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Best Medicare Supplement Insurance Companies

Are you nearing retirement age and are looking for information on the best Medicare supplement insurance companies? If so, you’ve come to the right place.

If you’re looking for health insurance coverage that is standardized with Medicare, then a Medigap plan is your best bet.

You are welcome to select any health insurance provider you wish for your Medigap coverage. However, many individuals inquire about the “best” Medigap insurance companies for 2022, so we’ve compiled a list for you.

We’ll provide you with information on some of the top providers in the industry. So, whether you’re just starting your research or are ready to make a purchase, read on for our recommendations.

Medigap Insurance Company

Big Brand Medigap Insurance Companies in 2022

We continue to work with many top Medicare supplemental insurance companies you are likely familiar with.  This list of Medicare supplement insurance firms is just a tiny sample of the ones we provide:

Some Medicare beneficiaries feel more secure selecting a household business name because they are more familiar with it.  While these companies may be more well known, ensure you are open to reviewing Medigap plans offered by smaller companies.

Smaller Regional Best Medicare Supplement Insurance Companies

Some excellent smaller and regional Medicare insurance companies might be new to you but provide terrific service in your area. Here are some examples of these firms:

  • Accendo

  • American Retirement Life (owned by Cigna)

  • Bankers Fidelity Life Medicare

  • Blue Cross Blue Shield of California

  • Continental Life (owned by Aetna)

  • Manhattan Life

  • Omaha Supplemental Insurance Company (owned by Mutual of Omaha)

  • United World Life (owned by Mutual of Omaha)

  • Western United Life (owned by Manhattan Life)

These are just a handful of the more than 30 supplemental Medicare health insurance companies we represent here at Integrity Now Insurance Brokers.

We only use health insurance companies with a solid financial rating.

When you’re ready to compare Medigap plans and pricing, we can provide you up to 10 quotes from different private insurance company carriers in your area.

We work for you, not the insurance company, so you can be confident that you’re getting the best possible advice and service.

Contact us today and talk with one of our licensed Medicare insurance agents.

Frequently asked questions

What is Medicare Supplement Insurance and how does it work?

Medicare supplement plans are a type of health insurance that helps cover the costs of Original Medicare for a small monthly premium.

Medicare supplement insurance companies are contracted with Medicare to provide Medicare supplement plans to Medicare recipients.

Medigap plans are standardized by the federal government, meaning that each Medigap company must offer the same essential benefits regardless of which insurance company you buy.

However, Medigap plans can vary in cost, so it’s important to compare Medigap insurance companies before enrolling in a Medigap plan.

Medicare supplements can help cover costs such as Medicare deductibles, coinsurance, and copayments. Private insurance companies offer Medigap plans, and premiums are paid in addition to Medicare Part B premiums.

How do you know if you need a Medigap Plan and what are the Benefits of having a Medicare Supplement?

If you enroll in Medicare Part A and Medicare Part B, you may need supplemental coverage to help cover the costs of deductibles, coinsurance, and copayments. Medigap plans can provide this coverage.

Some of the benefits of having a Medicare supplement plan include:

  1. Peace of mind knowing that your out-of-pocket costs will be reduced or eliminated

  2. The ability to see any doctor and medical facility that accepts Original Medicare

  3. Coverage for medical expenses while traveling outside of the United States

For more information about Medicare plans, contact one of our local Medigap insurance agents for a free quote or visit the Centers for Medicare & Medicaid Services website.

What are the different types of Medigap policies available and which one is right for you?

There are ten different types of Medigap policies available, each with its own set of member benefits. The type of Medicare supplement plan you select should be based on your specific health care needs and budget.

Following is a complete list of Medicare supplement plan options:

  1. Medigap Plan A: This plan covers Medicare Part A deductibles, coinsurance, and hospital stays.

  2. Medigap Plan B: This plan covers Medicare Part B deductibles and coinsurance.

  3. Medigap Plan C: This plan covers Medicare Part A and Part B deductibles and coinsurance, hospital stays, and foreign travel emergency care.

