Searching for the best Medicare supplement insurance company can be overwhelming. In this guide, we’ll break down the top carriers for 2024 to help you make an informed decision.
Introduction to Medicare Supplement Insurance
Medicare Supplement Plans, also known as Medigap, add extra coverage to your Medicare Part A and Part B. All carriers pay claims the same way: first, claims are approved by Medicare, after which the supplement company pays the provider. Since the plans are standardized, the benefits remain the same regardless of the carrier. Therefore, it all comes down to the price each carrier charges and their financial stability.
Top Carriers for 2024
Finding the right Medicare Supplement Insurance provider is essential for comprehensive coverage and peace of mind. Here are some top carriers to consider:
- ACE Property and Casualty Company (Chubb): ACE, a subsidiary of Chubb, is one of the largest property casualty companies globally. It is highly competitive across the states it operates in, making it an excellent option for 2024.
- Allstate, Aflac, and Humana: These carriers are known for being competitive in various states and for providing solid options for Medicare Supplement Insurance.
- Medico (Wellabe): Recently rebranded as Wellabe, Medico is another competitive carrier with a long-standing reputation.
- Mutual of Omaha and UnitedHealthcare (AARP): These well-known carriers offer competitive options in many states and provide excellent client portals for managing your policy.
- Blue Cross (Blue Shield in California): Blue Shield is very competitive in states like California, especially for individuals turning 65.
Factors to Consider
When selecting a Medicare Supplement Insurance plan, it’s important to consider various factors that can impact your decision.
State-Specific Rules: If you live in a state with a birthday rule (such as California, Nevada, Oregon, Oklahoma, Kentucky, etc.), you can switch carriers annually without health questions, making the choice of carrier less critical. In states without a birthday rule, underwriting is required to change carriers, so selecting an A-rated carrier with competitive rates is essential.
Understanding Rate Increases: Unfortunately, no one can predict future rate increases. While some carriers have had stable rates for years, unexpected increases can occur. It’s crucial to shop your plan annually to ensure you’re getting the best rate, even if underwriting is required.
How to Switch Plans: To switch to a new Medicare Supplement Plan, apply with the insurance carrier of your choice. Once your application is accepted, notify your old provider to end your current policy. Bluewave Insurance works with over 30 companies nationwide. Call us at 800-208-4974 to find a plan in your area.
Bluewave Insurance Is Here to Help
Still have questions about Medicare Supplement Insurance? Want professional advice on the best carriers for 2024? Bluewave Insurance is here to assist you.
Call us at 800-208-4974 for a FREE quote and consultation.
Alex Wender is the founder and CEO of Bluewave Insurance. He has been blogging about Medicare-related topics since 2010. Since then, he and his agency have helped thousands of people across the country choose the right Medicare to fit their needs.
