Pixie asked in Business & FinanceInsurance · 8 years ago

Who's the best Medigap Supplement Administrator?

I know that all Medigap plans A thru N have to offer identical benefits among all insurers offering Medigap coverage, and also know that premiums can vary among insurers for the identical plan. Although it's easy to find consumer reviews online regarding Medicare Advantage plans, it's more difficult to find reviews regarding which insurers are best at administering their Medigap plans, i.e. which has the least hassles for the consumer. For example, the particular Humana Medigap plan I'm considering is $110 more expensive each month than the identical plan offered by Bankers Life. However, online information regarding Humana in all areas is generally more positive than Bankers Life. But, that may not be relevant for a Medigap policy, whereas it would be for a Medicare Advantage policy...?

Update:

I understand how Medigap plans work. My question was meant to get at the following: do some Medigap insurance companies conduct the billing process better than others? I don't want a hassle with my providers because of billing problems.

3 Answers

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  • Zarnev
    Lv 7
    8 years ago
    Favorite Answer

    Part of it has to do with the way the plans are rated. They could be community rated, issue age rated, or attained age rated. However, the rating system is only a part. Depending on the company AND how they are rated they could start out at as the lowest premium but in 10 years they could be the amongst the highest premium. In my state it is not unusual for some plans to take 30% premium hikes every year. Other plans with the same rating could start out higher and take smaller rate increases.

    In my state Bankers can get much more expensive as you get older and will get up as high as Humana after a few years. That being said, Humana starts high and stays high. Instead, there are a number of other plans that start out with a medium premium and stay fairly low into the future. The problem you may run into in the future is the Medicare Supplement plans are underwritten, meaning that you may not be able to switch to a lower cost plan in the future if you have health conditions.

    Of course, your state will be different. You'll want to speak with an agent familiar with the plans in your state and make sure that agent works with all of the major companies. There is no charge using an agent.

    Source(s): Independent Ägent Certified Senior Advisor®
  • 8 years ago

    In addition to what Agent says, Some plans have automatic crossover from Medicare to Medigap. That is, after Medicare pays their 80%,they automatically notify your Medigap carrier, instead of your having to file the claim after you get the EOB.

    In Florida, insurance plans are required to maintain your age rating. For example, if you sign up with ABC company for a Medigap plan when you are age 66, you will always be rated at age 66, as long as you stay with that carrier. You may receive general rate increases, but you will still be billed at the age 66 rates.

  • Anonymous
    8 years ago

    most medigap plans mimic medicare coverage. that being said, the medigap plan will cover your part A deductible and the 20% and deductible under part B. just note!!!!! that if medicare doesnt cover the procedure/service your medigap plan will not cover it either.

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