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Best Medicare Supplement Companies for 2019

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Best Medicare Supplement Companies for 2019

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Updated: October 30, 2018    Published: October 8, 2018

Best Medicare Supplement Companies | man shopping with cart

The top 10 Medicare Supplement companies, reviewed!

Standard Original Medicare is great, until it leaves you with part of the bill. Thankfully, many high quality insurers offer Medicare Supplement plans that cover your post-Medicare costs. Also known as Medigap, these policies are overseen by the government but sold by some of the best Medicare companies out there.

The 10 most popular Medicare Supplement companies make up over 50 percent of Medigap revenue. They collect roughly $1.5 billion in premiums – the monthly price you pay to stay on the plan – each year. You can decide which Medicare Supplement company is right for you.

The best Medicare Supplement companies by size are:

1.  UnitedHealth Group – 15.2% of Medicare Supplement premiums

UnitedHealthcare logo | best health insurance companies | HealthCare.com

  • Ranked #1 on our best health insurance companies list, too.
  • UnitedHealth is the company that services AARP Medicare Supplement plans. This brand is exclusively available to AARP members.
  • Created the Health Equity Services (HES) program to reduce health disparities.
  • Our graphic designer says – “their logo is shaped like a shield, so that makes me think it’s trustworthy.”
  • Served approximately 1.35 million Medicare Supplement plan members in 2016.
  • A.M. Best Rating: A- (Excellent)

2. Mutual of Omaha – 12.2% of Medigap premiums

Mutual of Omaha Medicare logo | best Medicare Supplement companies

  • Founded in 1909 as Mutual Benefit Health & Accident Association.
  • Owns Omaha Insurance Co., United of Omaha, and United World Life.
  • Ranked #337 on the 2017 Fortune 500 list, Fortune magazine’s ranking of the largest U.S. corporations by revenue for their respective fiscal years.
  • Served approximately 1.3 million Medicare Supplement members in 2016.
  • A.M. Best Rating: A+ (Superior)

3. Health Care Service Corporation (HCSC) – 7.2% of Medicare Supplement premiums

Health Care Service Corporation logo | health insurance reviews | HealthCare.com

  • Blue Cross Blue Shield provider in Illinois, Montana, New Mexico, Oklahoma, and Texas.
  • Founded in 1936 as the Chicago Plan for Hospital Care.
  • Launched Care Van®, the nation’s first mobile immunization program.
  • Served approximately 629,000 Medicare Supplement plan members in 2016.
  • A.M. Best Rating: A (Excellent)

4. Aetna – 5.3% of Medicare Supplement premiums

Aetna logo | top health insurance companies | HealthCare.com

  • Aetna has agreed to merge with CVS as of December 2017. Accordingly, the number of Aetna locations will dramatically increase.
  • Founded in 1853 as Aetna Life Insurance Company.
  • Owns American Continental Insurance and Continental Life Insurance Company of Brentwood.
  • Won a CSO50 Award in 2015 for its Trusted Email Program designed to remove fraudulent emails that appear to be from Aetna.
  • Served approximately 568,000 Medicare Supplement plan members in 2016.
  • A.M. Best Rating: bbb (Good)
  • View Aetna Medicare Supplement Plans

5. Anthem – 3.8% of Medicare Supplement premiums

Anthem logo | HealthCare.com

  • Formerly known as WellPoint, it serves as the Blue Cross Blue Shield provider in 14 states.
  • Medicare Supplement plan members can enroll in the SilverSneakers fitness program.
  • Ranked #29 on the 2017 Fortune 500 list, and is the second largest company with a female a CEO.
  • Served approximately 330,000 Medicare Supplement plan members in 2016.
  • A.M. Best Rating: A (Excellent)

6. Colonial Penn Life Insurance – 3.4% of Medicare Supplement premiums

Colonial Penn Insurance Company | best medigap companies | HealthCare.com

  • Founded by philanthropist and AARP co-founder Leonard Davis, and owned by CNO Financial.
  • Underwrites Bankers Life Medicare Supplement plans.
  • Jeopardy! Host Alex Trebek is the current spokesperson.
  • Served approximately 303,000 Medicare Supplement plan members in 2016.
  • A.M. Best Rating: A- (Excellent)

