Best Medicare Supplement Insurance Companies

Final Verdict

All of the medicare supplement insurance companies that made our list are reputable and have years of insurance experience.  Some companies have wide-ranging provider networks and are available in multiple states. Others have low deductibles and multiple plans to choose from. Overall, we recommend checking out Mutual of Omaha. It’s a well-known company that makes it easy to compare plans on its site with comparison charts and it offers multiple discounts. 

Compare The Best Medicare Supplement Insurance Companies

Guide to Choosing the Best Medicare Supplement Insurance Company

Do You Need Medicare Supplement Insurance? 

If you’re experiencing a gap in coverage from Medicare, then you may need to choose supplemental coverage . Explore your options when it comes to finding out what coverage you’re lacking and if things like prescriptions, doctor visits, vision, and dental care are covered or if you need help paying for them. If you’re not fully covered, then consider purchasing supplemental insurance. 

Comparing Medicare Supplement Insurance Companies

It’s important to keep the following in mind when comparing companies:

• Type of plans: Find out what types of plans the company offers and what the plan details are. You should be able to choose from multiple plans to find the one that is best suited to your needs. 
• Pricing: So you can get an accurate comparison, know the pricing of each plan and what that price includes. Consider premiums and when they are due. 
• Exclusions: You don’t want to sign up for a plan and find out the procedure you need isn’t covered. Explore the exclusions upfront. 
• Deductibles: Know how much the deductible is so you can compare it to deductibles offered by other insurance companies. 

Selecting A Medicare Supplement Insurance Company That Works For You 

After you’ve researched and compared companies, you will select a supplemental insurance company that works best for you. You will want to consider things like the reputation and reviews of the insurance company as well as how easy it is to navigate their website and apply for coverage. Additional factors to consider include types of plans available, pricing, and deductibles. You may also want to select a company that has an app so you can manage your policy on the go.

How to Shop & Compare Medicare Supplement Plans

Researching the plan that’s right for you is key to getting the coverage you need. Each plan offers specific benefits depending on your state, which benefits you desire, and the costs.

Step 1: Determine if You Are Eligible to Enroll

In general, if you're approaching your 65th birthday, but you haven't started taking Social Security benefits yet, you are eligible for Medicare. For more information, please visit Medicare.gov.

Step 2: Find a List of Medicare Supplement Plans Available in Your State or ZIP Code

Using the tool available on Medicare’s website, you can search for coverage plans based on your location.

Step 3: Determine Which Aspects of Coverage Are Most Important to You

Perhaps you are concerned about out-of-pocket copays or high deductibles or you have a preexisting condition and want to know if there is a waiting period for coverage for it. Be sure to check each plan for the details that matter most to you.

Step 4: Compare the Difference in Cost Among Medicare Supplement Plans

The cost of a Medicare Supplement plan is determined by the individual insurance company that sells it. When researching different companies, be sure to ask how they price their policies. Learning which factors they base their pricing on will help you determine both the costs for you today and what to expect in the future if your health situation changes.

Step 5: Consider Talking to a Broker or Consultant

Choosing any type of health insurance can be overwhelming. If you’d like some unbiased help in choosing which plan is right for you, a good option is State Health Insurance Assistance Programs. Also known as SHIP, they provide free local health coverage counseling to people with Medicare.

Step 6: Sign Up

Once you’ve found a plan that works for you, contact that insurance company directly to enroll.

Other special enrollment periods exist if you are still enrolled in your employer’s benefits program or if you have a guaranteed issue right. The Medicare.gov site has more information on when you are eligible to sign up.

Frequently Asked Questions

What Are the Benefits of Buying a Medicare Supplement Plan?

The benefit of a Medicare Supplement plan is that it pays for the costs that are not paid for by Original Medicare. These include coverage for prescription medications, hospital stays, hospice care, bloodwork, and emergency room visits. It can drastically limit the out-of-pocket expenses that you may be hit with.

What Is the Difference Between a Medicare Supplement Plan and Medicare Advantage?

Both Medicare Advantage and Medigap plans are supplements to Original Medicare, but they are different. Medicare Advantage is an alternative Medicare plan. Medicare Advantage has a low or $0 monthly charge and covers most prescription medicine, though the choice of doctors and networks may be limited.

A Medicare Supplement plan cannot be used to cover costs from an Advantage plan; in fact, it’s illegal for anyone to try to sell you a Medicare Supplement policy while you're enrolled in an Advantage plan unless you're switching back to Original Medicare. If you’re unhappy with your Advantage plan and switch back to a Medicare Original Plan (which you can do within 12 months of enrolling in the Medicare Advantage plan), you then become eligible for Medicare Supplement insurance.

When Can I Buy a Medicare Supplement Plan?

When it comes to Medicare eligibility, you can buy a Medicare Supplement policy beginning on the first day of the month you turn 65, and for the following six months. Depending on the plan and state, however, people who are under 65 may qualify if they are permanently disabled. You may be subject to a medical underwriting examination, which is a detailed review of your medical history.

What Does a Medicare Supplement Plan Typically Cost?

Without providing detailed personal information, most providers are unable to release estimated costs. However, most plans begin in the range of $100 per month, and many providers offer discounts for a variety of qualifiers (such as being female or a non-smoker, or if you have more than one policy from that provider).

What Do Medicare Supplement Plans Not Cover?

Most Medicare Supplement plans have limits and exclusions to what they cover. For example, Plans C, D, F, G, and N cover 80% of medically necessary emergency care outside the U.S., but each of those four plans has other areas that they don’t cover. Medicare.gov offers a detailed explanation of benefits for each plan.

Most common things not covered by Medicare Supplement plans:

• Part B Deductible (Out-patient & Home Health Services)
• Part B Excess Charge (the difference between what doctor charges and what Medicare covers)
• Foreign Travel Exchange
• Skilled nursing facility care coinsurance

Is a Medicare Supplement Plan Worth It?

Yes. A Medicare Supplement plan can help cover what Medicare can’t—from prescription medicine to ER visits to extended stays in the hospital. Some even cover nursing care or facility stays. Depending on the plan you choose, you may have copays, for example, or extremely limited doctor visits. Even getting one ER visit covered can be a huge benefit financially.

Who Needs a Medicare Supplement Plan?

If you currently have or are looking into Original Medicare coverage, you might want to check if you need a Medicare Supplement plan. It is important to know that there will be out-of-pocket expenses associated with Original Medicare. If you cannot afford those costs, enrolling in a Medicare Supplement plan will be most beneficial to you.

Not sure if it’s in your best interest or budget? Medicare.gov offers online tools to determine your eligibility and what plans are available in your location.

Methodology

We researched and reviewed more than a dozen of the most popular medicare supplement insurance companies before narrowing it down to the top contenders. These providers are reputable with positive overall ratings and high markings for financial strength. We considered factors such as geographical coverage areas, how easy it is to use the company’s website, and how many plans are offered.