Here at MedicareWireMedicareWire is a Medicare insurance consulting agency. We founded MedicareWire after seeing and hearing how confusing and frustrating it is to find, understand, and choose a plan. Our services are free to the consumer., we are not insurance agents. We do not sell Medicare Supplement insuranceMedicare Supplements are additional insurance policies that Medicare beneficiaries can purchase to cover the gaps in their Original Medicare (Medicare Part A and Medicare Part B) health insurance coverage. or any other type of health insurance.
We are educators and senior advocates. Our job is to make sure that seniors and their caretakers have the information they need to make the best decisions possible related to their Medicare health insurance.
To this end, MedicareWire creates programs that analyze Medicare plans. We look at many different aspects of plans and insurers in order to bring our readers unbiased information. Then we help our readers get to the enrollment page for the plan of their choice. We do so without trying to coerce personal information out of you so that you can be bombarded with phone calls and junk mail.
Find Plans in your area with your ZIP Code
We also work with a national insurance brokerage, HealthCompare. When you call the number at the top of our website you’re calling ealthCompare, a company with a strong reputation for great service. However, we want you to feel free to use the agency of your choice. Our list of Top 10 Medicare Supplement Insurance Companies stands on its merit, we have no direct affiliation with these companies.
In this MedicareWire article, we will help you understand how to choose the best Medicare supplement insurance company in your area. We’ll also answer the following frequently asked questions about supplemental insurance:
Top 10 Best Medicare Supplement Insurance Companies:
- Aetna Medicare Supplements
- Mutual of Omaha Medicare Supplements
- Cigna Medicare Supplements
- Manhattan Life Medicare Supplements
- Blue Cross Blue Shield Medicare Supplements
- Bankers Fidelity Medicare Supplements
- Anthem Medicare Supplements
Our complete list is available here.
Are Medicare supplements worth it? It might seem as if Medigap plans are expensive. But, going with Original Medicare alone is not wise. The coverage gaps in Medicare add up fast, particularly if you have an emergency. Paying 20% of all your outpatient coverage might not seem so bad, but getting slapped with a $1,400 hospital bill really smarts. And that's just for the deductible! We answer this question in more detail here.
Your specific healthcare needs, lifestyle, and budget will determine which Medicare Supplement Plan is best for you. Plan G is now the most popular Medicare Supplement Plan for new Medicare enrollees. It covers more Medicare costs than any other plan, with the exception of Plan F which is no longer available to new beneficiaries. Plan G enrollees pay only their Medicare Part B deductible. After that, the plan covers 100% of all Medicare-approved services. Read Find the Best Medicare Supplement Plan for You in 2023 to learn more.
There are three major disadvantages, including monthly premiums, a limited period of guaranteed enrollment, and no additional benefits, such as coverage for prescriptions. When compared with Medicare Advantage plans on the same measures, Medicare Advantage plans appear to be a better option. However, Medigap plans cover more costs. This is what makes a Medicare Supplement plan the best option for anyone concerned about coverage of their major medical costs. Click here to learn more.
Supplemental Insurance Company Ratings
Coming up with a definitive list of the best supplemental Medicare insurance is very difficult. Ask 10 agents this question and 9 out of the 10 will tell you that it’s whichever plan has the lowest premium and the lowest rate increase history in your area. However, we decided to take a few more data points into consideration. Here’s what we looked at to come up with our list:
- Lowest rates and rate increases
- Years in the Medicare Supplements Business
- Range of Plans Offered
- A&M Best Financial Rating
- Medicare SELECTMedicare SELECT is a type of Medigap policy (Medicare supplement plan) that requires its members to get their primary care from a contracted provider. Plans Offered
- Household Discount Offered
- Policy Fee
We put these metrics through a weighted scorecard methodology and generated our list. What we found, however, is that there are no clear winners. The top 10 list actually varies wildly from state to state. However, we did find that a handful of insurers, from a list of over 200, were consistently near the top. In alphabetical order they are :
- Aetna Medicare Supplements
- Anthem Medicare Supplements
- Bankers Fidelity Medicare Supplements
- Blue Cross Blue Shield Medicare Supplements
- Cigna Medicare Supplements
- Continental Life Medicare Supplements
- Gerber Life Medicare Supplements
- Humana Medicare Supplements
- Loyal American Medicare Supplements
- Mutual of Omaha Medicare Supplements
From our analysis, we feel that you can confidently choose any one of these insurance carriers. But, don’t choose until you have all of the facts. You must get an up-to-date rate and rate increase history report for the plan you want in your zip code. We now offer this as a free service.
