Medico Medicare Supplement Review
Our review of Medico’s Medicare Supplement plans revealed several benefits, the most prominent being that their premiums are, on average, 8% more affordable than their competitors.
Medico (a Wellabe company) provides up to 7% household discounts (if applicable) and guaranteed renewable policies, meaning your coverage will remain intact if you pay your premium on time. They provide an advanced electronic platform for easy quote generation and application submission and also offer separate insurance policies for dental, vision, and hearing.
Offering Medigap coverage in 25 states, Medico has approximately 250,000 active policies and has earned an excellent A+ rating from the Better Business Bureau.
- Established in the insurance industry for over 90 years
- Offers a variety of Medigap plans
- User-friendly online customer portal
- Discount for households (where applicable)
- Availability varies by state
- Mixed feedback on review sites
- Doesn’t offer Medicare Advantage or prescription drug plans
- Medigap plans don’t include fitness program access
In our professional opinion, Medico is a strong contender worth considering. Medico has a solid reputation and offers a wide range of Medigap plans.
Which Medigap Plans Does Medico Offer?
Medico offers a variety of standardized Medigap plans. Here, we’ll compare the two most popular plans for new Medicare enrollees – Plan G and Plan N.
Medico Plan G – Comprehensive Coverage
The extensive coverage under Plan G includes:
- Doctor visits, outpatient care, and medical equipment
- Medicare Part A deductible per benefit period
- Part B coinsurance (20% of Medicare-approved amount) or copayment (fixed amount for service)
- Medicare Part B excess charges (unless prohibited in your state)
- Coinsurance and hospital charges up to 365 days after Medicare benefits are exhausted
- Hospice care coinsurance or copayment
- Skilled nursing facility care coinsurance
-
Important to note:
- With Plan G, you are responsible for paying the Medicare Part B deductible annually. Once you meet it, you get 100% coverage for Medicare-approved services.
Medico Plan N – Affordable Coverage With Some Copayments
Medigap Plan N, sometimes called the “copay plan,” is an excellent option for beneficiaries who want comprehensive coverage with slightly higher out-of-pocket costs in exchange for a lower monthly premium.
Plan N offers similar coverage to Plan G but with a few cost-sharing features. Policyholders are responsible for the Part B deductible and excess charges, an emergency room visit fee of around $50, and a $20 copay for doctor’s visits.
Is Medico Available in Every State?
Medico offers Medicare Supplement insurance exclusively in the following states:
| Arizona | Missouri | Tennessee |
| Colorado | Nebraska | Texas |
| Illinois | Nevada | Utah |
| Indiana | New Mexico | Virginia |
| Iowa | North Carolina | West Virginia |
| Kansas | Ohio | Wisconsin |
| Kentucky | Oklahoma | Wyoming |
| Louisiana | Pennsylvania | |
| Michigan | South Carolina |
Are There Extra Perks With Medico?
Medico’s policyholders receive up to 7% household discounts (where applicable), access to any Medicare provider, and guaranteed renewable policies throughout their life – meaning that as long as you pay your premium on time, your coverage cannot be canceled by Medico.
Due to its stable market position, Medico can potentially keep its premium increases lower and more consistent than other companies. While it’s impossible to make precise predictions about future increases, this stability does make changes more foreseeable.
How Do Medico’s Premiums Compare to Others?
When choosing a Medicare Supplement plan, the cost of monthly premiums is an essential consideration for most.
We have provided a comparison below of the monthly premium costs for Medico’s Plan G compared to some of its competitors for a 65-year-old non-smoking female.
| State | Zip Code | Medico | Mutual of Omaha | Aetna | Cigna |
|---|---|---|---|---|---|
| Tennessee | 37013 | $107 | $110 | $123 | $113 |
| Kansas | 66062 | $128 | $145 | $137 | $139 |
| Florida | 34953 | $190 | $192 | $211 | $212 |
| Alabama | 35242 | $138 | $162 | $155 | $138 |
According to this research, Medico typically provides premiums that are, on average, 8% more affordable than those offered by its competitors.
