Best Medicare Supplement Insurance Companies

If you’re experiencing a gap in Medicare coverage, you may need to choose supplemental coverage. Explore your options for 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.

After researching and comparing 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.

Researching the right plan for you is key to getting the coverage you need. Each plan offers specific benefits depending on your state, your desired benefits, 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.

The best time to buy a Medicare Supplement policy is during your Initial Medicare Open Enrollment Period. This is a one-time only, six-month span when federal law allows you to sign up for any Medicare Supplement policy you want that is sold in your state. Preexisting conditions are accepted during this time period, and you can’t be denied a Medicare Supplement policy or charged more due to past or present health problems. Make sure you know when your Open Enrollment Period starts.

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. 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, 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.

If you live in Massachusetts, Minnesota, or Wisconsin, Medicare Supplement policies have different rules. You have guaranteed issue rights to buy a Medicare Supplement policy, but the policies are different.

No matter which insurance company offers a particular Medicare Supplement plan, all plans with the same letter cover the same basic benefits. For instance, all Plan C policies have the same basic benefits no matter which company sells the plan. However, the premiums can vary, and each policy may have additional benefits depending on the provider.

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.

The benefit of a Medicare Supplement plan is that it pays for the costs 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.

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 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.

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).

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

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.

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.