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When comparing Medicare Supplement Insurance companies, consider their financial ratings and customer reviews, as well as the basic benefits you want and the plan that offers them at the best price.
The federal government issues star ratings for Medicare Advantage plans and Medicare Part D Prescription Drug plans. However, Medicare Supplement ratings don't exist because the government doesn't have star ratings for Medigap Insurance companies.
If you want to compare Medicare Supplement Insurance companies, you can review the company's overall financial ratings with the independent rating boards.
Before enrolling in a Medicare Supplement Insurance plan (Medigap), it's important to compare both your plan options and the insurance company.
You can compare Medigap insurance companies – such as Aetna – by reviewing the reports provided by independent rating agencies.
There are several rating agencies including:
A.M. Best Company
Fitch Ratings
Kroll Bond Rating Agency
Moody's Investor Services
Standard & Poor's Insurance Rating Services
These agencies compile information and rate the financial strength of each insurance company. The Medicare supplement ratings are usually available online, free of charge.
Since each agency has different metrics, you should try to review at least two ratings for each Medigap insurance carrier.
Or call now to speak with a licensed insurance agent:
Medicare Supplement Insurance plans (also known as Medigap) are sold by private insurance companies such as Aetna Medicare Supplement to cover some of Original Medicare's out-of-pocket costs.
These costs can include Medicare deductibles, coinsurance, copayments and more.
The 10 Medigap plans available in most states are standardized, so their benefits will be the same no matter where you purchase them — the primary difference is the price you pay for them.
All 10 standardized Medigap plans provide at least partial coverage for:
Medicare Part A coinsurance for hospital care (and an additional 365 days for hospital stays)
Medicare Part A coinsurance or copayment for hospice care
Medicare Part B coinsurance or copayment
The first three pints of blood
The chart below compares each type of standardized Medigap plan side by side.
The top Medigap plan in terms of popularity is Medigap Plan F. It offers the above four benefits plus five more basic benefits, making it the most comprehensive Medigap plan option.
Beneficiaries have flocked to Plan F because of the comprehensive coverage and protection it provides.
With Plan F, your out-of-pocket Medicare costs are extremely limited. That allows for a high degree of cost predictability, making it easier to budget and plan for health care spending.
You can combine Original Medicare, a Medigap plan and a Medicare Part D prescription drug plan. This combination of coverage would help cover your costs for hospitalization, outpatient medical treatments, out-of-pocket Medicare costs and prescription drugs.
You can compare Part D plans available where you live and enroll in a Medicare prescription drug plan online when you visit MyRxPlans.com.
Because of its robust benefits, Plan F can sometimes be expensive, depending on the average Medigap plan premiums in your local area.
Plan F and Plan C are no longer be available for new Medicare beneficiaries who became eligible for Medicare on or after January 1, 2020.
Recent legislation has forced Medigap plans to stop covering the Part B deductible for anyone who became eligible for Medicare after Jan. 1, 2020.
Medicare beneficiaries who were already eligible for Medicare before that date will be allowed to have Plan F or Plan C, if one of those plans is available where they live.
If you already had Plan F or Plan C before 2020, you will be able to keep your plan.
Or call now to speak with a licensed insurance agent:
How do you know which type of Medicare coverage is right for you?
Medicare Advantage plans and Medigap plans are not the same thing. You cannot have a Medigap plan and a Medicare Advantage plan at the same time.
Once you find a reputable insurance carrier, you should compare several plans at the same time. Plan comparisons help you find the right plan for your coverage needs and budget.
A licensed insurance agent can help you compare the details of Medigap plans that are available where you live, including their benefits, costs, terms and conditions.
Depending on your eligibility, you may be able to get started enrolling in a Medigap plan today.
Or call now to speak with a licensed insurance agent:
Christian Worstell is a licensed insurance agent and a Senior Staff Writer for MedicareSupplement.com. He is passionate about helping people navigate the complexities of Medicare and understand their coverage options.
His work has been featured in outlets such as Vox, MSN, and The Washington Post, and he is a frequent contributor to health care and finance blogs.
Christian is a graduate of Shippensburg University with a bachelor’s degree in journalism. He currently lives in Raleigh, NC.
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