Speak with an experienced advisor! If you are covered by Medicare you may have noticed it can leave you with a lot of out-of-pocket charges like copayments, coinsurance, and deductibles.
To help reduce (or possibly eliminate) these charges, many Medicare enrollees have turned to Medicare Supplement insurance. With a Medicare Supplement insurance plan, you can have many of Medicare’s cost gaps filled in.
Today, there are ten Medigap plans which range from Plan A with the most basic coverage to Plans F, G, and N, which offer a much more comprehensive array of benefits.
Medigap is standardized, but the premium amount that is charged for these plans can differ quite a bit from one offering insurance company to another. This is why it is important to ensure that you compare several plans before making your final purchasing decision.
In addition to comparing premium prices, it can also be wise to review the insurer where you will be buying the coverage through. That way, you can be more assured that the insurance provider has a strong financial rating, and serves its policyholders. Read some of our reviews, like Mutual of Omaha company review before making a final decision.
One company that is well known in the Medicare Supplement insurance arena for offering a variety of Medigap plans and for paying out its claims quickly is Humana.
The History of Humana
Humana had its initial beginnings back in 1961. At that time, attorneys David Jones and Wendell Cherry founded a nursing home company - which eventually became the largest nursing home in the U.S. by 1968. Just a few years later, Cherry and Jones sold the company to instead purchase hospitals. It was in 1974 that the company adopted the name Humana.
Over time, Humana became the largest hospital company in the U.S. It continued to grow by using a fast-track construction process to complete and open one new hospital every month.
Throughout the 1980s, the healthcare system in the U.S. changed. At that time, because one of Humana’s hospitals in Arizona lost a contract with the largest HMO (health maintenance organization) in the area, Humana opted to move forward and create its health insurance plan.
Over the years, Humana grew and expanded, via its development, as well as by acquiring partnerships and acquisitions with other health care providers. The company is headquartered in Kentucky.
In addition to its key focus areas of Medicare plans and group health insurance, Humana also has a number of other business entities and websites. These include:
- Humana Ventures
- HumanaOne
- HumanaVitality
- Humana Military
- HumanaOne Dental and Vision
- HumanaOne Life & Supplemental Insurance
- HumanaDental
- Humana VisionCare
- Humana Pharmacy
- Humana Pharmacy Solutions
- Humana Foundation
- Humana Behavioral Health
- B-Cycle
- Stay Smart Stay Healthy
- Availity, LLC
- SeniorBridge
Humana Company Review
Today, Humana is a large and well-respected company in the health insurance and health care arena. As of 2014, Humana had more than 13 million customers in the United States and revenue of more than $41 billion. This insurer is ranked on the Fortune 500 list. Humana is considered to be the third largest health insurance provider in the United States.
The company has received formal acknowledgment from numerous top health care organizations, including an accreditation of URAC / Accredited Pharmacy Benefit Management. Humana also has some patents, including the Medicare Pharmacy Calculator ll, a Prescription Drug Prior Authorization System and Method, a Pharmacy Personal Care Account, and even an online game system and method to promote healthy behaviors.
Due to the way in which Humana operates its business - as well as its top-notch standards - Humana has received recognition in many areas, such as:
- Listed on DiversityInc’s Top 25 Noteworthy Companies
- Listed as one of the Best Places to Work via the Human Rights Campaign (HRC) Corporate Equality Index
- Receipt of a Merkle and CMO Council’s CRM Executive Summit “Marketing Innovation Award.”
- Awarded a 2012 Gold Quill Award of Merit from the International Association of Business Communicators (IABC)
- Ranked in Computerworld’s 100 Best Places to Work in IT
Humana also provides financial assistance and sponsorships to various organizations and entities, such as the PGA Tour (it is the official health benefits provider of the PGA Tour, and of the Champions Tour), as well as the Grand Ole Opry. For several decades, Humana has also been a principal sponsor of the yearly Humana Festival of New American Plays in Louisville, Kentucky.
Insurer Ratings and BBB Grade for Humana
Humana has been given the following ratings by the insurer rating agencies:
- BBB+ by Standard & Poor’s
- Baa3 by Moody’s Investors Service
- BBB by Fitch Ratings
- bbb- by A.M. Best Company
Also, Humana has been an accredited business with the Better Business Bureau (BBB) since September 1998. The company has been given a grade of A+ by the Better Business Bureau.
Humana has resolved 474 customer complaints through the BBB in the past several years. 123 of those complaints were closed out within the past 12 months.
