The 10 Best Medicare Supplement Insurance Companies of 2020
| Number of States Covered | Plans Offered |
|---|
| Aetna | 42 | A, B, F, HD-F G, N |
| Cigna | 50 | A, B, C, D, F, HD-F, G, and N |
| AARP by United Healthcare | 50 | A, B, C, F, G, K, L, and N |
| Mutual of Omaha | 50 | A, F, HD-F, G, N |
While all plans must cover the same services as Parts A and B, different Medicare Advantage plans will have different networks, copays, and drug formularies. Although most seniors are enrolled in Original Medicare, the number enrolled in Medicare Advantage plans has tripled since 2003 to 19 million.
A Medicare Advantage plan may be a better choice if it has an out-of-pocket maximum that protects you from huge bills. Regular Medicare plus a Medigap insurance plan generally allows you more choice in where you receive your care.
The bottom line, says Burns, is that the AARP/UnitedHealthcare Medigap plans “can be a good deal, and they're more likely to be a good deal for older people who have health conditions.” In states where most insurers use attained-age rating, AARP becomes price competitive by offering a loyalty discount: Members who
Summary: In a nutshell, here are some tips for choosing the best Medicare Supplement (Medigap) plan for your needs.
- Understand your coverage needs and budget.
- Sign up during the Medigap Open Enrollment Period.
- Explore any potential discounts.
- Know when you may have guaranteed-issue rights.
Unfortunately, the answer isn't always that simple. The average cost of supplemental insurance for Medicare can be anywhere between $50-$300 in monthly premiums. The benefits of a Medigap plan are always the same no matter what company underwrites the policy. However, the price will vary by company and by state.
By eliminating the drug coverage option, Congress was able to cut Medicare spending. In 2020, Plans F and C are being eradicated because they include the Part B deductible. By eliminating the Part B deductible, ideally, Congress will cut Medicare spending.
The Best Medicare Supplemental Insurance is:
- Best Overall for Medicare: Cigna.
- Most Affordable Medicare Supplemental Insurance: Humana.
- Best Customer Service: Blue Cross Blue Shield.
- Best for Claims: Aetna.
- Best for Quick Service: United Medicare Providers.
- Best for Drug Inclusion: UnitedHealthcare.
There are some disadvantages as well, including provider limitations, additional costs, and lack of coverage while traveling. Whether you choose Original Medicare or Medicare Advantage, it's important to sit down and review all your options and healthcare needs before choosing the coverage you want.
You can also have both Medicare and private insurance to help cover your health care expenses. In situations where there are two insurances, one is deemed the “primary payer” and pays the claims first. However, if the employer employs fewer than 20 people, Medicare will usually be the primary.
For the fifth year in a row, seniors say one particular Medicare Advantage health insurance plan is the best. That plan is the Kaiser Foundation Health Plan, according to J.D. Power's 2019 Medicare Advantage Study, which is the fifth edition of the annual study.
The national average cost for Medigap Plan F is $1,712 annually, which is around $143 a month.
