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What are the top 10 Medicare supplement insurance companies?

There are thousands of Medicare Advantage Plans available to seniors, but which companies are the most popular providers of this type of plan?

Biden propone establecer un nivel mínimo de trabajadores cualificados para los hogares o residencias de ancianos en el país.

The Kasier Family Foundation reported that in 2020 there were over 3,000 Medicare Advantage Plans available to those eligible across the United States. With twenty-six percent of plans available belonging to United Healthcare, the company was the largest provider.

Medicare Advantage Plans became available in the early 2000s and allow seniors to purchase coverage for dental, hearing, vision, and other health related services. These plans have grown in popularity and now around a third of Medicare members purchase an Advantage Plan.

Which companies provide the greatest number of Medicare Advantage Plans?

  • United Healthcare: 26%
  • Humana: 18%
  • BCBS plans: 15%
  • CVS (Aetna): 11%
  •  Kaiser Permanente: 7%
  • Centene: 4%
  • Cigna: 2%
  • Other companies: 18%

Source: Kaiser Family Foundation 

How many plans will be available in 2022?

This year, the average Medicare member will have on average thirty-nine plans to chose from in their area. This is the highest number captured in the last ten years, up by more than ten since 2015. This year 3,834 plans are available in total, and almost ninety percent include coverage to reduce the costs of prescription drugs.

Compared to data from 2021, Florida (+32) and Texas (+41) have seen the largest increase in the number of plans available. For the first time since 2010, Alaska will be able to offer more than one plan to Medicare members in that state. However, the news is not all good. The Kaiser Family Foundation has reported that Arkansas will offer eight fewer plans, Kentucky will have six fewer, and Washington and Ohio saw the number of plans decrease by three.  

Source: Kaiser Family Foundation

However, some may have far more than others. In Alaska, for example, there are only two plans available.

When considering the company offering the plan, fifty-eight percent are able to chose between plans from eight or more insurers. Only around three percent of those who interested in purchasing an Advantage Plan live an area where there are less than three companies offering plans. Two of the most likely companies one can expect to see are Humana and United Healthcare which will available in eighty-five and seventy-four percent of counties, respectively.

On Medicare.gov, those interested in purchasing a plan can browse and evaluate them based on their ratings which range between one to five stars. Medicare.gov, describes a five star plan as "excellent" saying that the rating system "help you compare plans based on quality and performance." The ratings for plans are completed each year and can very as new plans become available.

What factors should be kept in mind when examining plans?

Those who select a Medicare Advantage Plan will want to examine the premium, co payments, and deductible associated, in addition to the other services offered. Not all five star plans have the same cost structure, meaning that some pay have very high premiums but lower copays or deductibles. 

Around fifty-nine percent of the plans do not have a premium, and around ninety percent of plans "offer access to vision, fitness, telehealth, hearing or dental benefits." Telehealth options were the most poular benefit offered after vision, dental, and hearing coverage.