As a thirty year veteran of the insurance industry, I am often asked what is the best Medicare Supplement Company. It’s a simple question, but there isn’t a simple answer that would apply to everyone. Many variables, such as location, health status, and type of plan can make the answer unique to each individual. The question you should be asking is what is the best Medicare Supplement Company for my specific needs and budget.
A Medicare Supplement Company’s Rating is NOT a Priority
The leading rating agencies, such as A.M. Best, Moodys, Fitch, Standard and Poors, and The Street.com will often offer conflicting evaluations of a company’s financial strength. Obviously, the companies are going to highlight the positive reviews and downplay the others, confusing the situation even further. Since most Medicare Supplement companies will reinsure a majority of their business, meaning, they share the risk with another company, it’s almost impossible to get an accurate, overall evaluation. I recommend asking your agents opinion. Remember; your agent also has a vested interest in the financial stability of the companies they choose to represent. Agents also prefer to work with companies that offer above average levels of service. It makes their job easier. Ask your agent what the best Medicare Supplement Company is.
Does the Medicare Supplement Company Offer a Standardized Plan that Best Fits Your Needs and Budget?
Your priority should be choosing the best plan for your situation. It doesn’t make sense to find a company, and then pick a plan based on what they have to offer. Which company to buy from is a small decision compared to choosing the best Standardized Medicare Supplement.
The Best Medicare Supplement Company Usually Has the Best Rate
After you have decided on one of the standardized plans, you will want to compare the rates of as many companies as possible. It’s been my experience that most of the time, the best Medicare Supplement company for you is the one with the best rate. There are only a few circumstances when you would want to choose a company with a higher rate, such as a pending rate increase or poor service.