Which is the Best Insurance Company for Medicare Supplement?

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Christopher Zack

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Which is the Best Insurance Company for Medicare Supplement?

An insurance company is an entity that takes on the risk of a contingent, uncertain future event as businesses are concerned about their investments and capital assets being covered in case of damage or loss.

For this reason, insurance companies have been developed which serve as third-party intermediaries between policyholders who buy coverage for their benefit and the insureds who purchase insurance as a cover against risk or potential loss.

This article will discuss what insurance is and explain the different types of insurance. We will then discuss the different types of insurance companies and how to choose a health care provider for a Medicare supplement plan.

Best Insurance Company for Medicare Supplement

When searching for insurance companies to provide supplemental coverage, it is best to look at US-based providers. Here are 10 such companies that offer Medicare supplement insurance in most states and territories:

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AARP, American Association of Retired Persons

AARP, American Association of Retired Persons

AARP was founded in 1958 for people over 50 years old. It has been a strong advocate for older Americans, particularly in its push to include Medicare supplement insurance under the original Affordable Care Act.

This association operates in most states. While AARP was originally an acronym that stood for the American Association of Retired Persons, it no longer uses the full name. In 2012, AARP had 37 million members with over $1 billion in annual revenue.

Mutual of Omaha Insurance Company

Mutual of Omaha Insurance Company

Mutual of Omaha Insurance Corporation was founded in 1917 and is based in the Midwestern United States. It has over 3 million customers, including individuals, families, non-profits, businesses, governmental organizations, educational institutions, unions, and associations.

Mutual of Omaha offers Medicare supplements to its members nationwide. It also provides a prescription drug plan, supplemental Medicare insurance, and Medicare Advantage plans. In addition to this, Mutual of Omaha Insurance Company covers caregivers and pet insurance.

UnitedHealthcare Insurance Company (UnitedHealthOne)

UnitedHealthcare Insurance Company (UnitedHealthOne)

UnitedHealthcare Insurance Company (UnitedHealthOne) was founded in 1977 to offer Medicare supplements. It is a secondary of UnitedHealth Group, which also owns health insurance companies such as Oxford Health Plans and PacifiCare Health Systems.

In January 2014, it had 18 million members across all 50 states and the District of Columbia. Notably, UnitedHealthcare Insurance Company is a Fortune 100 company.

Humana Health Insurance Company

Humana Health Insurance Company

Humana Health Insurance Company is one of the largest health insurance providers in the United States. It is publicly traded on the New York Stock Exchange under the symbol HUM. Humana offers Medicare supplements for its members worldwide.

Humana Health Insurance Company insures over 12 million individuals worldwide. In December 2016, it had more than 14 million members with over $13 billion in operating revenue.

Blue Cross and  the Blue Shield of Texas

Blue Cross and  the Blue Shield of Texas

Blue Cross and Blue Shield of Texas have been providing supplemental coverage to seniors since 1971. It was initially known as the Alamo Area Council of Combined Charities before changing its name in 1976.

It is a non-profit plan with 5 million customers across Texas and operates as an independent Blue Cross and Blue Shield Association licensee. The Company has served as such since 1943. It offers a Medicare Advantage plan in addition to its supplemental insurance.

Golden Rule Insurance Company (UnitedHealthcare Plans)

Golden Rule Insurance Company (UnitedHealthcare Plans)

Golden Rule Insurance Company (UnitedHealthcare Plans) also goes as Golden Rule Insurance and UnitedHealthcare. It is a wholly-owned subsidiary of United HealthGroup, One Source Administrators Inc., and Optimum Choice Inc., among other subsidiaries.

Golden Rule Insurance Company was formed in 1996 to provide supplemental coverage for Medicare beneficiaries. It is headquartered in Indianapolis, Indiana. Golden Rule Insurance Company offers a Medicare Advantage Plan and its additional insurance. It also provides dental, vision

Cigna HealthCare of California, Inc.

Cigna HealthCare of California, Inc.

Cigna HealthCare of California, Inc. operates as a subsidiary of Cigna, an international provider of insurance and employee benefits. It has around 11 million members across the United States.

In January 2015, Cigna HealthCare of California, Inc. began offering a Medicare Advantage plan in a private fee-for-service program. Cigna HealthCare of California, Inc. has around 1,100 employees headquartered in Westlake Village, California.

EmblemHealth Insurance Company of New York; Aetna Life Insurance Company.

EmblemHealth Insurance Company of New York; Aetna Life Insurance Company.

EmblemHealth Insurance Company of New York was founded in 1998 to provide Medicare supplements to seniors living in New York state. EmblemHealth also offers supplemental plans for individuals, families, and employers in New York. EmblemHealth Insurance Company offers a Medicare Advantage plan and its supplemental insurance plans. It is headquartered in Manhattan, New York City.

Aetna Life Insurance Company is another Aetna subsidiary specializing in supplemental coverage to Medicare beneficiaries. In 1997, Aetna Life Insurance Company introduced its Medicare supplement plans and continued to offer them until 2003. However, it still provides dental and vision coverage for Medicare beneficiaries.

Health Care Services Corporation (HCSC)

Health Care Services Corporation (HCSC) is a non-profit mutual insurance company that operates as a subsidiary of Blue Cross and Blue Shield. HCSC was established in 1948 to provide health care services for Blue Cross and Blue Shield of Illinois members. In 1988, HCSC began providing supplemental insurance for Medicare beneficiaries as a Medicare Advantage Plan.

Health Care Services Corporation has around 5 million customers across Illinois, Texas, and Kansas. It is headquartered in Oak Brook, Illinois. Health Care Services Corporation offers a Medicare Advantage Plan and its supplemental insurance.

Blue Cross and the Blue Shield of Florida

Blue Cross and the Blue Shield of Florida

The Company Blue Cross and Blue Shield of Florida were founded in 1939 as the Hospital Service Incorporated (HSI) to provide health care services to World War II veterans.

Blue Cross and Blue Shield of Florida later acquired HSI, which opened to the public in 1948. It is headquartered in Coral Gables, Florida, and operates in all 67 counties. Blue Cross and the Blue Shield of Florida were initially known as the Hospital Service Incorporated (HSI) before changing to its current name in 1987.

Conclusion

Even though no one insurance plan is perfect for all seniors, and not each Company has a “perfect” rating, we believe there should be an overall “best” pick for many seniors. We have decided to compile all of the information available to help our readers make the most informed decision possible. We hope that this will help you save time and, ultimately, money.

Which is the Best Insurance Company for Medicare Supplement? Information

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Updated on: July 19, 2022

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