Comparing Medigap Insurance Companies by Rate Increases
Look, we can tell you who we think the best Medigap insurance companies are, but until you actually compare rates and rate increase, you’ll never know for sure. As you are probably aware, all lettered Medigap plans offer the exact same benefits, regardless of the insurance company standing behind the policy. That’s because Medicare supplement plans are standardized (in all but three states)
Here’s a fact. An Aetna Medicare Supplement Plan FMedicare Supplement Plan F is the most comprehensive Medicare supplement plan available. This plan covers all Original Medicare deductibles, coinsurance, and copayments, leaving you with no out-of-pocket costs on all Medicare-approved services. may cost less in San Diego, California than the same plan from Mutual of Omaha, but in Tampa, Florida Mutual of Omaha’s rates could be better. You simply won’t know until you get a free Medicare Supplement Rate Analysis.
Getting the rate increase history is important because it will show you, in back and white, what you can expect from each insurance carrier. The last thing you want is to jump into an insurance pool with a low initial rate and rapid rate increases down the road. Stable rates are best, even if the initial rate is slightly more.
The Most Popular Standardized Medicare Supplement Plans
As mentioned above, Medigap plans are standardized. Each lettered plan (A, B, C, D, F, G, K, L, M, and N) covers you with the same benefits, regardless of the company you choose. We suggest that you get a rate plan analysis, then work with your agent to select the best company. Your agent can walk you through the companies and options so that you get the best supplemental Medicare insurance for YOU.
Although Medigap plans are standardized, not all plans offer the same level of coverage. Even though there are 10 different lettered plans, only three of those plans are super popular. Those plans are Plan F, Plan FG, and Plan N. Most people aging into Medicare this year will choose one of those plans.
Best Medicare Supplement Plans
The top reason Plans F, G, and N are so popular is that they leave their beneficiaries with the least out-of-pocket expenses. This is the top reason people buy a Medicare supplement vs. Medicare AdvantageMedicare Advantage (MA), also known as Medicare Part C, are health plans from private insurance companies that are available to people eligible for Original Medicare (Medicare Part A and Medicare Part B).. Another top reason is choice because Medigap insurance is accepted by all doctors who accept Medicare patients. There are no networks to hassle with or approvals needed to see a specialist.
Here’s why Plans F, G, and N are the best (e.g., so popular).
Medicare Plan F is the Best Medicare Supplement Because…
Medicare Plan F is the Cadillac of Medicare Supplements. The simple reason for this is that it offers first-dollar coverage. When you have a Plan F policy you pay nothing out-of-pocket on all Medicare-covered services. People who choose this plan like it because it’s easy and offers complete peace-of-mind. You pay your monthly premium and you’re done. Period. BUT, this plan is not for everyone.
Not only is Medigap Plan F the most expensive of all Medicare supplements, but it’s also no longer available to Medicare beneficiaries turning age 65 this year. That’s a decision Congress made a few years ago that took effect starting 1 January 2020 (see: Is Medicare Plan F Going Away?). But, let not your heart be troubled, because Plan G is a great option.
Medicare Plan G is the Best Medicare Supplement Because…
For the past few years, Medicare Plan GIf you're turning age 65 this year, Medicare Supplement Plan G is the most comprehensive Medicare supplement you can buy. It's also the most popular. You might be thinking that Medicare Supplement Plan F is... has been growing in popularity because people started to realize that they can save a lot of money with this plan vs. a Plan F policy. The reason for this is that Plan G covers everything that Plan F covers except the Medicare Part BMedicare Part B is medical coverage for people with Original Medicare benefits. It covers doctor visits, preventative care, tests, durable medical equipment, and supplies. Medicare Part B pays 80 percent of most medically necessary healthcare services. deductibleA deductible is an amount a beneficiary must pay for their health care expenses before the health insurance policy begins to pay its share.. That’s the annual deductible you pay to see your doctor (and use other medical services) before Medicare kicks in and starts paying. In most cases, Medigap Plan G’s annual premium plus the Part B deductible is less than the annual cost of Plan F.
When you first do the math it may not look like a lot of money. But, if you are healthy, and rarely see your doctor for anything other than your annual checkup, Plan G’s savings really add up. The reason for this has to do with the fact that your preventative healthcare visits are free with Medicare. So, for healthy people, you may not pay your annual deductible for 3, 4, 5 years or more. As a result, the $300 to $400 per year difference between a Plan G and F policy really stacks up.
Medicare Plan N is the Best Medicare Supplement Because…
Speaking of being healthy, if you’re super healthy and want to save a bunch on your supplemental Medicare insurance premiumsA premium is an amount that an insurance policyholder must pay for coverage. Premiums are typically paid on a monthly basis. In the federal Medicare program, there are four different types of premiums. , be sure to discuss Medicare Plan NMedicare Supplemental Plan N is one of the ten standardized Medigap plans. Although it is one of the newest plans available, Medicare Plan N is quickly becoming a favorite with Baby Boomers aging into their... with your agent. This is not only the newest of the 10 Medigap plans, but it’s also one of the most innovative and most economical.
