Medicare is an extremely valuable healthcare resource for many seniors. However, Medicare alone does not cover all of the healthcare costs one is likely to face later in life. And since unexpected medical expenses can lead to stress and financial strain, many seniors prefer to be prepared for what might lay ahead.
Medicare Insurance is one way seniors can plan ahead for these unexpected costs. Customers pay a monthly premium for insurance that lowers or totally covers the out of pocket costs for expenses. These expenses can include deductibles, copays, hospital stays, and doctor’s appointments. Some plans offer more extensive benefits for expenses such as international healthcare and skilled nursing facilities. There are many different plans available to accommodate people who desire different levels of coverage. And while having so many options makes it easy to get the right level of coverage, it can be overwhelming to sort through all of the companies that offer Medicare Supplement plans to find the right one for you.
To help make this decision easier, we’ve created a guide that profiles the best Medicare insurance companies across the United States. You’ll find details about available plans, pricing models, customer service practices, and additional benefits. As you shop, this guide will help you understand which policies are best for you and help you narrow down your options. If you aren’t sure that Medicare Insurance is something you need, see our buyer’s guide at the bottom of the page for more insight.
Understanding the Basics of Medicare Insurance
Since it’s a type of insurance, descriptions of Medicare policies often contain terminology and stipulations that can be confusing to many shoppers. We’ve included this section to help you understand exactly what each plan and company is offering. Eligibility: Medicare Insurance can only be purchased by people who are covered by Original Medicare: Parts A and B. Seniors with Part C, or Medicare Advantage, cannot purchase Medicare Insurance.
Insurance is Private: While Medicare is a federal program, it’s important to realize that Medicare policies are provided to consumers by private insurance companies and not the government. However, both the federal and state governments regulate the plans that are offered. Each insurance company has the ability to decide which plans it wants to offer.
Standardized Plans: All of the plans available are standardized and will offer the same basic benefits, but some companies may offer extra benefits in addition to what is required. Currently, the available plans include A, B, C, D, F, G, K, L, M, and N. So while factors like the cost of a plan may vary, Plan A from one company must cover the exact same things as Plan A from any other company. Only Massachusetts, Minnesota, and Wisconsin have standardized plans differing from the rest of the country. Due to new regulations, Plans C and F are no longer offered to new Medicare enrollees. However, anyone who already has Plans C or F will be able to keep their coverage. And anyone who was eligible for Medicare before January 2020 may still be able to choose Plan C or F.
Medigap: As you shop for Medicare plans, you’ll likely see companies use the term “Medigap.” Medigap is simply another popular term for Medicare Insurance. Some websites may also use the abbreviation MSI. Plan Types: Some plans are available in high-deductible, select, and innovative options. The government does not require companies to offer these options.
How We Chose the Best Medicare Supplement Insurance Companies
The world of insurance is large and there are hundreds of companies across the country offering Medicare plans. So to narrow it down and choose the best companies in the industry, we took the following factors into consideration:
Variety of Plans Offered
While there are countless companies offering Medicare Insurance, many only offer a couple of policies out of the 10 available. We focused our search on companies that are able to provide a majority of the available plans. These companies give potential customers the greatest amount of options to select a plan that fits their needs.