What is the best health insurance for seniors on Medicare in 2024?

Summary

What makes a good insurance provider?

As we age, our medical needs change, and having adequate health insurance becomes more important than ever. There are numerous health insurance options for seniors, but all of the best share the same characteristics.

A desirable insurance provider will be:

However, it is important to remember that health insurance options for seniors differ, and various plans are available. Therefore, it is advisable to compare every provider’s plan to find the best fit for your needs and budget.

The top 8 Medicare health insurance providers

Choosing the best health insurance for senior citizens is crucial to ensure comprehensive coverage and peace of mind. We focused on articles that evaluated Medicare Advantage plans, Medigap plans, and Part D plans. We then identified providers that were consistently recommended across multiple sources, taking into consideration factors such as:

Based on this research, these are our picks for the best health insurance for seniors in the US:

1) Blue Cross Blue Shield

BCBS is a federation of 34 independent health insurance companies offering a wide range of Medicare plans, including Medicare Advantage, Medigap, and Part D. Their extensive network of doctors and hospitals nationwide is a major draw, particularly for those seeking Medigap coverage.

In terms of costs, Blue Cross Blue Shield is generally considered fairly competitive.

Pros

Cons

2) Ambetter

Ambetter is a national insurer specializing in affordable Medicare Advantage plans. Known for low or even $0 monthly premiums, they cater to budget-conscious seniors.

While premiums are attractive, be mindful of copays, deductibles, and out-of-pocket maximums, which vary per plan and individual needs.

Pros

Cons

3) UnitedHealthcare

UHC is a major health insurer with a strong Medicare presence. It offers diverse plans, such as Medicare Advantage, Medigap, and Part D. Their vast network and variety attract seniors seeking flexibility and comprehensive coverage.

Costs vary depending on region and individual needs, with some higher premiums potentially offset by extra benefits like dental, vision, and hearing coverage.

Pros

Cons

4) Kaiser Permanente

Kaiser Permanente is a unique integrated healthcare system and insurer available in eight states and D.C. Their integrated model, combining insurance, hospitals, and medical groups, is their main attraction. This offers coordinated care, potentially better health outcomes, and a focus on prevention.

Costs vary but may have higher premiums, offset by lower out-of-pocket costs due to the integrated model and preventive focus.

Pros

Cons

5) Oscar

Oscar is a tech-focused health insurer that mainly offers Medicare Advantage plans emphasizing preventive care and wellness. Its user-friendly technology and focus on prevention appeal to tech-savvy seniors who prioritize easy access and staying healthy.

Costs are generally competitive, with the potential for lower out-of-pocket expenses due to the preventive focus.

Pros

Cons

6) Cigna

Cigna is a global health service company offering various Medicare plans, including Medicare Advantage, Medigap, and Part D. Their wide range of Medicare Advantage plans with diverse benefits and flexibility in choosing providers is a key draw.

Costs vary depending on location, plan, and individual needs, so it's important to compare premiums, deductibles, and out-of-pocket maximums.

Pros

Cons

7) Mutual of Omaha

Mutual of Omaha is a well-established insurer that offers various Medicare plans, including Medicare Advantage, Medigap, and Part D. Their biggest selling point is their focus on customer service and satisfaction, which consistently ranks high in customer reviews. Mutual of Omaha generally offers competitive premiums, but it's important to compare out-of-pocket costs like deductibles and copays.

Pros

Cons

8) Aetna

Aetna is a major health insurance company offering a wide range of Medicare plans, including Medicare Advantage, Medigap, and Part D. Their biggest selling point is their extensive network of doctors and hospitals nationwide, which provides ample choice for seniors. The costs associated with Aetna plans vary depending on where you are located and the kind of plan that you require.

Pros

Cons

How do I choose the right health insurance provider as a senior?

There are many affordable health insurance options for seniors. Choosing the right option involves understanding your current and future health needs and then exploring the different Medicare options like Original Medicare, Medicare Advantage, Medigap, and Part D. 

Each offers distinct coverage, so compare plans based on factors like network, premiums, out-of-pocket costs, and specific coverage for items like drugs or dental care. 

Consider your budget, including premiums and out-of-pocket expenses, and check for financial assistance eligibility.

Get expert financial advice

Choosing the right health insurance options for seniors involves a thorough understanding of their individual needs, budget, and the various Medicare plan options available. Remember, navigating the complexities of Medicare can be daunting, and seeking expert financial advice is crucial to making informed decisions. 

For personalized guidance tailored to your unique situation, let Unbiased match you with a financial advisor who can provide expert financial advice.