With a Medigap Plan N policy, you pay a small copayA copayment, also known as a copay, is a set dollar amount you are required to pay for a medical service. when you see your doctor (up to $20) or use the emergency room (up to $50). And, unlike Plan G, you don’t get coverage on Medicare excess chargesA Medicare Part B excess charge is the difference between a health care provider’s actual charge and Medicare’s approved amount for payment.. These are costs above what Medicare regularly pays doctors (up to 15% more) for medical services. In trade for you paying these small costs out-of-pocket you pay much less for your Medicare supplement coverage.
Medicare Supplement Insurance Companies
Above we named our pick for Top 10 Medicare Supplement Insurance Companies. Here’s some background information on those 10 insurance carriers and why we feel they are a solid choice.
Aetna Medicare Supplements
Founded in 1853 as a life insurance company, Aetna is one of the oldest insurance companies in the United States. What you can count on from Aetna is stability, and that’s why they are one of our top picks. Currently, they have an A rating with A.M. Best, and their rates are very competitive.
Aetna offers Medigap Plans A, B, F, G, and N, however, they do not offer any of the cost-sharing plans with an annual cap, such as Plan K and L. Also Aetna does not offer Medicare SELECT plans. As a result, they do score a little lower than some of our top picks. Here are the Pros and Cons:
Pros
- Excellent financial strength.
- More than 10 years in the Medicare Supplements business.
- No charge for writing the policy.
Cons
- Uncompetitive Plan F premium.
- Does not offer Medicare SELECT plans.
- Does not offer the 5 most popular plans.
However, Aetna has one of the best member portals in the business. If you are a member, you can register for an account through the Aetna website to track claims, request a new ID card, view your policy coverage, and pay your bill online.
Anthem Medicare Supplements
Anthem is a member of the Blue Cross Blue Shield Association. As with all BCBS members, Anthem is an independent company. However, unlike most of the Blues, Anthem offers its own Medicare Supplements, including Plans A, F, G, and N. Here are the pros and cons of Anthem Medigap from our analysis:
Pros
- Competitive Plan F premium.
- Excellent financial strength.
- Over 25 years in the Medicare Supplements business.
- No charge for writing the policy.
Cons
- Does not offer Medicare SELECT plans.
- Does not offer the 5 most popular plans.
One interesting note about Anthem is that it offers the super popular SilverSneakers® program (fitness classes) to many of its policyholders. So, if fitness is important to you, Anthem offers a great way to save by getting your coverage through them.
Bankers Fidelity Medicare Supplements
Founded in 1955, Bankers Fidelity Life offers Medicare supplement insurance in many states. They have an excellent rating with A.M. Best and have been selling Medigap plans for over a decade.
Bankers Fidelity Life offers a wide range of plans, including A, B, F, G, K, L, and N (plans, coverage, and options vary by state). All of their Medicare supplements include the standard Medigap features, which includes nationwide access to all healthcare providers that accept Medicare. Plus, each of their plans is guaranteed renewable and there are no waiting periods for pre-existing conditionsA pre-existing condition is any health problem that occurred before enrolling in a health plan. The Affordable Care Act law made it illegal for health plans to or charge more due to a pre-existing condition.....
Here are the pros and cons based on our analysis:
Pros
- Excellent financial strength.
- Over 25 years in the Medicare Supplements business.
- Competitive Plan F, G, and N premiums (most states).
- Offer the 5 most popular plans (most states).
Cons
- Does not offer Medicare SELECT plans.
- Charges a fee to write the policy.
Blue Cross Blue Shield Medicare Supplements
Founded in 1929, Blue Cross Blue Shield (BCBS) ensures nearly 1 in 3 Americans. While they are not the biggest Medicare Supplement carrier, we feel they are among the very best.
BCBS offers 7 different Medigap plans, including A, F, G, K, L, and N. They also sell the High-Deductible Medicare Plan F policy. And, although they are not as popular as other plans, we appreciate that BCBS offers Plans K and L, providing their members with more opportunities to lower their premiums.
Pros
- Highly competitive Plan F premium.
- Over 25 years in the Medicare Supplements business.
- Excellent financial strength.
- Offers the 5 most popular plans (most areas).
- Offers Medicare SELECT plans (some areas).
- No charge for writing the policy.
Cons
- None.
Cigna Medicare Supplements
Although they only have about 10 years of experience servicing Medicare Supplements, Cigna has a top 10 Plan F premium and a strong financial rating from A.M. Best. We also appreciate that they don’t charge a policy fee. They might be relatively new in the business, but they are financially strong and have good rates, so we feel they are one of the better options for seniors to consider.
Here are the pros and cons of our analysis:
Pros
- Highly competitive Plan F premium.
