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After just being hit with an almost 30% premium increase from Mutual of Omaha (MOO), I’m shopping around for a new Medicare Supplement carrier.
I actually like MOO for their generally good customer service, user friendly website, and fast claims processing. Twice in past years, I’ve been able to stay with MOO but avoid a price hike by switching to one of their sister companies, which I wrote about here.
It seems that option is no longer available, hence my looking into other carriers. I’m fortunate to have good health and should be able to pass medical underwriting.
I’ve gotten somewhat lower quotes from Humana and Cigna. I’ve gotten substantially lower quotes from two less familiar names: Banker’s Fidelity (part of Atlantic Capital Life Assurance Co.) and Wellabe (formerly Medico).
I’d appreciate a post from anyone who’s had experience with any of these companies, including their recent history of premium increases, customer service, website user friendliness, and claims processing. I’m particularly interested in hearing about Wellabe/Medico.
Thanks!
All great information shared. I’d like to add an important point, which is touched on but want to add just bit more insight I learned from a reputable broker …
When you select a Medigap plan, it’s not just the plan type (like Plan G or Plan N) or the price you should consider. It also matters how many people are enrolled in the plan.
Bigger Group = More stable price as they can spread cost of medical costs to more people in event they have some costly members.
Smaller Group = Risk the premiums may rise sharply if carrier needs to spread spikes in costs to fewer people.
Try to pick plan with steady enrollment and actively sold in the state. In long run, you don’t risk a Closed Plan and/or premiums rising sharply. This information can be found on a state’s department of health website or assistance program (or SHIPs) or independent Medicare agent.
I have the G supplement in Ohio. I have USSA who used to be the cheapest. They are no longer cheapest, but with a pre-existing condition I can’t switch companies with out underwriting. At age 77 my premiums are $220/mo. and will continue to go up as I age. I am satisfied with the service and have never had a claim denied in any state
Here’s my sorry tale: Years ago, when I lived in the Philadelphia area, I bought Medigap Plan J from Bankers Life. I. bought it because it had good coverage for traveling abroad. However some time after, the government abandoned Plan J because, they said, its many features were at last being duplicated by other plans. I could stay in Plan J, but obviously, in an aging population, its numbers would be decreasing and so I would be facing higher premiums. Sounds like I should get into another plan, right? But I was not informed about this development, and when later I went to investigate what happened, I found out the broker who sold the plan to me had died. Was that how I was overlooked? And also then I moved to Texas. I became aware of what a pickle I was in when Banker’s Life agents started calling me to get me to switch to another plan. But by this time, I was 70-something years old and tricky health problems were showing up. So I could not pass the underwriting to get into a more reasonable plan. The premiums increased though these years to over $500 a month!
Of course I started to investigate: 1) Banker’s Life agents were no help; 2) my local state representative also no help, but 3) the Texas Insurance Commisioners office activated a conversation with a Banker’s Life guy who at least went back to the drawing board to document that I have paid more in premiums than have been paid out even with the various medical interventions necessary for me. At least there was a conversation, as opposed to what happens when I speak with most people, who don’t understand how Medigap works and don’t understand that Plan J is an actual plan takes no new people to cover. The Texas state insurance commission folks have said that they have done what they can, and now I have to speak with the Pennsylvania insurance folks, because that’s where I first bought my plan. One outcome: Banker’s Life has stopped increasing my premium every year, and I hope that holds. Thankfully, Plan J works still as far as getting good coverage with all the docs I see, and I don’t pay deductibles, etc. But today at 82 years old, relatively healthy and swmming laps every day, I’d love to get into a bigger “community.”
I suspect I’m going to wind up in the same situation with Plan F. If you’re lucky they will discontinue the plan and then you can enroll in a different one without underwriting. There are four states in New England that don’t allow underwriting, and I believe California allows a limited switch once a year. Good article on Medigap here.