Discover the Wide Range of Medicare Supplement Plans Offered by Humana. Benefit from Valuable Perks like Meal Delivery Services and Vision Care Discounts. However, the Company Often Ranks High on Costs and Low on Customer Service. With Medigap coverage standardized across companies, Comparing Quotes Ensures Finding the Best Value.
Our thoughts: High rates and poor service
Humana's Medicare Supplement plans are often accompanied by high costs and a notable volume of complaints.
These plans, designed to cover healthcare expenses that Original Medicare might not entirely address, encompass all Medicare Supplement options, except for Plans D and M, with availability subject to regional differences.
Nonetheless, Humana stands out for receiving a higher volume of grievances regarding its Medicare Supplement plans compared to other companies of a similar scale. Concurrently, the average rates associated with these plans tend to be elevated. It's advisable to compare the rates of Medicare Supplements offered by various companies to ensure securing the most advantageous value.
How much does a Humana Medicare Supplement plan cost?
Humana's Plan G for Medicare Supplement policies carry a price tag of approximately $200 per month, rendering it pricier compared to numerous competitors in the market.
The range for Humana's Medigap plans spans from $53 to $245 per month, varying based on the specific plan you opt for. Plans with lower monthly costs typically offer reduced coverage, potentially leading to higher out-of-pocket expenses for your healthcare needs.
Please consider that costs can vary significantly, and obtaining a personalized quote is the most accurate method to determine your potential expenses. The final costs could be influenced by a variety of factors.
Plan Type: Different Medicare Supplement plans offer distinct coverage levels and rates. For instance, Humana's Plan C is priced more than double the cost of its Plan K, while the company's high deductible plans represent the most economical options.
Location: State-specific regulations have an impact on the pricing of plans.
Gender: Typically, women tend to pay less than men for Medicare plans.
Age: The cost of a supplemental policy may increase with age in many states. For example, Humana Plan G experiences an average annual increase of 2% to 3%.
Medical Conditions: In several states, pricing tiers based on health conditions or other risk factors exist, allowing healthier individuals to access discounted rates.
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Our Verdict
Humana, as a substantial health insurance provider, offers extensive geographic coverage, competitive enrollment rates, and a diverse array of Medicare Supplement plan choices.
Key Features
Consistent Operations: A nationally operating health insurer with a robust credit rating, ensuring financial stability and sustainability.
Acclaimed Customer Experience: Highly regarded among health insurers for its exceptional customer experience, known for quality service, transparent communication, clear pricing, and excellent customer support.
User-Friendly Website: Accessible information on Medicare Supplement plan options that are easy to comprehend, offering estimated premiums based on age and location by simply entering your ZIP code.
Humana originated in 1961, initially rooted in nursing homes and hospitals before branching out to offer health insurance plans in 1984. The company's Medicare Supplement (Medigap) insurance plans aid in offsetting healthcare expenses, covering costs like coinsurance, copayments, or deductibles not included in Original Medicare (Part A and Part B). As of 2022, Humana extends Medicare coverage to 8.7 million individuals across all 50 states.
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Humana Medicare Supplement at a Glance
- Plan Options: Humana typically provides Medigap plans A, B, C, and F, a high-deductible variation of F, G, a high-deductible version of G, K, L, and N in 49 states, Washington D.C., and Puerto Rico. Plans are not available in the state of Virginia. Plans C, F, and high-deductible F are accessible to individuals who qualified for Medicare before Jan. 1, 2020. Plan D is available where mandated by the state. The availability of Humana’s Medigap plans varies by state.
- Provider Network: Similar to all Medicare Supplement plans, Humana's plans permit beneficiaries to seek healthcare services from any doctor or healthcare provider who accepts Original Medicare.
- Average Monthly Premium: Medigap premiums can differ based on an individual's health requirements, location, age, gender, the specific plan they select, and their enrollment date.
