Top 10 Medicare Supplement Insurance Companies in 2020
Senior Healthcare Direct put together a list of the top 10 Medicare Supplement (Medigap) insurance companies to help you compare and find a Medigap plan with the coverage and benefits you need in 2020. Original Medicare only cover 80% of Part A and Part B. Medicare supplement plans cover the remaining 20%. All Medicare Supplement plans pay your Part A (hospital) coinsurance costs. In addition, most Medigap Plans pay your Part B (medical) coinsurance costs except for plans K and L.
In addition to coinsurance benefits, Medicare Supplement (Medigap) plans pay your Part A and/or Part B deductibles. For example, Medigap plans B, C, D, F, G, and N pay your Part A deductible $1408 in 2020. Furthermore, Medigap plans C and F pay your Part B deductible $198 in 2020. However, if you are newly enrolled in Medicare after January 1, 2020, these Medigap plans C and F will not be available to you. As a great alternative, Senior Healthcare Direct recommends people new to Medicare consider plan G.
Medigap Plans are Standardized for all insurance companies
All Medicare Supplement insurance companies provide the same standardized benefits based on your plan letter. For example, Medigap Plan G benefits are the same for all Medigap insurance carriers. Thus, you can compare Plan G prices among two or more insurance companies and your Medicare benefits will be the same. As a result, most people choose the lowest premium when comparing insurance carriers because they all have the same coverage benefits.
Coverage Differences among Medicare Supplement Insurance Companies
There are two coverage differences between Medigap insurance companies. First, different Medigap Plans are offered by different Medigap companies. For example, Aetna only offers Medigap plans A, B, F, G, and N. However, United Healthcare (AARP) offer the same Medigap Plans plus plans K and L. The second difference is number of State Medigap insurance companies service. For example. Aetna services 42 states and United Healthcare (AARP) services 50 states.
The chart below lists the top Medicare Supplement Insurance Companies including the available Medigap plans and number of states served. You can use this chart to help select the companies who offers the Medigap plan with the coverage and benefits you need in 2020.
Top 10 Medicare Supplement Insurance Companies
The following list of Medigap insurance companies are in no particular order. Some of these Medicare providers may or may not be in your state.
Most Important Difference Between Medicare Providers
The most important difference and the biggest benefit of working with a Medicare insurance broker like Senior Healthcare Direct is price. All Medicare providers listed in our top 10 offer Medigap Plan F. However, each Medicare provider will have a different price for the same Plan F coverage. Thus, a huge benefit of working with Senior Healthcare Direct is you can compare prices of all Medicare carriers in your state for the Medigap plan you want. For example, you may consider the cost savings and great coverage of Medigap Plan G. When we compare Medicare Supplement companies, you may find Manhattan Life has the lowest Plan G price. Senior Healthcare Direct can help you compare Medigap plans and save money. Get your Free Quote.
Aetna in 2021
Aetna is one of the largest insurance providers in the U.S. It was founded 167 years ago in 1853. So if you like a company with a solid history, then Aetna may be a good choice. Congress enacted Medicare in July 1965, and Aetna paid its first Medicare claim the following year in 1966.
New York Stock Exchange (NYSE) has listed the company since 1968.
You can buy Aetna stock ticker AET and invest in this company. Aetna has grown to nearly $2.4 billion in annual net income, and its revenue is more than $60 billion. Furthermore, it has excellent financial strength ratings: “A” from AM Best, “A+” from Standard & Poor’s. So if you want a financially strong insurance carrier, then Aetna is a great choice.
You can shop Aetna Medicare Supplement Insurance plans with Medicare insurance broker Senior Healthcare Direct by calling 1-855-368-4717.
Anthem Blue Cross in 2021
In 2020, Anthem Blue Cross offered Medicare Advantage (MA) plans with extras to make your life a little easier. For example, you can get transportation benefits – up to 30 rides to health appointments per year. You can also get a personal home helper to assist you with housework and other daily needs. Furthermore, you can get a health and fitness tracker to access and access brain exercise programs. Mental fitness can help you with memory, attention, and more!
In 2021, Anthem Blue Cross members can “find the Medicare plan you need, at a price you like.” Anthem says, “You deserve a Medicare plan that fits your health care needs and your budget.” Furthermore, Anthem says, “Finding that Medicare plan should be easy- and with Anthem, it is.”
Anthem has resources to help you stay healthy, including SilverSneakers fitness memberships and money for over-the-counter items.
