Medicare Supplement Insurance, also known as Medigap, is a type of insurance offered to cover the additional costs that are not originally covered in Original Medicare Plan. The Medigap insurance is offered by private insurance companies to individuals who already have the Original Medicare Plan (Part A and B). With Medicare Part A (hospitalization) and Medicare Part B (medical care), only about 20% of the total health costs are covered.
To cover the other expenses without taking a load on the pocket, Medicare supplemental plans are provided. To help find the best Medicare supplemental plans for you, a list of top 10 Medicare supplement insurance companies 2023 has been compiled and presented here.
Top 10 Medicare Supplement Insurance Companies 2023
Medicare supplement insurance is very important to cover all the additional costs that your medical insurance plan does not cover.
Here are the top 10 Medicare supplement insurance companies in 2023 that you can rely on for your Medicare supplement requirements.
- Mutual of Omaha
- AARP Medicare Supplement Insurance Plan
- Blue Cross Blue Shield
- United American
- Capitol Life
- Bankers Fidelity
1. Mutual of Omaha
- Mutual of Omaha offers one of the best Medicare supplement insurances to protect both health and wallets of the customers.
- Add to your existing Medicare Part A and B plans and get additional coverage for copays, coinsurance, and deductibles.
- The company also provides life insurance, long-term care coverage and annuities, as well as group coverage including life, disability and 401(k).
- Founded in 1909, Mutual of Omaha is a highly-rated, Fortune 300 organization with the current ranking of 367.
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- Humana is focused to helping members achieve their best health services by delivering personalized, simplified, whole-person healthcare experiences.
- This company is based in Louisville, Kentucky and is the third largest health insurance provider in the nation.
- Innovative solutions and resources are created by Humana to allow the senior citizens of the country live their lives in the healthiest manner possible.
- Humana ranks 40 in the list of Fortune 500 companies and is counted as one of the America’s Best Employers by Forbes.
3. AARP Medicare Supplement Insurance Plan
- AARP is a Medicare supplement insurance plan by UnitedHealthcare that offers additional benefits for cost saving.
- UnitedHealthcare has been providing coverage for over 30 years and its expertise has made it one of the top 10 medicare supplement insurance companies in 2023.
- A wide range of plans is available with AARP Medicare supplement to fit client’s health needs and budget goals.
- For guaranteed acceptance, it is advised to enroll during their Medicare Supplement Open Enrollment period.
- Cigna’s supplemental insurance policies offer additional coverage and cash benefits to the clients when they need it the most.
- Other than Medicare and Medicaid products, Cigna offers health, life and accident insurance coverage primarily to individuals in the U.S.
- Easy to buy, Cigna come with features like cash benefits, affordable monthly premiums, flexible coverage options and much more.
- This Medicare supplement provider has got pretty good ranking in the Fortune 500 list too and ranks currently at number 12.
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5. Blue Cross Blue Shield
- Blue Cross Blue Shield has been offering Medicare and health insurance benefits to over 100 million customers across the US.
- Different types of Medicare plans are offered by Blue Cross Blue Shield and you can easily and definitely find a coverage that fits your need, finance and lifestyle.
- To allow customers manage their health plan benefits, it has also deigned a powerful tool named Blue Access for Member.
- Elevance Health (formerly Anthem), CareFirst, Highmark, etc are the affiliated members of the Blue Cross Blue Shield Association offering Medicare in all 50 states.
- Aetna is a renowned healthcare company that offers Medicare plans to cover the additional medical costs of its customers.
- The company was founded in 1853 as Aetna Life Insurance Company that quickly expanded into offering other services like medical, dental, health insurance, etc.
- An estimated 39 million people rely on Aetna to help them make decisions about their health care, planning, costing and everything.
- Since 2018, the company has been a subsidiary of CVS Health Corporation but offers reliable services like it always has been.
7. United American
- United American is a name trusted by doctors and hospitals nationwide and is counted among the best Medicare Supplement Insurance Companies 2023.
- It is one of the largest nationwide underwriters of individual insurance to supplement Medicare as per the NAIC Medicare Experience Report, August 2020.
- Their aim is to help working class families achieve financial protection from adverse circumstances by offering cheaper Medicare plans.
- Since Medicare began in 1966, United American has been a prominent supplement insurance provider and will continue to serve the same in the years to come.
8. Capitol Life
- The Capitol Life Insurance Company has been helping families with their health insurance needs for over 100 years.
- With the Capitol Life Insurance Medicare Supplement plans, you are covered for the medical expenses that traditional Medicare does not cover.
- It provides the customers a peace of mind knowing that out-of-pocket expenses often left by Medicare will be covered.
- Capitol has a 30 day policy trial period, a 12 month rate lock and allows Medicare Supplement policy owners to choose their doctors.
9. Bankers Fidelity
- Bankers Fidelity’s Medicare Supplement insurance policy helps covers your health care needs anywhere in the country.
- With its standardized plan, you can see any doctor or provider who accepts Medicare and the benefits can be paid directly to you, your doctor or your hospital.
- There is no pre-existing condition waiting period and the coverage begins on the effective date.
- Other than Medicare Supplement, the company also offers Final Expense Life Insurance, Short-Term Care, Lump Sum Cancer Insurance and Hospital Indemnity.
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- ManhattanLife is one of the oldest and most reliable life and health insurance companies in the country.
- It offers a full range of insurance and annuity products to suit the diverse needs of its clients.
- The services are designed specifically with the senior market in mind, allowing them to easily locate, review, and enroll in any of their senior focused products.
- ManhattanLife was incorporated on May 29, 1850 with its headquarters in Houston, Texas and is still one of the top 10 Medicare supplement insurance companies 2023.
Mutual of Omaha
A Medicare beneficiary can change supplements at any time. Care should be taken to enroll during the Open Enrollment Period.
By law, Medigap insurers aren’t allowed to sell more than one Medigap plan to the same person.