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After age 65, Medicare covers up to 80% of inpatient hospital care and outpatient treatment. Inpatient insurance is called Medicare A, while outpatient coverage is called Medicare B. Seniors are responsible for the remaining 20%, which could still add up to hundreds of thousands of dollars, especially in the case of a hospital stay. Enter Medicare supplement insurance, sometimes called Medigap. This insurance is offered by private insurance companies and supplements Medicare A and Medicare B insurance. Secondary insurance for Medicare allows retirees to get excellent medical care without high out-of-pocket costs. Read on to find the best Medicare supplement insurance plans for your needs.
Quick Look: Best Medicare Supplement Insurance
- Best for Basic Coverage: Aetna
- Best for Personalized Service: CoverRight
- Best for Preventative Healthcare: Cigna Healthcare
- Best for Dental and Vision Benefits: Humana
- Best for Fast Payments: Mutual of Omaha
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Best Medicare Supplemental Insurance Companies
Unlike the worst Medicare supplement companies, which can leave customers with huge bills, these best Medicare supplement insurance plans will help you cover unexpected medical emergencies, prescriptions and regular medical care. Here’s a summary of the best companies offering supplemental insurance for Medicare:
1. Best for Basic Coverage: Aetna
Shop for Medicare Advantage and Supplement plans and more with Aetna. Benefit from a wide provider network and easy access to your benefits as well as hefty membership perks.
They offer premium-free, high-deductible plans for those looking to keep their monthly costs low. They also offer a host of spousal discounts.
Best For
- Easy-to-understand coverage
- Affordable premiums
- Preventative care planner
- Easy access to tools and resources
- Wide network access
- Need a referral for certain procedures and specialists
- Premium-free plans not available everywhere
Aetna tops the list because its plans cover more than many competitors, with 100% coverage for most Medicare Plan A and B costs and even up to 80% coverage for travel emergencies. Some of Aetna’s plans also cover skilled nursing expenses. And most plans cover emergency medical services on international travel.
| Pros | Cons |
| Easy-to-understand coverageAffordable premiumsPreventative care planner Easy access to tools and resourcesWide network access Optional dental and vision coverage An extensive network of providers Excellent customer service |
Need a referral for certain procedures and specialists Not all premium-free plans are available everywhere |
2. Best for Personalized Service: CoverRight
CoverRight simplifies this process of finding the right Medicare or Medicare Supplement plan, also known as Medigap. They’re a consumer-first platform helping Medicare-eligible people pick the best plans.
After completing a simple online form or phone call, a dedicated agent will prepare personalized quotes that make sense for you, whether it’s a Medigap policy or a Medicare Advantage plan. CoverRight’s agents can help you determine which plan makes the most sense for your budget and health care needs.
CoverRight has extensive customer service hours. It provides independent advice, and working with CoverRight is free.
Best For
- Medicare-eligible people
- People who want assistance choosing the right plans
- Easy application process
- Assistance in finding the right insurance plan
- Help in finding an insurance plan that covers your doctors and medications
- Concierge-style service with your own dedicated agent
- Not available in every state
CoverRight leverages technology and license agents to make comparing and selecting the right Medicare Advantage or Medicare Supplement plan easier. CoverRight partners with top-rated national insurance providers and offers one-on-one assistance to find the best plan for you
| Pros | Con |
| Free quotesEasy application process Help in finding an insurance plan that covers your doctors and medications Personalized service with your own dedicated agent Excellent customer service |
Not available everywhere |
3. Best for Preventative Healthcare: Cigna
Maximizing your health benefits is easy when you purchase your policy through Cigna. When you enroll in any Medicare Supplemental insurance option with Cigna, you’ll have access to exclusive discounts — including savings on hearing aids, fitness club memberships and alternative medicine. You can even save up to 30% on weight and nutrition programs, which are commonly a cause for concern among seniors.
Easily shop and compare Medicare Advantage Plans, Part D Prescription Plans and Medicare Supplement Insurance. Cigna provides end-to-end assistance and provides plenty of member benefits at no extra cost.
Cigna’s plans also include access to the company’s Health Information Line. This feature allows you to connect with a health advocate who can provide you with answers to general health questions. The Health Information Line is available 24 hours a day and 7 days a week and is only staffed by men and women who have their nursing license.
Best For
- Easy access to benefits
- Home delivery for prescriptions
- Health management mobile apps
- Easy ID card replacement
- No-cost members perks
- Can have high deductibles
Cigna is a global insurance leader and offers six types of Medigap plans, with options to add benefits. Cigna’s network includes over 1.5 million healthcare providers, clinics and facilities. It also has more than 180 million customers worldwide. Cigna is known for competitive rates and dependable service. You can easily get free online quotes for Medigap plans.
| Pros | Cons |
| Excellent quality of preventative services and chronic condition management High customer satisfaction ratings Offers Part D (prescription drug) coverage Discounts for health and wellness programs Get a premium discount of up to 20% plus an additional 5% if you apply online. |
Not all types of Medigap plans are available Residents of Massachusetts and New York can’t use Cigna |
4. Best for Dental and Vision Benefits: Humana
Humana is a trusted provider of Medicare Advantage and Medicare Supplement plans alike. Save both time and money by shopping online — get a 6% discount if you enroll online.*
*Offer not available to California, Connecticut and Ohio residents.
