HomeFinanceCigna Medicare Supplement Insurance 2022 Review

Cigna Medicare Supplement Insurance 2022 Review

Cigna presents Medigap Plan A, Plan G and Plan N for any Medicare member, plus Plan F for many who qualify. The firm’s premiums aren’t the bottom, but it surely devotes a higher-than-average share of these premiums to member advantages.

Here’s what you need to find out about Cigna Medicare Supplement Insurance.

Cigna Medicare complement professionals and cons

Cigna’s Medigap choices have benefits and downsides.

  • Dollars spent on care: Cigna spends the next proportion of the premiums it collects on member advantages than the typical Medigap supplier.

  • Wide availability: Cigna presents Medicare Supplement Insurance in nearly each state.

  • Easy-to-obtain reductions: Cigna presents premium reductions for making use of on-line and dwelling in a family with one other Cigna Medigap beneficiary.

  • Premiums will be excessive: Cigna’s premiums can value a good bit greater than different Medigap suppliers, particularly for Plan A.

  • Higher-than-average complaints: Cigna had the next fee of member complaints about its Medicare Supplement Insurance plans than the trade common.

  • Plan varieties: Cigna presents solely three Medigap plans to new Medicare beneficiaries: Plans A, N and G.

Available Medicare complement plans

  • Medigap Plan A — the first advantages included in each Medigap plan with none extras.

  • Medigap Plan G — the highest-coverage possibility out there to new Medicare members.

Cigna additionally presents Medigap Plan F and the high-deductible model of Plan F for people who have been first eligible for Medicare earlier than 2020. Unfortunately, newer Medicare members cannot purchase these plans from any insurer.

In addition, Cigna presents plans in Minnesota and Wisconsin that match every state’s respective requirements. (Massachusetts, Minnesota and Wisconsin do not use the identical Medigap standardization system as the remainder of the nation.)

Medigap plans are standardized, however firms can provide extras on high of the Medicare advantages. Here are a number of further perks out there to Cigna Medicare Supplement Insurance beneficiaries:

  • Discount program: Cigna’s Healthy Rewards program presents reductions to some members on health and vitamin applications, wellness merchandise, and imaginative and prescient, listening to and different medication companies.

  • Health data line: Members can name 24/7 to talk to well being advocates, all of whom are licensed nurses.

  • Mobile app: Members can entry ID playing cards, protection particulars, claims and different data in English and Spanish from the myCigna cellular app.

Cigna Medicare Supplement Insurance service space

Cigna presents Medicare Supplement Insurance plans in Washington, D.C., and each state aside from Massachusetts and New York.

Cigna covers about 534,000 Medicare Supplement Insurance beneficiaries and has a market share of about 3.5% [2].

The following worth quotes have been obtained for 3 states representing above-average, common and below-average prices for Medicare Supplement Insurance, compared throughout all plans and suppliers utilizing pricing knowledge from Medicare.gov [3]:

  • Colorado: More costly than common.

  • North Carolina: Average value for the U.S.

  • Ohio: Less costly than common.

The sections beneath present pricing data from Cigna for a 65-year-old feminine nonsmoker and mirror “base” pricing with reductions eliminated or factored out each time the choice was out there. (Note: Some Medigap costs could also be larger for males.)

For comparability, the desk for every plan additionally contains the value for the least-expensive possibility to purchase the identical plan from different suppliers, primarily based on data from Medicare.gov. For instance, Cigna’s worth for Medigap Plan A in Fort Collins, Colorado, seems alongside the bottom worth on Medicare.gov for all Plan A insurance policies out there in Fort Collins to an applicant with an identical demographics.

Plan A

On common, Cigna’s quoted premiums for Medigap Plan A have been about 94% larger than the least costly Plan A coverage within the space.

Medicare.gov lowest worth

Greensboro, North Carolina

Plan G

On common, Cigna’s quoted premiums for Medigap Plan G have been about 37% larger than the least costly Plan G coverage within the space.

Medicare.gov lowest worth

Greensboro, North Carolina

Plan N

On common, Cigna’s quoted premiums for Medigap Plan N have been about 31% larger than the least costly Plan N coverage within the space.

Medicare.gov lowest worth

Greensboro, North Carolina

Discounts

Here are some reductions Cigna presents to qualifying Medicare Supplement Insurance candidates:

  • Online utility: New candidates in most states qualify for a 5% low cost for making use of on-line.

