Best Health Insurance Company & Types of Health Insurance
It is not so easy to choose the best health insurance companies as there are vast networks of health insurance companies. Every health insurance company out there has pros and cons. There is no specific best-rated health insurance, and it just depends upon what is your budget, what type of health insurance you are looking for, and what is available in your state.
There are specific criteria to think about before choosing any health insurance companies such as- financial strength, claims service, customer service points, plan premiums, policy offerings, and coverage benefits, etc.
You must keep track of the company’s reputation among customers and coverage options as it varies from state to state.There are thousands of private health insurance companies as well as government schemes out there.
It can be a very confusing and challenging task for choosing the best health insurance company based on your requirements. But we have gathered all the essential information in this single article for you to compare health insurance companies. It is crucial to have health insurance because there are times when even a visit to the dentist for dental care can cost you a fortune.
Criteria for choosing best health insurance company
Health insurance plans differ from person to person depending on age, location, gender, and some other factors. It is recommended that you must obtain quotes from at least 3-5 different companies. There are some points that you need to keep in mind before opting for health insurance for you or your family. Below are some key points to find the best health insurance companies.
- Company’s reputation among customers.
- Value for the price.
- Customer service after-sales.
- Claim satisfaction.
- Easy to use the website and mobile apps.
- Renewal plans.
- Coverage benefits.
- Plan premiums.
- Policy offerings.
Types of Health Insurances
You cannot state any plan the best for all; it depends upon your requirements and preferences. There are four basic types of health insurance plans.
- Fee for service plans.
- PPO, or Preferred Provider Organizations.
- POS, or Point of Service Plans.
- HMO, or Health Maintenance Organizations.
Fee for service plans are auto insurance, i.e., you pay a specific amount of the medical expense upfront in the form of a deductible, and afterward, you can claim. The insurance company will pay the majority of the bill. Under this type of health insurance, you have the right to choose your doctors, hospitals, and other health care providers.
You do not seek permission before the treatment; you get the right to choose your doctor or hospital. These fee for service insurances usually involve more out of pocket expenses. You have to pay for the deductibles before the company starts to pay. First, you must pay upfront and then claim the bill for reimbursement, and also you can ask your health insurance company to bill your insurer directly.
Fee for Service Insurance Plans
Under fee for service insurance plans, your insurance company will only pay your medical expenses after taking into account what are the average charges others are charging. If your doctor or health care provider is charging more than what the company considers reasonable, you will probably have to make up the difference yourself.
You must keep in mind that regular annual checkups and pelvic exams are not covered under these types of insurance plans. But nowadays, if you spend on a precaution measure to prevent more costly diseases down the road, some companies are including them.
Preferred Provider Organizations (PPOs)
PPOs have made courses of action for lower charges with a system of medicinal services suppliers. PPOs give their policyholders money related motivating force to remain inside that system. For instance, a visit to an in-arrange specialist may mean you’d have a $15 co-pay. On the off chance that you needed to see an out-of-organize specialist, you’d need to take care of the whole tab in advance and afterward present the bill to your insurance agency for an 80 percent repayment.
Moreover, you may need to pay a deductible on the off chance that you decide to go outside the system or pay the contrast between what the in-organize and out-of-arrange specialists charge. You have the right to choose your doctor and hospital as long as it is an in-network provider.
Precaution measures taken by you may not be covered under a PPO. This type of plan includes minimum paperwork and less money coming out of your pocket. If you choose a health care provider outside the network, you will have to pay for all the expenses.
Point of Service (POS)
Point of service plans are like PPOs; however, they present the Primary Care Physician. You’ll have to pick your PCP from among the arrangement’s system of specialists. Similarly, as with the PPO, you can decide to leave the system and still get some sort of coverage.
To get a referral to an expert, however, you generally should experience your PCP. You can, in any case, decide to allude yourself, however, it’ll mean more problems and more cash leaving your pocket.
On the off chance that your PCP alludes you to a specialist who is out of the network, the arrangement should get a large portion of the expense. Be that as it may, on the off chance that you allude yourself out, at that point, you’ll most likely need to manage more desk work and a little repayment. You may likewise need to pay a deductible in the event that you go outside the system.
POS plans may likewise cover increasingly preventive consideration benefits, and may considerably offer wellbeing improvement programs like workshops on nourishment and smoking discontinuance, and limits at fitness centers.
Health Maintenance Organizations (HMOs)
It is least expensive and more of a rigid type of health insurance plan. Also, the insurers are focused more on members of group plans rather than individuals. In return for a low co-payment, low premiums, and least paperwork, an HMO necessitates that you just observe its PCPs and that you get a referral from your essential consideration doctor before you see a specialist.
You’ll likely need to get clearance before you can visit the emergency room. An HMO may have central medicinal workplaces or facilities, or it might comprise a system of individual practices. By and large, you should see HMO-endorsed doctors or pay the entire cost of the visit yourself. HMOs have gained notoriety for covering preventive consideration administrations and well-being improvement programs.
How to Compare Health Insurance Plans
Before choosing a health insurance plan which suits your requirements and all the benefits you want to have in your plan, you must compare plans accordingly. There are some points you must keep in mind to compare your plan.
Comparing health plans are not so easy, firstly you must choose the kind which will help you determine out of pocket costs and which healthcare you can opt for. You must watch out for the benefits the plan is providing. If you are choosing your health insurance through your employer, you must ask him all the summary of benefits.
Put your family’s medical needs in mind while comparing different plans. Go through every detail you want to know, go through all the past billings of medical needs so that you can predict your near future medical expenses.
If you pick an HMO or POS plan, which requires referrals, you should see an essential consideration doctor before visiting an expert. In view of this necessity, numerous individuals incline toward different plans. Because of the limitations, HMOs will, in general, be the cheapest plan you can go for.
Comparing different plans
POS and HMO plans might be better if it’s all the same to you, your primary specialist picking specialist for you. One advantage is that you have to do the lesser work since your primary care physician’s staff arranges visits and handles medicinal records. On the off chance that you do pick a POS design, and go out of network, make a point to get the referral from your primary care physician early to decrease out-of-pocket costs.
In the event that you would prefer to pick your specialist, you may be more joyful with a PPO or an EPO. An EPO may help minimize expenses as long as you discover suppliers to arrange; this is bound to be the situation in a bigger metro area. A PPO may be better if you live in a remote or rustic territory with restricted access to specialists and care, as you might be compelled to leave the network.
Compare health plan networks
Expenses are lower when you go to an in-organize specialist since insurance agencies contract lower rates with in-organize providers. When you opt to go out of network, and the doctors won’t agree upon the prices, you might have to pay more. You must ask your doctor if he or she takes a specific health plan or just make sure they are in the directories for the plan you want to choose.
Look for a plan with a vast network so that you have more choices. If you are residing in a rural area, a vast network is more critical as then you can find a local doctor who accepts your plan. Do not go for the plans which do not include local in-network doctors.
Compare Out of Pocket Cost
When choosing a health insurance company, it is essential to compare out of pocket costs along with the network. You must have clear information about how much you will be paying out of pockets for services. You can check these costs on the federal marketplace and some state marketplaces.
There is a specific amount you can spend out of pocket, and that’s always mentioned in your plan information. So always choose the best-suited plan according to you. A higher monthly premium plan may be a better option if the plan pays a higher amount of your medical bills & if:
- Your emergency room visits are frequent.
- You see a primary or a specialist frequently.
- You choose expensive medicines regularly.
- Planning a baby, having a baby, or if you have small kids.
- Any surgery coming up in the near future.
- You are diagnosed with a chronic disease such as cancer, diabetes, or aids.
A lower monthly premium plan may be a better option if the plan has higher out of pocket costs & if:
- You are a healthy person and rarely visit healthcare experts.
- You cannot afford costly monthly premiums with lower out of pocket costs plan.
Compare Plan Benefits
You must have all the information about the benefits a plan is offering. Some plans offer better coverage for things like fertility treatments, physical therapy, or mental care, while some plans offer better emergency coverage. In this step, you can find out what plan suits you and your family the best.
You can also speak to the insurance plan customer service lines. Prepare a list of all your questions and doubts so that you can get clarifications on each question or doubt. Let me give you some examples of what type of questions you can write down to ask:
- What medicines are covered under the plan?
- I use this specific drug if is it covered under the plan?
- Does the plan cover out of country medical emergencies?
- What are the formalities needed to sign up for the plan?
Make sure you discontinue your last plan before opting for a new one.
Best Health Insurance Companies 2020
I am writing down the top health insurance companies who performed very well in 2019, and you might consider them again for best individual health insurance and family health insurance. I have listed all these companies on the basis of the customer’s reviews, policy offerings, and plan choices. Here is a list of health insurance companies.
- Centene: Best choice for Life & Health Management and Telehealth
- Cigna: Best choice for Telehealthcare
- Aetna: Best choice for Employer-based plans
- Kaiser Permanente: Best choice for Health Savings Account
- Blue Cross Blue Shield: Best choice for Large Provider Network
- United Healthcare: Best choice for Online Health Care
- HCSC: Best choice for Healthy Living Programs
- Molina Healthcare: Best choice for Preventive Care
Centene: Best choice for Medicaid and Telehealth
It is top-rated in the first year in the Best Health Insurance Companies survey. Centene health insurance got the best ratings when it comes to claims, price, customer service, and website/app.
About 90% of customers showed support and said that they would recommend this insurer to others. Millennials and Baby Boomers also ranked Centene as the top-rated health insurance company. It is also the largest Medicaid managed care company in the US.
- Best prices
- Professional and committed customer service.
- Telehealth services
- Coverage area is narrower than advertised.
Cigna: Best choice for Telehealthcare
The Cigna health group provides health insurance in 10 the U.S states Kansas, Missouri, North Carolina, Arizona, Colorado, Florida, Illinois, Tennessee, Utah, and it also provides health insurance in Virginia too. You can save a lot by choosing an in-network provider. You do not require out of network approval.
It offers several benefits such as access to a home delivery pharmacy, health information helpline, rewards programs, flu shot information, and the Cigna telehealth connection program, which allows you access to board-certified telehealth provides. You can find plans, get insurance ID cards, check claim status, and sign up online, so there is no waste of time or paperwork.
- Telehealth services
- Out of network care available without approval.
- Limited coverage area
Aetna: Best choice for Employer-based plans
It is one of the largest health insurance companies in the U.S. It provides employer health plans across all the states of the U.S. Aetna group offers reasonable medical coverage alternatives that incorporate preventive care, hospitalization, office visits, vaccinations, and different sorts of basic human health services.
You can always see any licensed doctor, but you can save a lot by choosing in-network to provide. Aetna group offers a few kinds of supplier plans, including HMO, POS, PPO, EPO, and HDHP with HSA. There are various health programs accessible to members such as gym memberships, weight-loss programs, chiropractic services.
- Coverage across the whole U.S
- Health care programs
- Overall customer satisfaction
- 20 % of existing customers won’t recommend to others
- Websites and app received only 3.5 ratings from Insure.com
Kaiser Permanente: Best choice for Health Savings Account
It is one of the trusted health insurance companies which provides health care through its network of hospitals and medical centers. It gives plans in the states such as California, Colorado, Georgia, Hawaii, Oregon, Washington, Maryland, Virginia, Washington, D.C. According to the customers point of view it is one of the best health insurance companies in california. The well-being investment account (HSA) alternatives through Kaiser Permanente are accessible for high-deductible plans.
The commitments are tax-exempt and can be utilized to help pay for qualifying costs, including medicines, essential/claim to specialty care visits, specialist/clinic visits, X-rays, lab tests, ambulance, dental care, etc. The HSA balance is transferable regardless of whether you change occupations, and the record accompanies a platinum card. You can contribute any sum you’ve saved over $2,000 into one of the offered shared store choices.
- Positive customer reviews
- Health savings account options
- Limited coverage area.
Blue Cross Blue Shield: Best choice for Large Provider Network
This health insurance association offers plans in over 190 countries. In only the United States, there are over 100 million customers who buy insurance from this company. Seven companies of this insurance association were rated in the top 10 health insurers by Insure.com. There are several excellent plans to choose from.
- BCBS is accepted in nearly every healthcare provider near your area.
- It offers several policy options and a wide variety of plans.
- The customer rating is less than 3.5 stars on consumer affairs.
- There have been complaints regarding coverage denials, limited PPO choices, and getting medical procedures approved.
United Healthcare: Best choice for Online Health Care
This health insurance company offers individual health insurance that meets the Affordable Care Act (ACA) requirements for essential care. The online care, including speaking with a nurse online, and participating in online wellness programs is top rated. Members are given facilities 24/7 to find doctors, file complaints, and you can speak to a doctor via mobile. Its mobile app is also easy to use and responsive.
HMO and PPO plans are accessible with access to HSAs and FSAs. Member discounts are available for hearing aids, vision services (including Lasik), and smoking cessation programs. UHC has a large favored supplier system of over 1.3 million doctors and other healthcare services. UHC additionally offers Medicare Advantage HMO and PPO plans.