- Excellent financial strength.
- No charge for writing the policy.
Cons
- Fewer than 10 years in the Medicare Supplements business.
- Does not offer Medicare SELECT plans.
- Does not offer the 5 most popular plans.
Although our scoring system came up with as many cons as pros, we stand behind our decision to put Cigna at the top. They have an excellent reputation for service. And, like Aetna, they make doing business with them easy with their MyCigna member portal.
Continental Life Medicare Supplements
Established in 1983, Continental Life is a relatively new insurance company. And, although they built a strong financial rating all on their own, they became a subsidiary of Aetna in 2011, strengthening their financial rating even further.
Continental Life offers the full range of Medicare Supplement plans. Although their plan offering differs by state, the most popular plans are available in all of the states they service. Here are the pros and cons based on our analysis:
Pros
- Competitive Plan F premium.
- Excellent financial strength.
- Over 25 years in the Medicare Supplements business.
- Offers the 5 most popular plans (most areas).
Cons
- Does not offer Medicare SELECT plans.
- Charges a fee to write the policy.
Gerber Life Medicare Supplements
Best known for its line of baby food, the Gerber name in the insurance business surprises many people. But, the fact is, Gerber Life is a major player in both life insurance and Medicare supplements.
Gerber Life is a financially stable insurance carrier and offers a variety of insurance products, including a good line of Medigap plans. It’s their diversity of insurance products that makes us pro Gerber.
Founded in 1967, Gerber Life Insurance Company is now owned by the Nestle Company, it has a solid A rating from A.M. Best, which is considered excellent.
Pros
- Highly competitive Plan F premium.
- Excellent financial strength.
- Offers Medicare SELECT plans (some areas).
Cons
- Does not offer the 5 most popular plans.
- Charges a fee to write the policy.
Humana Medicare Supplements
Humana Insurance Company is one of the largest private Medicare insurance companies. Their financial strength is excellent, and they have a solid reputation for good customer service.
Humana writes 9 of the standardized Medigap plans. In fact, the only plan they don’t offer is Medigap Plan MMedigap Plan M offers good coverage for healthy people who are unlikely to incur excess charges or require hospitalization. Although the coverage is similar, Plan M is not as popular as Medicare Plan N due.... They also offer the high-deductible versions of Plan F and Plan G. Here are the pros and cons to consider:
Pros
- Excellent financial strength.
- More than 10 years in the Medicare Supplements business.
- No charge for writing the policy.
- Offers the 5 most popular plans.
Cons
- Uncompetitive Plan F premium.
- Does not offer Medicare SELECT plans.
Loyal American Medicare Supplements
Loyal American has been in the insurance business for more than fifty years and have been selling Medicare supplement policies since 2005. They offer a variety of insurance products and serve millions of Americans nationwide. They offer most of the standardized Medigap plans, but depending on where you live, some plans may not be available. Here are the pros and cons of our most recent analysis.
Pros
- Competitive Plan F premium.
- Excellent financial strength.
- More than 10 years in the Medicare Supplements business.
- Offer the 5 most popular plans (many areas).
Cons
- Does not offer Medicare SELECT plans.
- Charges a fee to write the policy.
Mutual of Omaha Medicare Supplements
Mutual of Omaha was one of the very first companies to offer Medicare supplement plans. When Medicare was signed into law in 1965, Mutual was stepped up to help seniors get more coverage. They have been covering seniors ever since, and have several subsidiary companies, including United World Life Insurance Co. and United of Omaha Life Insurance Co.
Mutual offers Medicare supplement plans in all states, except Massachusetts, and is rated A+ (superior) by A.M. Best. Plans vary a bit by state, but the three most popular Plans – F, G, and N – are available in all states where Mutual and its subsidiaries sell Medicare supplement plans.
Here are the pros and cons:
Pros
- Superior financial strength.
- Over 25 years in the Medicare Supplements business.
- No charge for writing the policy.
Cons
- Uncompetitive Plan F premium in some states.
- Does not offer Medicare SELECT plans.
Find Plans in your area with your ZIP Code
Citations & References
medicare.gov
- How to compare Medigap policies | Medicare
https://www.medicare.gov/supplements-other-insurance/how-to-compare-medigap-policies
- https://www.medicare.gov/supplements-other-insurance/when-can-i-buy-medigap
- Find a Medigap policy that works for you
https://www.medicare.gov/medigap-supplemental-insurance-plans/
shiptacenter.org
- Home | State Health Insurance Assistance Programs
kff.org
- How Much Do Medicare Beneficiaries Spend Out of Pocket on Health Care? | KFF
- Medigap Enrollment and Consumer Protections Vary Across States | KFF
- Sources of Supplemental Coverage Among Medicare Beneficiaries in 2016 | KFF