Best For
- Medicare Advantage and Supplement Plans
- Medicare Parts A + B and Medigap plans available
- 6% discount if you enroll online
- Shop plans by ZIP code
- Discount not available CA, CT and OH
Humana is one of the largest insurance providers in the U.S. and offers Medigap in 49 states, Washington, D.C., and Puerto Rico. Humana has unique perks, like SilverSneakers and meal delivery, that go beyond traditional medical care. In addition, it offers cost-sharing options for dental and vision.
| Pros | Cons |
| Offers Part D (prescription drug) coverage specifically Dental and vision benefit options Get a 6% discount when you enroll in a plan online Option to include emergency medical care while traveling in some plans |
Customer service could be better Plans aren’t available for Virginia residents |
Best for Fast Payments: Mutual of Omaha
Original Medicare may only cover 80% of your medical expenses. Apply online with ease with Mutual of Omaha in 3 easy steps. Get a quote, choose a plan and apply.
Mutual of Omaha offers 2 unique options for Part F enrollees: a high-deductible plan and standard Plan F coverage. When you select the high-deductible plan, you’ll pay less per month for your coverage — but you’ll need to pay $2,490 toward Medicare-related costs (like coinsurance percentages and copays) before your plan begins providing coverage. This can be a great option for anyone who’s in good health but wants to add another layer of protection to their Medicare coverage for less than the cost of a standard Plan F policy.
Best For
- Quick application process
- Quick claims process
- Easy 3-step online application
- Can bundle Medicare add-ons to Medigap coverage
- Agents only available by phone
Mutual of Omaha has been in the insurance business for over 100 years. It offers six Medigap plans to residents of 49 states. Its website is intuitive and easy to use. It is one of the highest-rated Medigap insurance providers in the nation. In addition to offering unique supplemental plans, Mutual of Omaha pays 98% of Medicare claims within 12 hours, making it a reliable provider.
| Pros | Cons |
| Offers Part D (prescription drug) coverage specifically Dental benefits available Emergency medical coverage for international travel Insurance can’t be canceled as long as you pay premiums |
Not all types of Medigap plans are offered Residents of Massachusetts can’t apply |
Medicare Advantage vs. Supplemental
Medicare comes with so many gaps in coverage that senior citizens are left enrolling in private healthcare coverage like Medicare Advantage or a Medicare supplement to get comprehensive coverage. Both Medicare Advantage and Medicare supplemental plans offer solutions.
Medicare Advantage is a Medicare-approved plan from a private company. Medicare Advantage plans cover Medicare Part A and Part B, and most also cover prescription drugs (Part D). Usually, you must use doctors who are in the plan’s network.
On the other hand, Medicare supplemental is extra insurance you can buy from a private health insurance company that will help pay your share of out-of-pocket costs from Medicare. Medicare supplements can include international travel coverage or other special supplement options.
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Factors to Consider
When choosing a Medigap provider, be sure to consider the following:
Factor 1: Costs
Medigap can be expensive. You don’t want to pay more than you have to. Carefully weigh costs and benefits to find a plan with the coverage you need without high monthly premiums.
Factor 2: Coverage
The whole point of Medigap is to fill the gaps in Medicare plans. You don’t want to be left paying out of pocket for hospital stays or costly prescription drugs. Instead, choose a comprehensive plan that automatically renews to ensure continuous coverage. Some may include Medicare Plan F and Medicare Plan G, which include hospice care, blood transfusions, skilled nursing care and more.
Factor 3: Network
Some insurance providers offer limited doctors or hospitals in-network in certain states. Choose a provider with a robust network of excellent providers where you live to get the best care when needed.
Factor 4: Limitations
Certain plans may limit coverage on supplemental insurance like vision, dental or international travel. Check the limitations on any plans you’re considering to ensure you don’t get stuck with an unexpected bill.
Factor 5: Claims
How long does the Medigap insurance provider take to pay out? Consider your budget and cash flow and whether you’re willing to wait for claims. Then, choose the provider that offers excellent coverage and fast reimbursements.
Choosing the Best Medicare Supplement Insurance Plan
The best Medicare supplement insurance plans for your needs can vary with time. You’ll want to balance coverage, costs and customer service to find the best-personalized solution. You can also check out AARP Medicare supplement plans for more low-cost coverage options. Be sure to read the fine print and understand exceptions so you don’t get stuck with the bill.
Want to expand your health insurance options or research better coverage? Check out the best individual health insurance or the best California health insurance. You can also find the best New Jersey health insurance or the best New York health insurance here.
Frequently Asked Questions
Which Medicare plan is best?
Which Medicare plan is best depends on your needs, age, medical history and where you live. All of the Medigap plans here offer exceptional value and coverage.
What is the average cost of Medicare supplemental insurance?
The average cost of Medicare supplemental insurance is $139 per month in 2023. Rates can vary widely based on coverage, age, medical conditions and supplemental additions. Supplemental costs ran from $50 to more than $400 monthly.
The post Best Medicare Supplement Insurance by Sarah Horvath appeared first on Benzinga. Visit Benzinga to get more great content like this.
