keith Armbrecht
Medicare on Video
When You Should Purchase Supplement Insurance
You’ve decided on a Medicare Supplement plan and now you’re wondering “when should I enroll in a MediGap plan?”
The best time to enroll in a Medicare Supplement plan is during your open-enrollment window. Whether you enroll in Medicare at age 65 during your Initial Enrollment Period, or enroll after retirement during a Special Enrollment Period, you will be entitled to an open-enrollment window starting when your Medicare Part B takes effect. This open-enrollment window is a six-month window where you can enroll in the plan you choose. It doesn’t matter if you have any pre-existing health conditions, as the insurance carriers must accept you into their plan during this window. If you wait until after the enrollment period, you can risk getting turned down for coverage or paying more monthly with higher premiums, so it is important to complete your enrollment during this time period.
The best time to enroll in a Medicare Supplement plan is during your open-enrollment window. Whether you enroll in Medicare at age 65 during your Initial Enrollment Period, or enroll after retirement during a Special Enrollment Period, you will be entitled to an open-enrollment window starting when your Medicare Part B takes effect. This open-enrollment window is a six-month window where you can enroll in the plan you choose. It doesn’t matter if you have any pre-existing health conditions, as the insurance carriers must accept you into their plan during this window. If you wait until after the enrollment period, you can risk getting turned down for coverage or paying more monthly with higher premiums, so it is important to complete your enrollment during this time period. Medicare Supplement Insurance Cost
The monthly premium of your Medicare Supplement plan will vary by both plan, insurance carrier, and plan-rating. A good rule of thumb is that the higher level of coverage a plan offers, the higher the premium is going to be. For examples, Plan G has a higher coverage level than Plan N, therefore Plan G has a higher premium than Plan N.
Once you have chosen the MediGap plan you want to enroll in, it is time to look at the insurance carriers. As we mentioned before, the plan benefits for each lettered plan are the same across insurance carriers. The only thing that differs with the plans is the premium pricing. When assessing the different insurance carriers, it is also important to look at their financial rating, and their history of premium increases over time. These factors will give us an idea as to what our plan may do in the future. The third factor to look at for your Medicare Supplement plan premium is the way the plans in your area are rated. There are three different ways Medicare Supplement premiums can be rated:
Once you have chosen the MediGap plan you want to enroll in, it is time to look at the insurance carriers. As we mentioned before, the plan benefits for each lettered plan are the same across insurance carriers. The only thing that differs with the plans is the premium pricing. When assessing the different insurance carriers, it is also important to look at their financial rating, and their history of premium increases over time. These factors will give us an idea as to what our plan may do in the future. The third factor to look at for your Medicare Supplement plan premium is the way the plans in your area are rated. There are three different ways Medicare Supplement premiums can be rated: - Community-rated: When it comes to this type of a rating system, everyone will pay the same no matter what their age. However, when it comes to inflation, this will directly affect the pricing, but it will not increase as you get older.
- Issue-age-rated: This part of the premium will be based on how old you were when you made the plan’s purchase. It means to you that the younger you are, the less it’s going to cost you when you purchase your plan. However, the price will not go up as you get older.
- Attained-age-rated: With this type of rating system, your premium will start low and increase as you get older.
Do I Need a MediGap Plan?
Keep in mind that you aren’t required to purchase any of these plans. Remember, Medicare only covers 80% of your approved healthcare costs. Without a supplement plan, you will be responsible for paying the other 20% and any additional excess charges that get passed on to you. Even if you’re in excellent health at the moment, anything can happen down the road, and this added coverage will significantly reduce your expenses.
When you have made the decision to enroll in a Medicare Supplement plan, it is wise to utilize an independent agent who can work with multiple insurance carriers to help you enroll into a stable plan options. Give us a call at 877-88KEITH (53484) an experienced agent will walk you through the available Medicare Supplement plans in your area.
What Next?
Navigating the Medicare Supplement insurance landscape can be a bit of a challenge for many people. No one looks forward to buying insurance. 
It can take time, and it can also be confusing due to all the plans and options available. Your health care and essential to your well-being, and you don’t want to have to sacrifice all the good things in life or your retirement due to mounting bills. Once you find the right company to work with and the perfect Medigap plan for your needs, you can rest easy without having to worry about your coverage in case of an emergency.
It can take time, and it can also be confusing due to all the plans and options available. Your health care and essential to your well-being, and you don’t want to have to sacrifice all the good things in life or your retirement due to mounting bills. Once you find the right company to work with and the perfect Medigap plan for your needs, you can rest easy without having to worry about your coverage in case of an emergency. Share on facebook
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