  4. Medigap Plan D: This plan covers Medicare Part A and Part B deductibles, coinsurance, and hospital stays.

  5. Medigap Plan F: This plan covers Medicare Part A and Part B deductibles and coinsurance, hospital stays, skilled nursing facility care, and foreign travel emergency care.

  6. Medigap Plan G:  This plan covers Medicare Part A and Part B deductibles, coinsurance, and hospital stays.

  7. Medigap Plan K: This plan covers Medicare Part A and Part B deductibles, coinsurance, and copayments.

  8. Medigap Plan L: This plan covers Medicare Part A and Part B deductibles, coinsurance, and copayments.

  9. Medigap Plan M: This plan covers Medicare Part A coinsurance and Part B copayments.

  10. Medigap Plan N: This plan covers Medicare Part A and Part B deductibles, coinsurance, and Part B copayments.

For more information about the different types of Medigap policies, you can compare them here.

Medicare Supplement Insurance Cost

How much does Medicare Supplements Cost and is there a way to Reduce the Premiums?

Medigap insurance premiums vary depending on the type of policy you select, the insurance company you buy your plan from, your age, gender, location, and medical history.

Some Medigap plans require that you pay a deductible before your coverage begins. Other plans have no deductible.

You can usually pay your Medigap premium with a combination of monthly and annual lump sum payments. Some Medigap plans offer a discount if you pay your premium annually.

A Medicare Advantage plan may be a better option for individuals who cannot afford the monthly premiums. Talk with one of our insurance agents and see if a medicare advantage plan is a better option.

How Do You Compare Rates From Different Medigap Insurance Companies And What Should You Look For When Making Your Decision?

It’s crucial to compare rates from different Medigap insurance companies before making a decision. There are a few things you should look for when reviewing competitive rates:

  • Make sure the company is licensed in your state

  • Compare the premiums for the same type of policy

  • Look at the company’s customer satisfaction rating

  • Read the fine print from the different companies to see what is and is not covered by each policy

  • Are you obtaining quotes from a well-known company and smaller companies to ensure you are getting lower premiums

  • Do you have any health problems and fall outside of the guaranteed issue period

  • Is there a waiting period based on the time of your enrollment

  • Should you consider a high deductible plan

Contact one of our local Medicare insurance agents for more information about comparing insurance company rates.

Medicare Open Enrollment

When Can You Enroll In Medigap Insurance And What Happens If You Wait?

You can enroll in Medigap insurance during your six-month Medigap Open Enrollment Period, which begins on the first day of the month that you’re both 65 years old and enrolled in Medicare Part B.

If you wait to enroll in Medigap insurance, you may have to pay more because insurance companies can use medical underwriting to determine your premium. Your rates could be based on your health status, which could make your premiums more expensive.

Contact one of our local Medicare insurance brokers for more information about Medigap Open Enrollment Period.

When can you enroll in Medigap insurance and what happens if you wait?

You can enroll in Medigap insurance during your six-month Medigap Open Enrollment Period, which begins on the first day of the month that you’re both 65 years old and enrolled in Medicare Part B.

If you wait to enroll in Medigap insurance, you may have to pay more for your premium because insurance companies can use medical underwriting to determine your premium. This means that your rates could be based on your health status, which could make your premiums more expensive.

For more information about Medigap Open Enrollment Period, contact one of our local Medicare insurance agents.

Medicare Exclusions

What are some of the things that Medigap insurance doesn't cover?

Medigap insurance policies work alongside Original Medicare, so there are a few things that it doesn’t cover:

  • Long-term care
  • Dental care
  • Eyeglasses
  • Hearing aids
  • Private-duty nursing

What are some alternatives to Medigap insurance?

There are a few alternatives to Medigap insurance, including:

  • Medicaid: This is a government health insurance program for low-income individuals and families.

  • Medicare Advantage plan: These private health insurance plans offer an alternative to Original Medicare.

  • Long-term care insurance: This type of insurance can help pay for long-term care services, such as in-home care, nursing home care, or assisted living.

  • Health savings account (HSA): This is a tax-advantaged savings account that pays for qualified medical expenses.

What happens if you decide to switch Medigap insurers later on down the road and is there anything to watch out for when doing so?

