If you’re 65 years or older, then you know how confusing Medicare can be. Tons of terms and coverage limitations make no sense. While Medicare is an excellent government program that has helped millions of seniors get health care coverage that they wouldn’t be able to afford otherwise, there are some pitfalls of the program.
One of the biggest disadvantages of Medicare is that there are plenty of expenses that Medicare doesn’t pay for. Those coverage gaps can leave enrollees with massive health care bills that put a strain on their savings account. Luckily, there are several ways that you can protect yourself from those bills and ensure that you get the health coverage that you deserve.
The best way to offset those uncovered expenses is to purchase a Medigap plan. These policies are sold by private insurance companies, and they supplement traditional Medicare coverage by filling in some of the gaps that are left behind (hence the name “Medigap”).
When you’re shopping for additional coverage, there are several important factors to consider. The two most important choices that you will have to make are: which plan that you’re going to buy, and which company that you’re going to buy it from. There are hundreds of companies on the market that you can choose from, and all of them are going to have different rates and advantages that you will need to look at before you decide which one is best for you.
To help you out on your search, we have brought together a list of 10 of the best Medigap plans. Instead of you wasting hours and hours to call all of these companies, we did all of the dirty work for you. It’s important to note that this is a flexible list. Every Medicare enrollee is going to need different things, which means that these ten best might not be the ten best for you.
Aetna is one of the most popular Medigap companies on the market. They have millions of customers across the nation. As a company, they have been around for quite a while, and they currently hold an A rating from A.M. Best. There are several unique advantages and benefits that they offer to Medigap customers. They will offer a discount for fitness programs and a household discount which can significantly lower your premiums. They also have a 12-month rate lock and a 30-day free look period that you can use.
Aetna offers F, G, and N in the majority of states, but their Plan F rates are not normally the most competitive.
More than likely you’ve heard of Gerber before, but you may not know that they also sell Medigap plans. In fact, as an insurance company, they hold over 3 million policies between their life insurance and their Medigap. With such large numbers, it’s obvious that they are doing something right.
They have an A rating from AM best, and Gerber offers a wide variety of the different Medigap plans. They also have excellent customer service if you ever have any questions about your coverage.
They offer every plan, but one thing to be wary of when you’re shopping with Gerber is that their prices are not always the best. It depends on the type of policy that you’re buying and which state that you live in.
United Health Care
United Health Care is co-branded with AARP to provide seniors with Medigap plans. They have an A rating from the third-party companies. Much like the Gerber supplemental plans, they are a great company, but you need to compare their prices to their competitors, they are not the most expensive, but they also won’t be the most affordable either. Aside from pricing, they are a great option for Medigap coverage.
As a company, American Continental is based in Brentwood, Tennessee and they were established in 2005. That makes them one of the youngest companies on our list, but that doesn’t mean that they are one of the worst. In 2012, they were acquired by Aetna, which is one of the largest. Although they are a subsidiary of Aetna, they still have great rates and excellent customer service that is separate from their parent company.
Cigna is a massive company that is mostly known for their health insurance and life insurance plans. They have over 15 million customers across the globe. Aside from both health and life insurance, they also have Medigap plans to supplement your traditional Medicare plan.
If you’re looking for a good all-around insurance company, Cigna is a great place to start your search. They have good rates and excellent customer service. They are also quick to pay claims and answer any questions that you may have about your plan.
The company was founded in 1870, which means they have years and years of experience providing quality insurance coverage. Colonial Penn offers every Medigap plan is just about every state. Unlike some companies, you won’t have to worry about not having every possible option.
If you’re looking for a stable company that you don’t have to worry about, Colonial Penn is an excellent option. Not only have they been around for more than 140 years, but they also have an A- rating from several of the rating systems.
New Era has all of the supplemental plans, but their most popular ones are F, G, and N. Each of those plans has different advantages and costs that you will need to compare before you pick the one that works best for you. New Era also has a few benefits that they offer their customers. They have a stable rate history, 30-day free look period, and guaranteed renewable for life.
With Transamerica, you’re going to be limited on your options, or you may not even be able to purchase one of their plans depending on which state that you live in. Transamerica offers A, F, G, and N in 10 different states across the country. They don’t have the most options, but they are worth a look when you’re shopping for coverage.
Manhattan Life was originally founded in 1850. They are one of the longest running insurance companies on our list. They offer life insurance and supplemental insurance coverage. They have some of the most competitive rates that you will find on the market. They are not always going to be the cheapest, but they are always close.
Mutual of Omaha
You’ve probably heard of Mutual of Omaha, and you’re probably familiar with some of their other insurance products. Not only do they have supplemental coverage, but they also offer health and accident products for individual and groups.
Some of the benefits that they offer are a 12% household discount, no policy fees, guaranteed renewable, 30-day free look period, and much more. They offer a lot more unique benefits to their customers versus what a lot of other companies.
You’ve worked hard to retire. Now is the time that you can finally sit back and relax, but rising health care costs could destroy your retirement dream. If you want to ensure that you have the additional health care protection that you need, it’s important that you compare all of the available options. The best way to do that is to work with one of our independent agents. Unlike a traditional Medigap insurance agent, we work with dozens of highly rated companies. We can bring a personalized set of quotes directly to you. Regardless of which state that you live in or the plan that you need, we can bring the best policies straight to you.
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