fbpx

Who Sells the Best Medigap Insurance Plans | Small or Large Companies?

Share on email
Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Share on reddit

Find affordable Medicare Supplement plans

We often buy products from large Medigap companies because brand names make us feel good about our purchase. But did you know that some lesser known companies may offer a better value for the same exact product? If you’re shopping for Medicare Supplement insurance, you might be surprised by who sells the best Medigap insurance plans. In this post, explain why the best companies don’t always have to be a “big name brand.” 

In this article we’ll discuss:

Who Sells the Best Medigap Insurance Plans?

In the world of Medicare Supplement insurance, big name carriers are always familiar. They have deep pockets for marketing, so you’re constantly seeing their advertisements. However, there are plenty of Medigap companies that you may not recognize — that you should. We’ll quickly review the top big brand companies as well as some unfamiliar companies that you need to be aware of. Some of these companies may actually be the best option for you.

Best Big Name Medigap Insurance Companies

REMEDIGAP works with most of the top Medigap insurance companies in 2020. You’ll probably recognize most of these big brand companies. This list of Medigap companies shows just a few of the big name companies that we offer:

Best Medigap Insurance Companies that you haven’t heard of

There are many lesser known companies in the Medigap market that offer the same exact plans as the “Big Name” companies.

You certainly don’t want to rule out a small company because you don’t recognize its name.

Here’s why:

Who sells the best Medigap insurance plans

Your Doctor Doesn’t Care What Medigap Carrier You Use

Many people worry their provider won’t take a lesser known Medigap plan. Thanks to Medicare billing procedures, you don’t have to check with your doctor to see if they accept your Medigap plan.

Providers don’t file claims with Medigap insurance companies, so the insurance carrier name on your ID card doesn’t mean a whole lot to them.

The provider always sends your claim to Medicare. They’ll never send it to your Medigap company. Even if your doctor’s office has never heard of a Medigap company, your claims will still be paid. 

Medicare’s payment process is simple. Medicare reviews your claim and based on billing codes decides to approve or deny the service. If approved, Medicare will pay its portion and then send the claim to your Medigap company.

The Medigap insurer doesn’t have the authority to make decisions about your claims. If Medicare pays, then your Medigap company will pay according to the benefits outlined in your Medigap plan.

 So, regardless of the insurance company size or popularity, your provider is going to get paid.

All Medigap Policies are Regulated by Federal and State Laws

Medicare Supplement companies sell standardized Medigap plans. CMS (Centers for Medicare and Medicaid Services) standardized all Medigap Plans in 1990. That means that every insurance company who sells Medigap Plans is not allowed to make changes to plan benefits.

For example, Medigap Plan F has a certain outline of benefits assigned to it. 

Those benefits CANNOT be modified or deleted. It’s the law. So, if you buy Medigap Plan F with Cigna or Continental Life, your benefits are the same.

Consistency among plans means your claims will be paid by the insurance carrier regardless of who it is. They’re all required to pay claims according to your Medigap Plan benefit schedule.

The standardization of Medigap benefits is one of the safety nets put in place to protect Medicare Beneficiaries. Regardless of which insurance carrier you choose, this protection should offer you peace of mind.

Medicare decides what claims are paid – Not the insurance companies

Another safety net put in place by CMS is how your claims are paid. It doesn’t matter which insurance carrier you have a policy with, all claims are paid the same.

Insurance carriers don’t have a medical expert who makes decisions about your claims. If Medicare pays the bill, then your Medigap company will pay its portion. 

It’s that simple.

You may have family members or friends who rave about their brand name company because they always pay the bills. That’s great and all, but it’s not because the company is better than the rest. It’s because they’re required by law to pay their portion of your claim.

Because of CMS regulations, even lesser known insurance companies pay your claims in a timely manner. The process is streamlined. So once Medicare processes the claim, it’s electronically passed to the Medigap company.

Remember, the Medigap company is not making any decisions about whether your claim should be paid. 

If Medicare pays, the Medigap carrier pays too – regardless of their name and popularity.

Rates Can Be Lower with Lesser Known Medigap Companies

Medicare Supplement rates vary from state to state. Large brand name Medigap companies can offer competitive rates in some areas, but so can the smaller Medicare Supplement companies.

Every insurer has a team of actuaries who crunch numbers and make premium recommendations based on risk, inflation, marketing, and more.

You might think that larger companies always have better rates. But often we find the lesser known Medigap companies offer better rates than the larger companies.

How can small Medigap companies offer better and more competitive rates?