You can switch Medigap insurers at any time, but there are a few things you should keep in mind when doing so:

  • You may undergo medical underwriting again, which could result in higher premiums.
  • You may have to pay a new deductible.
  • You may have to wait for your new policy to go into effect.

Some states like California, Nevada, and Washington have the birthday rule, which allows you to switch Medigap insurers without undergoing medical underwriting as long as you do so within your state’s timeframe.

Medigap Benefits

What are the benefits of choosing a large, well-known Medigap insurance company over a smaller one?

There are a few benefits of choosing a large, well-known Medigap insurance company over a smaller one:

  • You’re more likely to be accepted for coverage.

  • You’re more likely to get lower rates.

  • You’re more likely to access more resources and customer service support.

  • Long Term rates vary as you age but are more likely to be more stable with larger well-known Medicare supplement insurance companies.

Are there any drawbacks to choosing a large Medigap insurance company over a smaller one?"

The only drawback of choosing a large Medigap insurance company over a smaller one is that you may have to pay more for your premiums. However, this is typically offset by the fact that you’re more likely to get lower rates and access more resources and customer service support.

While most of the time, your premiums will be less with large Medigap insurance companies, it is possible to find cheaper rates with smaller Medigap insurance companies, so it’s essential to compare rates from multiple Medicare plans before enrolling in a plan.

As we are Medicare insurance brokers, we have access to a single rater that shows us the rates from all the Medicare insurance companies in your area. This allows us to find the best rates for our clients quickly.

To get started finding the best medicare supplement insurance rates in your area, contact one of our local Medicare insurance agents today.

The surprising things that Medicare supplemental insurance covers

One of the most common questions we get asked is what is Medicare supplemental insurance, and what does it cover? Medicare supplemental insurance, also known as Medigap, is a type of health insurance designed to supplement Medicare. Medigap plans help pay for out-of-pocket expenses not covered by Original Medicare, such as deductibles, copayments, and coinsurance.

While Medigap plans vary in terms of what they cover, most of them offer coverage for:

  • Hospitalization (Inpatient care)
  • Primary care doctor’s visits
  • Specialist visits (without the need for a referral)
  • Medical equipment
  • Lab tests

A few Medicare supplement plans may offer additional benefits not advertised by the Medicare supplement policies because insurance companies are discouraged from selling Medigap plans based on extra help from the federal Medicare program.

Some of the extra benefits included with a Medicare supplement insurance plan are the following:

  • hearing

  • vision

  • dental

  • preventive care

Similar to a Medicare Advantage plan, these free benefits are usually limited, and Medicare beneficiaries should consider purchasing more comprehensive coverage.

Medicare Part D

The importance of having Medicare Part D Prescription Drug coverage with a Medigap Policy

With the rising cost of prescription medications, it’s more important than ever to ensure you have coverage for them. Medicare Part D is a type of Medicare coverage that helps pay for prescription drugs.

Medigap plans do not cover prescription drugs, so it’s essential to make sure that you have a Part D plan in place if you need help with the cost of your prescription drugs.

You can enroll in a Part D plan when you first become eligible for Medicare or switch to a different Part D plan during the annual enrollment period.

Medigap plans don’t include Part D coverage, and you may be subject to a late-enrollment penalty. The late-enrollment penalty is added to your monthly Part D premium for as long as you have Part D coverage. You’ll have to pay this extra charge for your Part D plan.

The best way to avoid the late-enrollment penalty is to enroll in a Part D plan when you first become eligible for Medicare. If you’re already enrolled in a Medigap plan, you can switch to a Part D plan during the annual enrollment period.

Contact one of our local Medicare insurance agents today if you have any questions about Medicare supplement insurance or Part D prescription drug coverage. We can help you compare plans and find the right coverage for you.

Medicare Hope Is Your Medicare Supplement Insurance Company

Integrity Now Insurance Brokers is a full-service independent insurance agency. We have helped thousands of older adults find their best Medicare supplement insurance plan.

There are many Medicare options available to most people, which is why it is essential to use an insurance company specializing in Medicare supplement plans.

The Federal Medicare program is full of information and can be very confusing, especially if you are an expert in Medigap coverage.