Medicare Plan N - Best Insurance Companies Revealed

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Which of the Medicare Plan N Insurance Companies is the best? Is it AARP United Healthcare, Humana, Blue Cross Blue Shield? Another great question I hear all the time. And the answer is…coming up.

I’m Jared with MedicareInc.com, helping you save money while maximizing your Medicare benefits.
With all the different insurance companies selling Medicare plans, which insurance company offers the best Medicare Supplement Plan N? The answer? It doesn’t really matter which company you go with. Here’s why.

This is a copy of the Choosing a Medigap Policy guide. What is this exactly? Each year, the Centers for Medicare & Medicaid Services (CMS) issues this guide to help people choose a Medicare Supplement Plan. There’s a lot of good information in this guide. In fact, it explains a little secret that almost nobody knows about. Here it is.

It’s important to compare Medigap policies since the costs can vary between insurance companies for exactly the same coverage.
Here’s another one. All policies offer the same basic benefits.
Cost is usually the only difference between Medigap policies sold with the same plan letter but sold by different insurance companies.
Each standardized Medigap policy must offer the same basic benefits, no matter which insurance company sells it.

Essentially, the government is telling us it doesn’t matter which Medicare insurance company you choose because they all offer the same basic coverage. Price is the only difference.

Some Medicare insurance companies may offer additional perks for enrolling in one of their plans; and usually at a higher monthly premium. They may offer gym memberships like Silver Sneakers or Silver and Fit. But these are not in any way associated with Medicare Supplements. And some insurance companies may offer these ancillary benefits to entice people into joining one of their plans. I don’t recommend falling for this because these perks can go away whenever the insurance company decides to no longer offer them. And this could leave you stuck with a higher premium and a canceled gym membership.

The key thing to remember is no matter which insurance company sells Plan N, the coverage is the same. A plan N with AARP United Healthcare is the same as plan N with Human. There is no difference in coverage but each company selling Plan N may charge a different rate. The same is true for all Medicare Supplements.

So let’s take a look at how to shop Medicare Insurance Companies for Plan N. All Medicare Supplement Plan prices are determined by 5 factors, Your age, your zip code, whether you’re male or female, if you use tobacco products and which plan letter you want.

As an example, a 65 year old woman, in zip code 86301, no tobacco products, gives us the following Plan N rates. The first Plan N that comes up is Aetna at $81.63 a month. Then Continental Life at $82.05 a month. Next is Humana at $86.16 a month, AARP United Healthcare $91.78, Blue Cross Blue Shield at $92.51 and so on and so on. And as you can see, the plan stays the same, but the price keeps going up and up and up. I believe there were around 35 results in total when I ran these numbers. So for the sake of this video, I finally stopped at Cigna who at the time of running this quote had a Plan N rate of $97.20 per month. Now notice these are all the same coverage, they’re all plan N. But each insurance company charges different monthly premiums for the exact same coverage.

Now I don’t know about you but I love Lay’s Potato chips. Hands down, they ‘re my favorite. Now that being said, does it really matter which grocery store I buy my Lay’s from? Because no matter which grocery store sells them, all Lay’s potato chips are exactly the same. Cost is the only difference. Now look at those three statements. Recognize them? I didn’t write them, the Federal government wrote it. If we go back to our Plan N search results, they are telling us that it doesn’t make sense to pay $97.20 a month for Plan N with one company when you can pay $81.63 a month for the same Plan N through another insurance company.

Recently we helped someone in AZ who was paying way too much for her Supplement. She had Plan N through USAA at $138.04 a month. We switched her to Aetna, same Plan N, and now she’s paying only $88.96 per month. That’s a savings of almost $50 dollars per month or $600 dollars per year. So why pay more. All Medigap plans are exactly the same no matter which company sells it. Cost is the only difference.