We all know there are thousands of insurance companies all over the world and there are certainly hundreds of insurance companies in the U.S. alone. When it comes to Medicare Supplement insurance (Medigap insurance) there are most definitely dozens of insurance companies in your area that you could choose to purchase your coverage through.
At Medigap Select we narrow down the endless list of companies that sell Medicare Supplemental insurance for the same reason that you don’t want to research all those companies to see if they are a good fit for you. There are just three things that we need in order to narrow down which one of the top ten Medicare Supplement companies we would recommend.
1. What state and zip code do you reside in?
Not every insurance carrier sells product in every state.
2. What Medicare Supplement plan should you buy?
Not every carrier sells all 10 Medigap plans.
3. What’s the lowest cost available for the Medicare Supplement plan you want?
The insurance company’s set their own premium for each Medigap plan they sell.
Which Medicare Supplement Insurance Company is the Best in 2019
There are just a few things we at Medigap Select look at when recommending a Medicare Supplement insurance company to you.
1. What is the company’s overall financial rating?
We only recommend companies that have earned at a minimum an (A-) from agencies like A.M Best. This means that they are well above the threshold of paying any and all claims and the chances of insolvency are very rare.
2. How many lives are insured by the carrier?
Insurance is the law of large numbers. The more lives insured, the more premium that is generated and the less chance of future rate increases.
3. Are they a reputable well recognized company?
If you look at the list of top ten Medicare Supplement companies below, you’ve no doubt heard of all or at least most of them. The reason for that is because the are nationally recognized as the top Medicare Supplement insurance carriers in the U.S.
Our Top Ten Medicare Supplement
Insurance Companies 2019
– AARP – United Healthcare
– Mutual of Omaha
– Cigna Medicare Supplements
– Transamerica Premier Life
– Aetna Medicare Supplements
– Lumico Life Insurance
– Manhattan Life
– LCBA – Loyal Christian Benefit Association
– Anthem Blue Cross
Which comes first the Medicare Supplement company or the Medigap plan?
As we’ve discussed not all Medicare Supplement insurance companies offer all ten plans. In fact, it’s very rare that they do. But the most popular plans for Medigap insurance in recent years are Plan F, Plan G and Plan N. All the insurance companies that we’ve recommended above offer these plans. But remember we must check if they offer them in your home zip code first. If they offer the Medigap plan that you want, then we start the Medicare Supplement quote process and find the best company with the lowest premium available.
What you should know about MACRA.
Times are changing and with that so will the Medicare Supplement insurance plan offerings. As of January 2020, you will no longer be able to purchase a Medicare Supplement Plan F or Medicare Supplement Plan C. This is due to the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA). This law primarily addresses the ongoing formula of how and what physicians are paid, and rewarding providers for better care, and lowering the cost of patient care. It also changes the landscape of Medicare Supplemental insurance plans by no longer allowing any Medigap insurer to cover the Part B Medicare annual deductible. This would be Medicare Supplement Plan C and Plan F, to ‘newly eligible’ beneficiaries. Those folks who already have either Plan C or Plan F can keep those insurance policies for as long as they would like by continuing to pay premiums.
You can find more specific information on MACRA here: