Health insurance is the type of thing that can get overwhelming very quickly. There’s a lot of information to take in, and it isn’t always the easiest to understand. That’s part of the reason (along with how much health care coverage costs) why over 44 million of Americans are under-insured, or not insured at all.
In this article, we will look to explore health insurance in simpler terms, as well as highlight the best health insurance companies of 2020. There are many different health insurance companies that are all great in the United States. Not all of them are available in each and every state, so it is important to check if these health care providers are offering their services in your location.
Best Health Insurance Companies
- Kaiser Permanente
- Blue Cross Blue Shield
- United Health Care
- Molina Healthcare
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1. Kaiser Permanente
Kaiser Permanente is one of the best insurance companies around, and the company has received rewards for how good their customer service is. Kaiser Permanente’s overall customer satisfaction rating is 84 out of 100, with their claims processing rates at 89 out of 100. What speaks even more than these numbers is that 92% of Kaiser’s customers choose to renew their plans annually, which is extremely impressive with so many different healthcare options on the market.
The company offers health insurance to many different locations for plenty of residents, including California, Colorado, Georgia, Hawaii, Maryland, Virginia, Washing D.C.m Oregon, and Washington. The Kaiser Foundation also has a network of physicians that exceeds 22,000. Best of all is that they’re all pretty evenly distributed between the areas that Kaiser covers, so there won’t be a shortage of choices for you if you’re in a Kaiser covered area.
If you decide to get coverage with Kaiser, you can choose from one of their four plans: Bronze, Silver, Gold, and Platinum. All of the plans have an optional HSA (Health Savings Account), which comes with a debit card and has the option of investing in mutual funds as soon as you have $2,000 saved. If you’re a healthy person, maximizing this HSA can be a great way to save some money down the road.
2. Blue Cross Blue Shield
The BCBS (Blue Cross Blue Shield) Association is another great healthcare provider that operates not only in the US, but in many other countries all over the world. In the United States specifically, there are currently 36 BCBS health insurance companies, most of which have an excellent financial strength rating. Not only this, but seven of the BCBS companies are listed in the top 10 best health insurance providers.
BCBS offers different health insurance plans that are available through HMOs (Health Maintenance Organizations), EPOs (Exclusive Provider Organizations, and PPOs (Preferred Provider Organizations) so that you as their customer can enjoy a variety of choices no matter where you live.
These different choices offer flexible plans and coverage, so you can find the best plan that suits you. BCBS also offers FSAs (Flexible Spending Accounts) and HSAs (Health Savings Accounts) which can be used for medical expenses, allowing you to choose a high deductible plan which results in lower premiums to you.
3. United Health Care
UHC (United Health Care) is another healthcare company that has been rated A for excellent financial strength but has been known to have average customer service overall as ranked by their customers.
UHC is especially enjoyed by those who prefer to do as much as possible online. UHC has a great website and mobile app that can be used to set up appointments, find doctors, and even file claims once you’ve had your appointment.
The United Health Care plans that are offered are available through Medicare, HMOs, HSAs, FSAs, and PPOs. The PPO is by far their most extensive network, as it has over 1.3 million health care professionals just on their PPO alone. UHC also offers discounts for vision services like glasses and contacts, hearing aids, and programs that can help you quit smoking.
Aetna is one of the largest health insurance providers in the United States and offers health insurance in all 50 states. As a business, Aetna has excellent financial strength, and has been ranked as one of the best for overall customer satisfaction for multiple years. 81% of their customers have said that they would recommend it to their friends, which is an impressive stat.
Aetna offers many different affordable and flexible health insurance plans that come in the form of HMOs, PPOs, EPOs, and POS (Point of Service). They also offer HSAs for high deductible plans.
What makes Aetna stand out is their availability to many different wellness programs such as weight-loss programs, gym memberships, availability to chiropractic care, and many other things.
Cigna is another well-known name in the health insurance industry, and they have been providing health insurance services for many years. They offer health insurance in 10 states currently, including Arizona, Colorado, Florida, Illinois, Kansas, Missouri, North Carolina, Tennessee, Utah, and Virginia.
Cigna has been rated like others to have excellent financial strength, and they have a great online platform which can help their customers get connected with doctors, file claims, and even get estimated costs before booking any type of appointment. The cost of Cigna will vary from state to state, so make sure to check before signing up with them.
The high deductible plan that is offered by Cigna also includes an optional HSA. On top of all of this, Cigna also offers their clients out of network health care, which can be great if you have a medical emergency outside of your area but need medical attention. They also offer benefits like rewards programs, a health information helpline, home delivery for pharmaceutical drugs, and even a Telehealth connection program so you can talk to doctors from the comfort of your own home.