Anthem Blue Cross offers the least geographical coverage area compared to other insurance carriers on our top ten list. You can get Anthem Blue Cross in only the following 14 States:
- New Hampshire
- New York
Anthem Blue Cross is headquarterd in Indianapolis, Indiana. It is an independent licensee of the Blue Cross and Blue Sheild Association. You can shop Anthem Medicare Supplement Insurance plans with Medicare insurance broker Senior Healthcare Direct at 1-855-368-4717.
Bankers Fidelity in 2021
You can get customer service and claims support from Bankers Fidelity’s headquarters in Atlanta, GA. Bankers Fidelity’s line of health insurance products include:
- Medicare Supplement Insurance
- Short-Term Care Insurance
- Final Expense Life Insurance
- Lump-Sum Cancer Insurance
- Hospital Indemnity Insurance
Since 1955 (for the last 65 years), Bankers Fidelity has supplied individuals and seniors with insurance products and responsive service. Their mission statement: “We sincerely believe that our policyholders deserve the best protection and have made it our mission to provide them with outstanding, customer-focused insurance products, value and service for more than 60 years.” In 2019, AM Best affirmed the financial strength rating of A- (Excellent) of Bankers Fidelity.
In 2021, Banker’s Fidelity offers Medicare Supplement insurance plans. Unlike other Medigap insurance companies, Banker’s Fidelity has NO pre-existing condition waiting period. However, underwriting may deny Medigap coverage in some cases.
You can shop Bankers Fidelity Medicare Supplement Insurance plans with Senior Healthcare Direct at calling 1-855-368-4717.
Cigna in 2021
Cigna is a global health service company with more than 170 million customer and patient relationships in more than 30 countries and jurisdictions. With a worldwide workforce of more than 74,000 employees, Cigna’s mission is to be champions of customers and communities every day. Cigna is rank #65 on the 2020 Fortune 500 List for the second year in a row.
This American worldwide health services organization is based in suburban Bloomfield, Connecticut, and Philadelphia, Pennsylvania. NYSE lists Cigna under stock ticker CI. It is the parent company to Express Scripts, Healthsprings, Inc., and CareAllies, LLC.
In 2021, Ciga Medicare Supplement plans pay what Medicare doesn’t. Medigap plans can help pay deductibles, copays, and coinsurance saving you from out-of-pocket costs. You can shop Cigna Medicare Supplement plans at Senior Healthcare Direct at 1-855-368-4717.
Humana in 2021
Humana was founded in 1961, making it only 60 years old and younger than all seniors on Medicare in 2021. In 2019, Humana was ranked 56 on the Fortune 500, with $56.9 billion in revenue. However, in 2021 Humana has climbed the ranks and is now ranks 52 with 74.3 billion in revenue. With headquarters in Louisville, Kentucky, Humana operates three business segments: retail, Group, and Healthcare Services.
The retail segment includes HumanaPharmacy.com, where members can get “medicine mailed to the location of your choice.” Humana Group offers employers medical, dental, and vision plans. Moreover, Humana offers Group life, and Medicare plans for retirees. Finally, Humana offers Medicare Advantage, Part D, and Supplement plans. You can shop and save on Humana Medicare Supplement plans at 1-855-368-4717.
Manhattan Life in 2021
Manhattan Life founded in 1850 by Alonzo Alvord, making it 170 years old. This company is the oldest on our list and three years older than Aetna. Since 2000, David Harris, CEO, took new ownership of Manhattan Life. The company’s headquarters is in Houston, Texas. It is a privately held company, therefore not publicly traded.
AM Best rates the financial strength of Manhattan Life B+ (Good) in a news article from 2013. However, more recently AM Best’s rates Manhattan Ins Group in the Top 200 U.S. Life/Heath Insurers in 2019.
Compared to other companies on our list, Manhattan Life is among the smallest. It has only 115 total employees across all of its locations. Furthermore, total annuals sales were $36.68 million.
You can shop Manhattan Life Medicare Supplement Insurance plans with Medicare insurance broker Senior Healthcare Direct by calling 1-855-368-4717.
Mutual of Omaha in 2021
Mutual of Omaha is a Fortune 500 company based in Omaha, Nebraska. In 2021, it’s a Fortune 500 company and ranks #300. It’s 2020 revenues increased from $9.3 million to $10.4 million. However, 2020 profits were down by 2.1%.
In contrast to Aetna and other stock insurance companies, Mutual of Omaha is a mutual insurance company. The policy holders of Mutual of Omaha own the company in its entirety. As a result, any profits earned by Mutual of Omaha are either retained by the company or paid to you (policy holders) in the form of dividend distributions or reduce future premiums.
