Which Companies Provide Medicare Supplemental Insurance?

There are various companies that offer Medicare supplemental health insurance. Learn all you can about these providers so you can make an informed decision before signing up with them.

The primary objective of companies that provide Medicare supplemental insurance is to help senior citizens achieve serenity by offering additional benefits not included in Medicare. It is popularly referred to as Medigap because it deals with the deductibles, surplus charges, foreign travel exigencies and rest home care. These service providers differ in methods employed, policies offered to clients, customer service standards and policies. It is advisable to conduct a comprehensive research of the reputable companies before finally choosing one. The plans are all the same from Plan A to N. Each one has been approved by the federal government so the benefits are standardized. The difference lies in the procedures involved.

Providers of supplemental insurance can choose from three methods in determining the rates for elderly people based on age. Community rates offer equivalent rates for seniors from 65 to 85 years old for a specific plan. On the other hand, the issue-age-rated technique enables you to choose a rate at the age when you buy the policy. You can maintain this rate provided you stick to this plan and remain with the original insurance company. The final procedure is called attained-age wherein the cost is based on your age. The rate increases every year assigned from the inflation factor. This is ideal for old people who want to change plans or varying health requirements.

Primary Companies Offering Medicare Supplemental Insurance

  1. AARP (American Association of Retired Persons) plans are insured by United Health Care Insurance Company (UHIC). You need to become a member of the AARP to enroll. However, the UHIC will answer for the initial year of membership for retirees who do not belong formally to the AARP. Residents of New York are not included. You can choose from seven plans which are the same for all states except Wisconsin, Minnesota and Massachusetts.
  2. Admiral Life Insurance Company of America offers supplemental insurance plans in many states of the country. The plans are identical just like the other insurance firms.
  3. Aetna Life Insurance Company offers additional coverage other than basic life plans. The beneficiary gets a cash amount, which is computed based on the coverage, from Aetna upon the death of the plan holder. Basic and supplemental life insurance benefits are limited. These depend on the yearly income or schedule of options offered by the employer.
  4. Anthem Blue Cross is one of the trusted agencies that provide supplemental insurance for Medicare. You can choose prescription savings or preventive care based on your lifestyle.
  5. Bankers Life and Casualty Company has a long-term policy which supplies benefits that will assist senior citizens in paying for comprehensive care, nursing facility and home services.
  6. Blue Cross Blue Shield does not compromise your benefits for the inexpensive price. For instance, the Medicare Select is an alternative available based on Medicare supplement plans but not for Plan A and Plan F (high-deductible). It is an option that will help you save on premiums if you choose one hospital in its network. The benefits are the same but the rate costs less.

The other companies are Blue Shield of California, Colonial Penn Life insurance Company, Combined Insurance Company of America, Conseco Insurance Company, Constitution Life Insurance Company, and Genworth Life and Annuity Insurance Company.