Rates can vary based on factors like age, location, gender, and tobacco use. Applicable discounts also contribute to the final price of your monthly premium.
Does Medico Offer Dental and Vision Policies?
Yes, Medico offers supplementary dental, vision, and hearing insurance plans that can be added to your coverage for an extra premium.
Medico Dental Insurance
Medico offers two customizable dental insurance plans (Gold and Platinum) with no waiting period, usable at any provider. Coverage starts immediately for all services, including preventive, basic, and major treatments.
If you only partially utilize your plan’s benefits, you can add the carry-over benefit to your next year’s policy. Any unused amount can be saved and carried over until reaching a $3,000 maximum.
For instance, if you have the Gold $1,000 plan but only utilize $600, you can carry over the remaining $400 to the following plan year.
-
Bonus Tip:
- If you or your spouse/domestic partner have or apply for a Medico Medicare Supplement plan, you qualify for a 5% discount on a dental plan.
Medico Vision Insurance
Medico has partnered with VSP® Individual Vision Plans to offer personalized, high-quality vision plans at affordable rates. They offer two plan options that can cover you, an additional person, or your entire family and ensure that your specific prescription and materials are covered.
Benefits include an annual WellVision Exam (to detect early signs of health conditions like diabetes), immediate coverage upon enrollment, and access to over 41,000 providers.
You can also save up to 30% on lens enhancements and get an extra $20 to spend on featured frame brands.
Medico Hearing Insurance
Medico has partnered with Start Hearing® to offer comprehensive coverage tailored to your needs. You can benefit from up to 48% discounts on the latest hearing technology, including hearing aids and tinnitus options.
Additionally, you and your family can receive:
- One year of complimentary office visits
- A risk-free trial period of 60 days
- Access to a nationwide network of over 3,000 hearing professionals
- Flexible financing options
- Warranty plan that covers repairs, loss, and damage
Medico Customer Satisfaction
Medico has received mixed reviews from its customers on various review platforms. Some have expressed satisfaction with the service and prompt payment of claims, while others have found it challenging to get assistance once they become policyholders.
Even with these mixed reviews, Medico has secured an excellent A+ rating from the Better Business Bureau.
Medico Financial Rating
Medico has received an A- (Excellent) rating from A.M. Best, a renowned independent rating agency focusing on the insurance industry. This is only awarded to companies with steady growth and a stable financial standing over the years.
This rating is important, as it gives beneficiaries peace of mind knowing their insurance provider is reliable and can meet their commitments.
When Do I Enroll in a Medico Medigap Plan?
You can apply for a Medico Supplement plan if you are 65 or older and have enrolled in Medicare Part A and Part B.
We highly recommend you enroll during your Open Enrollment Period, which begins on the first day of the month you turn 65 and lasts for six months. This period is ideal for obtaining coverage because you cannot be denied (even if you have pre-existing conditions).
Suppose you miss your initial Open Enrollment Period. In that case, you can still apply for a Medico Medicare Supplement plan, but your eligibility may be subject to medical underwriting questions, higher premiums, or policy denial.
-
Did you know?
- Starting June 2023, Medico has rebranded under the umbrella name Wellabe, which originates from the phrase, “we’ll always be,” and is an extension of their promise always to be here, helping people prepare for tomorrow so they can live better today.
Bottom Line
Despite some mixed customer reviews, Medico scores highly in terms of track record, variety of plans offered, solid financial standing, and additional benefits. This makes them a worthwhile consideration for those seeking Medicare Supplement insurance.
Our team of expert agents can help you compare different health plans, quotes, and providers, making sure you find the perfect fit for you.
Sources: Wellabe (Medico) Medigap Plans | Underwriting Guidelines | Compare Medigap Plans
FAQs
- Is Medico a reputable insurance provider for Medicare Supplement plans?
- What is the most popular Medicare supplement plan offered by Medico?