7. Humana – 2.1% of Medicare Supplement premiums

Humana logo | top health insurance companies | HealthCare.com

  • Founded in 1961 as a nursing home company.
  • Humana neighborhood centers offer customer assistance, health and wellness programs, and social activities.
  • In 2018, Humana joined two private equity firms in the acquisition of Kindred Healthcare, a healthcare services company that operates long-term acute care hospitals and rehabilitation centers.
  • Served approximately 210,000 Medicare Supplement plan members in 2016.
  • A.M. Rating: bbb- (Good)
  • View Humana Medicare Supplement Plans

8. Wellmark Inc. – 2.1% of Medicare Supplement premiums

Wellmark blue square logo | top Medicare Supplement companies | HealthCare.com

  • Blue Cross Blue Shield provider in Iowa and South Dakota.
  • Founded in 1939 as Hospital Incorporated of Iowa.
  • In 2012, Wellmark partnered with Iowa Health System and Mercy Center – De Moines to create Iowa’s first commercial Accountable Care Organization.
  • Served approximately 192,000 Medicare Supplement plan members in 2016.
  • A.M. Best Rating: A (Excellent)

9. Blue Cross Blue Shield of Florida – 2% of Medicare Supplement premiums

Florida blue square logo | top Medicare Supplement companies

  • Focused entirely on the state of Florida.
  • Florida Blue retail centers offer customer service, wellness events, and classes.
  • Actively engages in public affairs through the Florida Blue Center for Health Policy.
  • Served approximately 183,000 Medicare Supplement plan members in 2016.
  • A.M. Best Rating: A+ (Superior)

 


10. Blue Cross Blue Shield of Massachusetts – 2% of Medicare Supplement premiums

BCBS MA | top Medigap companies

  • Won three 2018 ClearMark awards recognizing the “plain language” it uses in communications with members.
  • Sponsors BLUEbikes, a public bike share program in metro Boston.
  • Medicare Supplement offerings are called Medex®Core, Medex®Choice, and Medex®Bronze. Massachusetts has different Medigap options than the rest of the country.
  • Served approximately 183,000 Medicare Supplement plan members in 2016.
  • A.M. Best Rating: Not rated

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Your benefits don’t depend on the state you live in, or the Medicare Supplement company you choose. Each Medicare Supplement plan of the same letter – for instance, all Plan Gs – will have the exact same benefits.

Although Medigap plans have standardized benefits, their premiums vary per company. The only difference between plans of the same letter is price.

The same 10 types of Medicare Supplement plans are offered in all states except MA, MN, and WI. Not every insurer offers all 10 plans.

Medicare Supplement has more consumer protections than most other types of health insurance. Hundreds of smaller or regional health insurance and life insurance companies have found it easy to offer Medicare Supplement as well.

When Can You Enroll in Medicare Supplement?

If you’re 65 years or older and enrolled in Medicare Part B, you can compare and apply for a Medigap plan at any time. You aren’t limited to your joining during unique Medicare Supplement Open Enrollment period.

Most states also allow younger folks in with some restrictions. However, you’re only guaranteed the lowest price once.

Tips for Choosing a Medicare Supplement Plan

Selecting the best Medicare Supplement company is an important decision. You’ll want to consider both your current and potential future health needs.

For example, if you don’t have a chronic condition or expect any medical bills, Plans K or L may be right for you.

Or, if the doctors you regularly visit will charge above what Medicare pays, you may want to choose an option that covers excess billing, like Plans F or G.

The only difference between plans of the same letter (e.g. all Plan Ns) is price. We recommend using a Medicare search tool like HealthCare.com to compare local prices for the specific Medicare Supplement plan you want.

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References:

    • Our list of top Medicare Supplement companies is sorted by market share. Market share is determined by a company’s total monthly premiums collected for Medicare Supplement. This data comes from the most recent annual report by the National Association of Insurance Commissioners.
    • A.M. Best ratings are publicly available on ambest.com. This organization rates the strength of insurance companies to see if they can pay their expenses in the future. A.M. Best ratings are particularly important for Medigap providers. Since all companies offer the same product, financial stability is one of the few ways they can control its price.
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  1. Glen St John says:

    Have you ever heard of American Republic health Insurance and if so what would their ranking be in your opinion? I have a Supplement with them and was just curious. Thanks

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