- Excellent online health care services.
- Large PPO network.
- Less than average customer rating.
- 30% of members won’t recommend it to others.
HCSC: Best choice for Healthy Living Programs
It is the largest customer-owned health insurance company in the U.S. it is providing services for more than 15 million people in Illinois, Montana, New Mexico, Oklahoma, and Texas. This insurer is offering an online health assessment tool, weight loss programs, maternity programs, fitness programs, and 24/7 nurse on the hotline. It also provides mobile text and email facilities when it comes to claims information, exercise and fitness tips, heart-healthy diet management, etc.
- 24/7 online access for health programs.
- Top-rated health care programs.
- Limited coverage area.
Molina Healthcare: Best choice for Preventive Care
This insurer offers its services in California, Florida, Idaho, Illinois, Michigan, Mississippi, New Mexico, New York, Ohio, Puerto Rico, South Carolina, Texas, Utah, Washington, and Wisconsin, and in some parts of Virginia, Maine, and Idaho. It is considered one of the best health insurance in nyc. This insurer has nearly 3.4 million customers across the U.S. It offers some plans with no copays and covers medical care such as emergency services, vaccinations, lab tests, x-rays, doctor’s visits, etc.
Molina has some great advantages, well-being care, and preventive health care insurance for its medical coverage individuals, including grown-up vaccinations, grown-up preventive administrations, kid and immature inoculations, pediatric preventive human services, pre-birth and postnatal care.
- Excellent wellness and preventive care services.
- Limited coverage area.
Individual Health Insurance VS Family Health Insurance
If you are thinking about buying health insurance, a confusion can arise in your mind such as what is good health insurance? Which health company is best and whether to buy individual health insurance or family health insurance. The first question that comes to your mind is whether to buy individual health insurance or family health insurance. Every insurer offers individual health insurance and family health insurance for its health insurance plans.
There are some benefits and drawbacks to both of these varieties. So always prepare notes so that you can buy a plan which is best for you and your family. You must understand that there are some differences between individual and family floater plans.
PRO TIP: If you choose an individual health insurance plan, you will have to purchase separate policies for each member of the family. You will get a single policy for all the members if you choose a family floater policy.
In an individual policy, there is a dedicated sum assured, whereas, in the family floater plan, there is a single floater sum assured, which is to be shared between all the family members. For example, if a family purchases a family floater policy with a sum assured of $1,000, that means the insurer’s maximum liability towards the entire family stands at $1,000.
Comparing Individual Health Insurance & Family Health Insurance
| Individual Health Insurance|
| Family Floater Plan/ Family Health Insurance|
| Coverage |
|It will cover only an individual |
|It will cover the primary insured member, his/her spouse, and two dependent children. |
Some insurers are offering to cover parents, siblings, three or four children, and parents-in-law.
|Sum Insured|| A dedicated amount is assured for the individual.|
|There is a single floater sum assured, which is to be shared between all the family members. |
The total coverage amount can be used by any or all the members.
| A premium of Individual health insurance is determined on the age of the individual.|
|Best option to choose individual health insurance if the eldest member is suffering from any medical condition.|
Premium is determined by the age of the oldest family member to be insured.
More affordable for younger families.
If you are thinking about buying health insurance, if there is a question in your mind such as what is good health insurance? Which health company is best and whether to buy individual health insurance or family health insurance. The first question that comes to your mind is whether to buy individual health insurance or family health insurance. Every insurer offers individual health insurance and family health insurance for its health insurance plans.
There are some benefits and drawbacks to both of these varieties. So always prepare notes so that you can buy a plan which is best for you and your family.
PRO TIP: Older people, when traveling, are at a high risk of medical emergencies, so it is crucial to have the right health insurance. Buying the right insurance coverage package can look after the health and preserves the peace of mind.
In conclusion, it is crucial to buy health insurance in today’s time to prevent the financial crisis. You must keep all the above points in mind and compare Individual health insurance and family health insurance to choose good health insurance. We have been asked many times which health insurance company is best a lot of times, so above, I have put together some top-rated health insurance companies.
There are several types of health insurance plans companies offer. From coverage, premium, amount insured to customer reviews, and availability in your area, you must make notes on all the aspects before making a final decision on choosing the best health insurance. I have tried to cover all the essential points, but there is something I have forgotten to mention, or if you feel there is a piece of wrong information above, please write to us in the comments.