The 5 Qualities Shared By Top Medicare Supplement Insurance Companies

Are you shopping for a Medicare Supplement Insurance plan (also called Medigap)? As you evaluate Medigap plans provided by various insurance companies, it’s important to evaluate each insurance company to determine if they provide the types of coverage you need.

If you’re ready to learn more about Medicare Supplement Insurance companies in your area, visit today!

Here are five characteristics you can consider looking for as you evaluate Medicare Supplement Insurance companies.

Licensed insurance agent

1. Is the company easily accessible?

The top Medicare Supplement Insurance companies will likely make their licensed insurance agents readily accessible by phone at extended hours (or even 24 hours a day, in some cases).

If you do call, how is the experience? Are you are greeted by a friendly and knowledgeable licensed insurance agent who is willing to help answer your questions?

If good customer service is important to you, this could affect your choice of Medigap plan provider.

2. Do they have a proven history?

It can sometimes take a long time for an insurance company to earn a reputation as one of the most trusted and reliable insurance providers in their area.

An insurance company that has been around for a long time may have the experience and the financial strength that some beneficiaries prefer.

3. Does the company have solid ratings?

The Better Business Bureau, Moody’s, Fitch and Standard & Poor’s are among some of the agencies that consumers like you can rely on for ratings and company information.

You might consider a provider to be a top Medicare Supplement Insurance company if they have top ratings from these agencies and strong customer reviews.

4. Do they offer competitive rates?

Medicare Supplement Insurance plan premiums are not standardized, which means each insurance company may set its own rates for premiums.

If value is important in your Medigap plan considerations, you might look for a Medicare Supplement Insurance provider that offers comparably low rates and discounts, if available.

5. Do they provide personalized services?

Medicare Supplement Insurance plans are standardized by the federal government in terms of the benefits that are offered by each plan. But this doesn’t mean Medigap is a one-size-fits-all insurance product.

Take the time to discuss your health care needs with your insurance agent so they can help you find the Medicare Supplement Insurance plan that best fits those needs.

Medicare Supplement Insurance Plans 2021
Medicare Supplement Benefits A B C1 D F1 G K L M N
Part A coinsurance and hospital costs
Part B coinsurance or copayment 50% 75%
First 3 pints of blood 50% 75%
Part A hospice care co-insurance or co-payment 50% 75%
Co-insurance for skilled nursing facility     50% 75%
Medicare Part A deductible   50% 75% 50%
Medicare Part B deductible                
Medicare Part B excess charges                
Foreign travel emergency     80% 80% 80% 80%     80% 80%
1. Plans C and F are not available to new beneficiaries who became eligible for Medicare on or after January 1, 2020.
2. Plans F and G also offer a high deductible plan which has an annual deductible of $2,370 in 2021. Once the annual deductible is met, the plan pays 100% of covered services for the rest of the year. The high deductible Plan F is not available to new beneficiaries who became eligible for Medicare on or after January 1, 2020.
3. Plan K has an out-of-pocket yearly limit of $6,220 in 2021. Plan L has an out-of-pocket yearly limit of $3,110 in 2021.
4. Plan N pays 100% of the Part B coinsurance, except for a copayment of up to $20 for some office visits and up to $50 for emergency room visits that don’t result in an inpatient admission.
View an image version of this table.

Finding the right Medigap plan for you

Identifying the top Medicare Supplement Insurance companies is only half the battle. You also need to find the best Medigap plan for your needs.

This involves securing a plan that services the area in which you live, is affordable for your budget and provides the benefits you need most.

Get started finding the right Medicare Supplement Insurance plan for your needs by visiting today!

Learn more about Medigap plans in your area