How It Works
Medicare Supplement plans offer standardized coverage outlined by the Centers for Medicare and Medicaid Services (CMS). As a result, the core benefits in each of the 10 lettered plans remain consistent across various insurers. However, differences emerge in terms of monthly premiums, which are determined by individual provider rates, and additional benefits incorporated into specific plans.
Humana's Plan G, as highlighted by Fred Roth, president of Humana’s Medicare Supplement Division, provides comprehensive coverage. This includes skilled nursing facility coinsurance, Part A deductible, Part B excess charges, and coverage for foreign travel emergencies.
The majority of Humana’s Medicare Supplement policyholders can access supplementary programs and services, subject to plan and state variations. These include:
- - SilverSneakers fitness program
- - Discounts on vision and hearing services, Lifeline medical alert systems, and certain prescription drugs (this benefit does not replace Medicare Part D prescription drug coverage)
- - Up to 14 meal deliveries following an inpatient hospital stay
- - Round-the-clock access to a registered nurse
- - Personal secured page on Humana.com for viewing transaction history
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The Cost
Humana's average monthly premium for new members seeking Medicare Supplement plans varies based on location, age, gender, and specific healthcare needs. During the Medigap open enrollment period, individuals have the advantage of enrolling without undergoing medical underwriting. This means that carriers, including Humana, cannot reject Medicare-eligible applicants due to preexisting conditions, as stated by Roth.
Humana maintains a track record of consistent premium rates. Roth notes, "Historically, our base rate increases have averaged in the 4% to 5% range. For attained-age states, members have historically observed a 0% to 3% aging increase depending on their age."
On its website, Humana presents estimates of preferred and standard rates based on an individual's age and gender. Those who enroll during their open enrollment period are eligible for the preferred rate, while those purchasing a Medigap policy after the open enrollment period ends may qualify for the standard rate, which is generally higher than the preferred rate.
The following are estimated premium and standard rates for Humana plans and those listed on Medicare.gov as of August 2023.
What Experts Say
"Humana, like many major carriers, possesses a substantial infrastructure," remarks John O'Hara, president of NJ Life & Health Insurance Group. "While Humana presents competitive rates for initial enrollment, it has introduced various in-state Part G plans through distinct Humana entities, like Humana Achieve. These plans offer similar services at competitive rates for new beneficiaries. However, older plans may no longer be available to new customers, potentially leading to higher rate increases for members enrolled in the older plans over time."
The Experience
Humana boasts a sound debt rating, demonstrating its capability to fulfill unsecured financial obligations and contracts. Notably, credit agencies like AM Best (BBB- rating), Fitch Ratings (BBB rating), and Standard and Poor's Global (BBB+ rating) confirm this. These ratings undergo periodic review.
Regarding customer satisfaction, Humana achieved a 74% rating in the American Customer Satisfaction Index for the year 2021. Moreover, it holds an A+ rating and accreditation from the Better Business Bureau. According to Roth, in 2021, Humana maintained a Medicare Supplement medical loss ratio of 80%. This ratio indicates that 80% of Humana's premiums were disbursed in medical claims. The National Association of Insurance Commissioners notes that the average loss ratio across individual Medicare Supplement Insurance policies stands at 77%.
Frequently Asked Questions Related to Humana Medicare Supplement
Is Humana a good supplemental insurance?
Ans : Certainly, the company offers standardized Medicare Supplement insurance plans in 49 states and Washington D.C. These plans are available at competitive rates, and some policyholders may also access additional benefits.
Where can you get Humana Medicare Supplement coverage?
Ans : Humana typically provides Medigap plans A, B, F, a high-deductible version of F, G, a high-deductible version of G, and N in 49 states and Washington D.C. (Plans are not available in the state of Virginia.)
Is Humana a good plan for older adults?
Ans : For over 30 years, Humana has catered to Medicare-eligible consumers by providing a range of Medicare Supplement plans. The company has also garnered recognition for its financial stability from multiple credit rating agencies. requirements I need to apply
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