Which Medicare Supplement Insurance Plans Does Humana Offer?
Humana sells every Medigap plan out there:
Medicare Supplement Plans A and B were designed to meet enrollees’ basic needs when used in conjunction with Original Medicare. These Medigap plans can help with costs when a Medicare beneficiary has unexpected health care expenses and / or is in need of an extended stay in the hospital.
Medigap Plan A has basic coverage, which are required to also be included in all of the other Medigap plans, while Plan B offers some additional protection.
Medicare Supplement Plan A
The coverage that is included in Medicare Supplement Plan A encompasses:
- Medicare Part A (hospital coverage) coinsurance, as well as coverage for an additional 365 days after the Medicare benefits end;
- Medicare Part B (medical expenses / doctors’ services) coinsurance, which includes 20 percent of Medicare-approved expenses, or copayments, for hospital outpatient services;
- First 3 pints of blood per year;
- Medicare Part A coinsurance for hospice care.
If you choose Medicare Supplement Plan A, you will typically pay a lower premium amount than is charged for any of the other Medigap plans. This means that you won’t likely be paying for coverages that you will not use. This particular plan could be a good option for those who do not anticipate needing a lot of medical and / or hospital services during the year.
Medicare Supplement Plan B
The coverage that is offered in Medicare Supplement Plan B includes:
- Medicare Part A (hospital coverage) coinsurance, as well as coverage for an additional 365 days after the Medicare benefits end;
- Medicare Part B (medical expenses / doctors’ services) coinsurance, which includes 20 percent of Medicare-approved expenses, or copayments, for hospital outpatient services;
- First 3 pints of blood per year;
- Medicare Part A coinsurance for hospice care;
- Medicare Part A hospitalization deductible.
Those who choose a Medicare Supplement Plan B policy will also not anticipate needing a great deal of hospital or doctors’ services throughout the year.
Medicare Supplement Plan C
Plan C of Medicare Supplement will cover:
- Medicare Part A (hospital coverage) coinsurance, as well as coverage for an additional 365 days after the Medicare benefits end;
- Medicare Part B (medical expenses / doctors’ services) coinsurance, which includes 20 percent of Medicare-approved expenses, or copayments, for hospital outpatient services;
- First 3 pints of blood per year;
- Medicare Part A coinsurance for hospice care;
- Skilled nursing facility care coinsurance;
- Medicare Part A hospitalization deductible;
- Medicare Part B deductible for medical and hospital outpatient costs;
- Travel abroad emergency help.
For those who want assistance with a broad range of medical related expenses - and who are ok with paying a bit more in premium than what is required for Plans A and B - then a Medicare Supplement Plan C policy could be a consideration.
For those who want a more comprehensive Medicare Supplement plan option, there are Plans F and G. These are the only two Medigap plans that cover expenses that are referred to as Medicare Part B excess charges. (These charges are the difference between what a provider or a doctor charges and the amount that Medicare will pay for).
In addition, Plan F provides the following additional coverage options:
- Skilled nursing facility care
- Medicare Part A hospitalization deductible
- Medicare Part B deductible for medical and hospital outpatient expenses
- Medicare Part B excess charge
- Foreign travel emergency
The benefits on Medicare Supplement Plan G that are in addition to the basic set of core options include:
- Skilled nursing facility care
- Medicare Part A deductible for hospitalization
- Medicare Part B excess charges
- Foreign travel emergency
Where are Humana’s Medicare Supplement Insurance Plans Sold?
The Medicare Supplement plans offered by Humana can be purchased in most states. However, all plans may not be available in every state. Also, Minnesota, Massachusetts, and Wisconsin may offer Medigap plans that are configured in a different manner.
Other Products Offered By Humana
In addition to Medicare Supplement insurance, Humana also provides a wide array of other products and services, such as:
- Group health insurance
- Health and supplemental insurance plans
- Pharmacy benefits / prescription drug plans
- Medicare Advantage (Medicare Part C)
- Dental Coverage
- Vision Coverage
How to Find the Best Premium Rates on Medicare Supplement Insurance Coverage
If you want the best premium rates on Humana Medicare Supplement - or on any carrier’s Medigap plans - it is often recommended that you work with an independent Medicare Supplement insurance broker or agency so that you can directly compare products and prices, all in one convenient place.
Unlike normal brokers, we aren’t tied down to a single carrier. We have the ability to bring you a dozen quotes from various companies all at once.
Giving us a call is like working with a handful of carriers at once, without having to answer the same questions again and again.
Ready to get started? Call us at 800-376-0824.