Think about why those brand names are so popular. It’s all about marketing. And, marketing isn’t cheap. Medicare Supplement insurance carriers have to staff a marketing department and ultimately pay for advertising.

Big brand Medigap companies spend an enormous amount of money on advertising. They pay for television commercials, online ads, radio commercials and mail. Those high advertising costs are typically passed on to you. Policy holders may be paying higher premiums for brand name advertising – not for better Medicare Supplement insurance benefits.

There’s less name recognition with smaller brands, but they also don’t spend as much money on advertising costs. Remember, the lesser name companies have the same Medigap benefits as the big name brands. 

Still wondering who sells the best Medigap insurance? Hopefully it’s clear that name recognition shouldn’t be your only deciding factor.

Both Large and Small Medigap Carriers have Financial Stability

An unknown name can make you feel uncertain about a company. That shouldn’t be the case with Medigap. In the world of Medicare Supplement insurance, there are hundreds of insurance companies.

Out of the hundreds of Medigap companies, you may only be familiar with four or five of the large national brands. Rating companies like A.M. Best provide reliable financial information on all companies.

When A.M Best gives a company an A or B rating and indicates a stable financial outlook, you can feel certain that the insurance carrier is financially strong and capable of providing coverage outlined in your policy.

It goes without saying that well known brands probably have strong financial ratings based on their size. But don’t count out the lesser known companies. Their financial strength is often just as strong.

Final Thoughts

With all that said, there are consumers who are not willing to trust the lesser known Medigap insurance carriers. Big name brands mean a lot to some people.

That’s okay as long as you don’t mind possibly paying hundreds of dollars more a year for a brand name company. Which can add up to thousands of dollars over time.  

To be fair, lesser known carriers are also vulnerable to rate increases. But, most of the time when we talk to someone who has had a Medigap plan for a few years, their high priced premium is with a name brand. Not always…but most of the time.

If you are serious about researching who sells the best Medigap insurance plans, then don’t pass an opportunity to compare rates from lesser known companies.

About REMEDIGAP

By working directly with us at REMEDIGAP you will have a personal agent dedicated to help you throughout the entire Medicare process – from education, applying, and ongoing service. Perhaps you have many questions or none at all. Either way, we’ll customize our approach based on your needs. Our ongoing service makes sure you’re getting the best value with your Medigap plan from year to year.

So what are you waiting for?  Just give us a call at 888-411-1329 or fill out our free Medigap quotes form on this page.  It’s an easy way to see just what we can do for you!

Thank you for reading our article Who Sells the Best Medigap Insurance Plans? Please chat with us online or leave a comment below.

Additional Resources:

Is Buying Medigap Plan F a Good Idea?

Reviewing Medigap Plan N Premiums and Benefits

Insurance Companies Like Plan G and You Should Too

Find affordable Medicare Supplement Insurance plans in your area

Questions?

We know that Medicare can be confusing.  We also know that everyone's situation is different. That's why we're here to help. Schedule your free consultation now!

Joe Moynihan
Joe Moynihan
Facebook review
Read More
Best decision I made going through REMEDIGAP. I must have watched 40-50 videos from several different carriers and they mostly seemed shady. One I spoke to Joann and walked through options, received some quotes she took care of the rest with absolutely no pressure.
Billy Shows
Billy Shows
Facebook review
Read More
I wish I had found REMEDIGAP in the beginning. It would have saved me 3 months of headache. Joann is really awesome in the way she explains everything and she is a very genuine person.
Diane Langille-stone
Diane Langille-stone
Facebook review
Read More
This was the best thing I could have done for my self every thing was explained to me so I could make the best choice for me. And when I need help later they will be there for me.
Tammy Feola
Tammy Feola
Google review
Read More
Joann is top notch when it comes in explaining whatever question you might have in regards to supplemental insurance. She is professional, courteous, a lovely person to talk to. I feel at easy when talking to her. She is a great asset to your company.
READ ALL OUR REVIEWS!
READ ALL OUR REVIEWS!
Click above to read all our reviews from our wonderful clients!

Compare free Medicare Supplement quotes from top rated insurers

PEACE OF MIND

Don't Forget Your Medigap Quote!

medigap quote

Compare The Top Medicare Supplement Plans In Your Area

This is a solicitation for insurance, a member of REMEDIGAP will contact you to discuss your Medicare options.

Join our FREE 7-Day Medicare eCourse

Medicare doesn’t have to be so confusing. We’ll send you 7 email lessons with videos that will guide you through the Medicare process. We want you to be informed, confident and comfortable with your Medicare planning.