Health Care Service Corporation (HCSC) is currently the largest customer-owned health insurer in the United States. Founded in 1936, HCSC offers services to mor than 15 million members. They currently operate out of Illinois, Montana, New Mexico, Oklahoma, and Texas. HCSC also offers a wide variety of health insurance programs through their affiliates and subsidiary companies, but it’s important to note that their plans and coverage options will vary state by state.
HCSC also offers healthy living programs, including online assessment tools, smoking cessation support, weight loss programs, maternity programs, fitness programs, and nurse’s hotline that operates 24 hours a day. They also offer a secure member website that has 24/7 access to your health plan information and the online tools mentioned above. Members can sign up for mobile alerts via text or email, including claims information, fitness and exercise tips, prescription drug refill reminders, and so much more when it comes to tips and management.
The company also has plenty of financial stability, as the HCSC has excellent financial strength. The biggest downfall is that the company does have limited coverage, as they aren’t as widespread as some of the other companies on this list.
7. Molina Healthcare
Molina Healthcare currently offers health insurance to residents in California, Florida, Idaho, Illinois, Michigan, Mississippi, New Mexico, New York, Ohio, Puerto Rico, South Carolina, Texas, Utah, Washington, and Wisconsin, plus some parts of Virginia, Maine, and Idaho.
Molina Healthcare currently has more than 3.4 million members across the United States. The coverage options, plan choices, and benefits vary by state, so make sure to check what your coverage options are before signing up with Molina Healthcare. Many of their health plans come with no copays, which is a great perk. Their coverage also covers essential medical care such as prenatal care, emergency services, hospital care, lab tests and x-rays, and so many other things along the way.
Molina Healthcare offers some excellent perks, including wellness care and preventative health care services for their health insurance members. Some of these perks can include adult immunizations, preventive services, and prenatal/postnatal care.
The only big downside is that they have limited coverage, so if you aren’t in their current coverage areas, then you won’t be able to qualify for their coverage.
Humana is another major provider that offers coverage across the United States and is the 5th largest healthcare insurance provider in the United States today. This shows that Humana has more than enough financial backing to have their customers rest assured. They offer HMO and PPO plans which might seem limited, but their customers are happy with the amount of coverage, so Humana is obviously doing something right. Not only this, but Humana has been known to not increase the cost of their rates as their customers get older, which is great for anyone.
Between the size of the company, and the financial backing that the company has, and the perks that Humana offers, they are definitely a company worth considering when it comes to your search for finding a healthcare provider. Just keep in mind that the plans that the offer are fairly limited, so if you aren’t wanting to use an HMO or a PPO then Humana might not be right for you.
Things To Consider When Getting Health Insurance
As you go about choosing your health care insurance, or any insurance for that matter, there are always several factors you need to consider before making your selection.
First, you should consider the insurance companies and the plans that they each offer. They will largely depend on the state that you currently are living in, so make sure to keep that in mind. You will also want to find an insurance plan that fits you and your situation, such as your medical needs and your budget.
Once you have this figured out, then it’s time for shopping for different health care providers. You should aim to get as many viable quotes as possible and compare the price and value of each one’s different companies and policies.
How Do I Choose The Best Health Insurance Plan?
Since you’re looking at finding the best health insurance company for you, you will need to do plenty of in-depth research and choose the best plan for you at the best cost for you. Chances are, the cost is going to be your major concern anyway, because if you can’t afford it you’ll be without the coverage soon enough. Even though cost is important, there are also other important things to consider.
The premium, or the amount that you’ll pay out of pocket, is a big part of the picture, but you should also take into consideration things like the network of doctors available to you, the range of coverage, and the deductibles.
The health insurance network itself includes the clinics, physicians, and other health care institutions you can go to and use your health insurance. Coverage is important because it will determine what part of your expenses will be covered by your insurance. The deductible, on the other hand, is the amount that you’ll have to pay yourself. Typically higher deductible plans will have lower premiums.
Which Health Insurance Company Is The Best For You?
While there are plenty of great health insurance provided out there, not everyone is going to have the same needs, so you’ll need to do your homework.
Your budget and preference will be two of the biggest factors when you are deciding which insurance company that you will want to go with.
At the end of the day, what is arguably the most important is to take a hard look at every company and their different policies to make sure that you and your family’s needs are met. Another thing that you’ll want to keep in mind is the doctors and prescriptions. For example, if you want a specific doctor to be in your plan’s network, you’ll need to figure out which coverage they are under and choose that plan.
All of these things should be considered before committing to any one insurance provider. This way you can make sure that you’re getting a healthcare plan that meets all of the needs that you will need met.