The ‘A List’ of Medicare Supplement Companies
All Medicare supplement plans are standardized by the federal government, meaning they offer the identical medical benefits. However, not all insurance companies are equal when it comes to categories such as: customer service, timing of claims paid, and overall satisfaction.
While Buffer Benefits represents over 17 different medicare insurance companies, we’ve taken the time to identify whom we believe to be the top Medicare Supplement insurance companies of 2018. These top six insurance companies are in no specific order for the purpose of this article. Each company has their own strengths and some have extra services included at no additional cost.
|Medicare Supplement Company||
A.M. Best financial strength rating
|Policy Pricing Method|
|GPM Life Group||A –||Attained Age|
|Mutual of Omaha/ Omaha Supplemental Insurance Company||A+||Attained Age|
|Blue Cross Blue Shield||A||Attained Age|
* What is AM’s Best Rating?
The company uses a standard grading scale to provide consumers with information about the stability and long term financial outlook of financial companies. A score of A++ is the highest rating.
GPM Health & Life
GPM Health and Life Insurance Company was founded in 1965 as North Coast Life Insurance Company. Based in Spokane, Washington, the company offered traditional cash value life insurance, and annuities, to individuals in the western United States.
Unique Value: GPM Health and Life offers a ‘household discount’ of 7% (varies by state). GPM Health and Life’s household discount is unique from other insurance companies in that if you simply live with another person over the age of 60, they give you a discount on your premiums. Most insurance companies require that both you and your spouse have the same insurance company to receive a discount.
Mutual of Omaha/United World
Mutual of Omaha has offered low rates for quite some time and you will receive the peace of mind that you can only receive from an insurance company with such a highly rated AM financial score.
Unique Value: Mutual of Omaha/United World offers a ‘household discount’ of 12% (varies by state). Mutual of Omaha’s household discount is similar to GPM Health & Life. Like GPM’s discount, if you simply live with another person over the age of 60, they give you a discount on your premiums. Most insurance companies require that both you and your spouse have the same insurance company to receive a discount.
Note: If you have purchased a United World Mutual of Omaha policy, you can apply for a plan under its newly chartered subsidiary, Omaha Supplemental Insurance Company and save on your premiums.
Cigna sells multiple lines of insurance such as group medical, life insurance, dental and standalone prescription coverage, in addition to their medicare supplement offering. They have offered consistently low premiums for their medicare supplement policies and you can receive a 7% discount (may vary by state) for couples who both have Cigna as their insurance company.
Aetna is a top-rated insurance company, especially within the Medicare Supplement arena. They have offered consistently low premiums for their medicare supplement policies and you can receive a 12% discount (may vary by state) for couples who both have Aetna as their supplement company.
Blue Cross Blue ShielD
Blue Cross Blue Shield (BCBS) insures more than 639,000 medicare beneficiaries through their supplement plans, nationally. This number of members makes the one of the largest medigap companies in the U.S. They’ve also made an impressive reputation in the employer benefit’s market, where most people are first introduced to their brand. BCBS of TX insures many large employers, including several federal government entities such as the United States Postal Service. If you choose BCBS of Texas as your medicare supplement carrier, it will be an easy transition, as you’ve familiarized yourself with their superior customer service already.
UnitedHealthcare (UHC) has teamed up with a popular known retirement association to offer excellent plans. UnitedHealthcare is the only insurance company endorsed by the most popular non-profit organization for retired persons. If you’re not already a member, you’ll need to become one before enrolling into a UnitedHealthcare medicare supplement. However, once you’ve done so, you’ll have access to discounts on travel, auto insurance, movie tickets, and opportunities to win prizes and trips.
UnitedHealthcare offers a discount of 5% for couples who both have a supplement policy with the company.
Unique Value: Several value-added services included in UnitedHealthcare’s plan are vision discounts provided by EyeMed Vision Care, a 24/7 Nurse hotline, and a 50% discounted gym membership.
Don’t forget that seniors applying for a Medicare Supplement plans also need to review standalone prescription drug plans.
Policy Pricing Methods
Community-rated (also called no-age rated). The same premium is charged to everyone, regardless of age. Medigap experts say these plans are the least expensive over time, though not necessarily when you first purchase them.
Issue-age-rated. The premium is based on your age when you buy the policy. It won’t go up as you age, but will increase due to cost inflation.
Attained-age rated. The premium starts low but goes up as you get older. Over time, this type of policy is the most expensive.