Which Medigap Insurance Company is the Best?
Updated: May 22, 2019
You're 65 years old and in your Medigap Open Enrollment Period. Now is the best time to buy a Medigap plan. You sort through the ten different Medigap plans and decide Plan F (the most popular and most comprehensive) is best for you.
You request a quote from a reputable insurance agency (hopefully us!) and are provided with pricing from the most competitive Medigap Plan F providers in your state. For this example, let's say you're given quotes for Medicare Supplement plans from UnitedHealthcare®, Transamerica, and Humana. Which should you choose?
Which Medicare Supplement Insurance Company is the Best?
We'll admit it from the start: this is a trick question. The nice thing about Medicare Supplement plans is that all policies are required to comply with the same federal laws. In most states, Medigap insurance companies can only sell standardized Medigap policies. Remember when you had to decide between Plans A through N and picked F? Each one of these standardized Medicare Supplement policies must offer the same benefits, no matter which insurance company sells it. Therefore, the price of your monthly premium is the only real difference between Medigap policies with the same letter sold by different insurance companies.
So the real answer to the question of "which Medigap insurance company is best" really comes down to whichever one offers you the cheapest rate. There is one major caveat, however. While Medigap premiums tend to increase over time (usually due to inflation and rising healthcare costs), some insurance carriers (particularly ones that haven't been in the Medicare market for long) increase their premiums more than others. This is where it can be helpful to have a reputable insurance agent in your corner. Your agent should be able give you information on any particular insurance company's rate increases in the past few years.
To find out which insurance carrier has the lowest Medicare Supplement premiums in your area, request a free quote online.