However, in 1998 all of the membership interests of Mutual of Omaha Insurance Company was extinguished. Consequently, such members became member of the Mutual Holding Company. After this reorganization, the Mutual Holding Company will not be permitted to pay dividends. For example, you will not receive distributions or payments of income or profits. As a result, you receive no financial benefit from being a Mutual of Omaha policy holder.
On January 24, 2020 Bloomberg reported AM Best financial strength rating is A+ (Superior) and long-term issuer credit rating is aa- for Mutual of Omaha. Thus, if you want a financially strong insurance carrier with a stable credit rating, then Mutual of Omaha is a great choice. You can shop Mutual of Omaha Medicare Supplement plans at Senior Healthcare Direct by calling 1-855-368-4717.
State Farm in 2021
Medicare Supplement insurance is available through State Farm Mutual Automobile insurance company founded on June 7, 1922, with headquarters in Bloomington, IL. In 2021, the company’s employees have increased from 56,000 to 58,000. Moreover, it also has more than 19,000 independent contractor agents who service 83 million policies throughout U.S.
It is both the largest auto insurance and property and casualty insurance provider in the United States. State Farm has maintained its 36th ranking in the Fortune 500 since 2019. However, due to the COVID-19 pandemic, State Farm’s 2020 revenue was down slightly 2.9%. Moreover, its profits took a significant decline at -36.4%.
State Farm offers Medigap Plans in 46 states. However, not all Medicare supplement plans are available in all states. Find out what each State Farm Medicare Supplement plan covers, then shop and save at Senior Healthcare Direct by calling 1-855-368-4717.
UnitedHealthcare in 2021
Unitedhealthcare is the nation’s largest healthcare company in the world by revenue. Furthermore, it’s also the largest by total covered lives (70 million members). You most likely heard of UnitedHealthcare
In 2021, its ranking fell from 6th to 7th in the Fortune 500. It’s a public company traded on the NYSE under UNH. AM Best financial strength rating is A (Excellent), and long-term credit rating is a- for UnitedHealthcare. So if you like the security of a huge health insurance company with a strong financial rating, then UnitedHealtcare is an excellent choice.
Unitedhealthcare provides health insurance for businesses small and large. Before you retired, you may have had an employer group insurance plan with UnitedHealthcare. You may also have experienced UnitedHealthcare’s innovative, easy-to-use tools to help manage your health plan costs. For example, health care services such as online doctor visits and Care24 gives employee more options for taking care of their health. Thus, if you want to be insured by the largest health insurance company in the United States, then UnitedHealthcare is a great choice.
You can shop UnitedHealthcare Medicare Supplement plans at Senior Healthcare Direct by calling 1-855-368-4717.
Transamerica in 2021
A.P. Giannini founded this holding company in 1928. Transamerica is a privately held American holding company for various life insurance companies and investment firms in the United States which offer life and supplemental health insurance, investments, and retirement services. In July 1999, Transamerica CEO Frank C. Herringer announced that Aegon, a Netherlands-based insurer, would acquire it. Aegon is the multinational life insurance, pensions, asset management parent company of Transamerica.
In 2021, it’s ranked 261 on Fortune 500. In the previous year, Fortune ranked it 251. However, it continues to hold an AM Best rating of A.
It offers Medicare Supplement Plans in 50 States. Find out what each Transamerica Medicare Supplement Plan covers, then shop Medigap plans at Senior Healthcare Direct by calling 1-855-368-4717.
Better Customer Service with a Medicare Insurance Broker
How quickly can customer service resolve your issues? When you call a huge insurance provider like UnitedHealthcare, you may be transferred multiple times before you finally speak with someone who can help. However, when you purchase a Medicare Supplement plan thorough a Medicare insurance broker such as Senior Healthcare Direct, any member of our support team can help resolve your issue. When we take your call, you will not be transferred around. A member of our dedicated customer support team can help you fix billing errors, write Medicare appeals, and solve pharmacy exceptions when you can’t get your medications.
Watch the Coffee with MedicareBob video with guest Sue Wagner from our customer support team.
In this video interview with Robert Bache, owner of Senior Healthcare Direct, guest Sue Wagner explains how she “does a three-way call” with a client’s insurance carrier. Our customer support helps prevent you from paying for two Medicare plans at the same time. Thus, we help cancel the old policy with your current provider when you switch to a different provider.
It’s easy to shop and save on Medicare Supplement plans. Click the get quote button below to compare prices of Medicare Supplement companies in your area.
Last Updated on April 8, 2021 by Brian Kondas