If you’ve started shopping for a Medicare Supplement (Medigap) plan, you’ve likely come across a long list of insurance company names: Mutual of Omaha, Aetna, Cigna, Blue Cross Blue Shield, UnitedHealthcare, Humana, and others. With so many choices, it’s natural to wonder which company is “best.”
Here’s the most important thing to understand before comparing carriers: Medigap plans are standardized by the federal government, so a Plan G from one company provides the same coverage as a Plan G from any other — see our Medicare Supplement Plans Comparison Chart for the full breakdown of what each plan covers.
So if the coverage is identical, what actually differs between carriers? Three things: premium, rate increase history, and financial strength. This guide explains what to look for in each.
What Actually Differs Between Carriers
1. Monthly Premium
Premiums for the same plan can vary significantly between carriers, sometimes by $50 to $100 per month for identical Plan G coverage. This is the most direct way carriers compete, since they can’t differentiate on benefits.
2. Rate Increase History
Some carriers have a track record of more frequent or larger rate increases than others. A plan with a low introductory premium that increases sharply each year can end up costing more over time than a plan with a slightly higher starting premium and a more stable history. Ask about a carrier’s rate increase history over the past 5 years before enrolling.
3. Financial Strength Rating
Because you may hold a Medigap policy for decades, the long-term financial stability of the carrier matters. A.M. Best ratings (A++ down to D) reflect a company’s ability to pay claims over the long term. Most established Medigap carriers carry strong ratings, but it’s worth checking before committing to a long-term policy.
4. Underwriting Process
Outside of guaranteed issue periods, carriers vary in how they handle medical underwriting. Some offer expedited approval processes, while others require more extensive health questionnaires. In New York, this matters less than in most states since New York offers year-round guaranteed issue rights, but it’s still worth understanding for plan changes.
Major Medicare Supplement Carriers
Here is an overview of several major carriers commonly found in the Medigap market nationally. This is informational only; plan availability, pricing, and ratings vary by state and change over time. Note for New York residents: not every carrier listed below currently offers Medigap plans in New York. As an independent broker, the specific carriers I can offer depend on my current appointments and what’s actually licensed and available in your state.
Mutual of Omaha
One of the largest Medigap risk pools in the country, which contributes to long-term rate stability. Known for competitive pricing in many states and a generally reasonable rate increase history. Often offers expedited underwriting with quick approval decisions. Not currently offered in New York.
UnitedHealthcare / AARP
The largest Medigap carrier by enrollment, with availability in nearly every state. The AARP-branded plans are widely recognized and offer broad name recognition, though premiums are not always the lowest available.
Cigna (HealthSpring)
A long-established carrier in the Medicare space with a focus on streamlined enrollment processes. Cigna has consistently ranked among the top carriers in independent reviews for overall value.
Aetna
One of the most established names in Medicare Supplement insurance, with over a decade in the Medigap business specifically. Aetna’s long tenure in the market reflects significant stability. Not currently offered in New York.
Blue Cross Blue Shield
A regional carrier structure means BCBS plans vary by state in New York, which typically means Empire BlueCross BlueShield. Strong brand recognition and broad provider familiarity, since most doctors are accustomed to working with BCBS. Empire BCBS Medigap plans are not currently part of my carrier appointments; availability can change, so ask if you’re specifically interested.
Humana
Known primarily for Medicare Advantage, Humana also offers Medigap plans in many states with competitive pricing, particularly for newer enrollees.
State Farm
Entered the Medigap market more recently but has quickly gained recognition for competitive premiums and below-average complaint rates, according to independent reviews. Availability varies by state.
Why “Best” Depends on Your Situation
Because the coverage is identical across carriers for any given plan letter, the “best” company for you depends on factors specific to your situation:
- Your age and ZIP code — premiums for the same plan and carrier can vary significantly based on where you live and your age at enrollment
- Your timing — if you’re enrolling during a guaranteed issue period, underwriting speed matters less than during open enrollment in other states
- Your long-term outlook — if you plan to keep the policy for many years, rate stability history becomes more important than the lowest introductory price
The only way to know which carrier offers the best value for your specific situation is to compare actual quotes side by side.
Get Free Quotes From Multiple Carriers
As an independent Medicare broker, I’m appointed with multiple Medigap carriers and can run side-by-side premium comparisons for the exact plan you’re considering at no cost to you.
To understand why this service is free, see how Medicare brokers get paid. If you’re still deciding between Medicare Supplement and Medicare Advantage, our comparison guide can help you choose the right path first.
📅 Schedule Your Free Medigap Carrier Comparison
Craig Smith Insurance Group
📍 260 Madison Avenue, 8th Floor, New York, NY 10016
📍 1 Welwyn Road, Great Neck, NY 11022
📞 917-740-1895
✉️ craigsmith@csmedicare.net
We are not connected with or endorsed by the United States Government or the federal Medicare program. We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Carrier availability, ratings, and pricing are subject to change and vary by state. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.