  • Multiple family insurance policies: Applicants in most states can obtain a 7% low cost if multiple member of their family enrolls in a Cigna Medigap coverage.

Available reductions can range based on components similar to your location, family standing and the way you apply for a coverage.

75% for member advantages

Medicare Supplement Insurance suppliers should report knowledge on the premiums they gather and the way a lot they spend to supply advantages for members.

Based on the latest yr of information, Cigna Medicare Supplement Insurance plans spend about 75% of premiums on member advantages [4]. (The different 25% goes to overhead bills like administrative prices, advertising and marketing, salaries and commissions.)

For comparability, the typical for all suppliers is 72.3%. The minimal required by legislation for particular person Medigap insurance policies is 60% [5].

40% above common

Members file complaints about Cigna’s Medicare Supplement Insurance plans at a fee about 40% larger than the typical for all Medigap plans. This is based on three years’ price of information from the National Association of Insurance Commissioners for Cigna and its subsidiaries that promote Medicare Supplement Insurance insurance policies [6].

Other insurance coverage choices by Cigna and people subsidiaries do not see equally excessive grievance charges, with a grievance fee for all coverage varieties about 4% beneath the typical for all insurers over the identical three years of information.

Here’s how Cigna members can contact customer support:

  • Call a Medicare Supplement Insurance customer support consultant at 866-459-4272, Monday to Friday, from 8 a.m. to eight p.m. Eastern time. (TTY/TDD dial 711 and observe the prompts.)

  • Chat on-line with a member companies consultant, Monday to Friday, from 9 a.m. to eight p.m. Eastern time.

There are a number of firms that weigh in on clients’ experiences with insurers or the energy of the corporate in query, and we have included two right here:

American Customer Satisfaction Index: seventh out of seven

The American Customer Satisfaction Index, or ACSI, charges client satisfaction with services primarily based on a scientific mannequin developed on the University of Michigan. Ratings are derived from surveys that measure shoppers’ expectations and perceived high quality and worth of services.

In 2021, Cigna scored 68 out of 100 and got here in seventh out of seven named insurers on the ACSI medical health insurance satisfaction benchmark [7]. ACSI measures satisfaction with the medical health insurance trade as an entire — the benchmark is not particular to Medicare Supplement Insurance. For comparability, the best rating was 75 and the medical health insurance trade common was 73.

AM Best Financial Strength Rating: A

AM Best is a credit standing company that makes a speciality of the insurance coverage trade. In March 2021, AM Best affirmed its Financial Strength Rating, or FSR, of A (Excellent) for Cigna Corporation, together with its U.S. life/well being subsidiaries, well being upkeep organizations, and New Zealand- and Europe-based insurance coverage firms[8].

An A score on this class signifies that AM Best believes Cigna has a superb capability to satisfy its ongoing insurance coverage obligations.

Cigna, headquartered in Bloomfield, Connecticut, was created in 1982 when Connecticut General Corporation, or CG, and the Insurance Company of North America — often called INA — merged. Cigna presents medical health insurance for people and households, dental insurance coverage, Medicare Advantage and Part D plans, Medicare Supplement Insurance, and different insurance coverage protection similar to complete life and most cancers therapy insurance coverage. The firm additionally presents insurance coverage for companies. In 2021, Cigna posted $174.1 billion in adjusted revenues.

Find the best Medicare Supplement Insurance plan

Because Medigap plans are standardized, you will get exactly the identical Medicare advantages from any insurer providing the plan. So while you store, maintain these issues in thoughts to search out the perfect coverage to suit your wants:

  • Is your most well-liked plan out there? Insurers do not all the time promote each plan, so test who sells the plan you wish to purchase in your space.

  • What are the premiums? Prices for a similar plan can range between insurers, so test to search out probably the most aggressive charges.

  • Will your premiums change over time? Will the insurer cost extra as you age, or are you able to lock in a worth while you enroll?

  • Are there extras? Medigap plans’ core advantages are standardized, however some insurers embrace such perks as low cost applications or gymnasium memberships.

If you’ve got further questions on Medicare, go to Medicare.gov or name 800-MEDICARE (800-633-4227, TTY 877-486-2048).

ARTICLE SOURCES

  1. Centers for Medicare & Medicaid Services, “2020 Medigap Data,” accessed Feb. 9, 2022.

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