Patients who need to obtain private health insurance for themselves and their families can purchase it from health insurance firms. If you get sick or hurt, health insurance can help you pay for medical expenses. Which health insurance you have access to depends on where you reside, and coverage options differ from state to state.
When it comes to financial strength, customer service ratings, claims service, plan costs, policy offerings, coverage benefits, and provider options, the best health insurance companies have excellent ratings.
There is no such thing as a “best” health insurance company; instead, the best one for you will be determined by the type of private health insurance you require, your budget, and the options accessible in your area.
In this article, we’ll be looking at the best health insurance companies in 2023.
Table of contents
- What Is Health Insurance?
- What Is Covered By Health Insurance?
- Do I Need Health Insurance?
- How Do You Choose the Best Health-Care Plan?
- 1. Is coverage provided by my company, or will I have to shop for coverage on the health insurance marketplace?
- 2. How often do I expect to use my insurance?
- 3. What kind of expenses might I anticipate?
- 4. Is it possible for me to see my doctor(s)?
- 5. What if I require immediate medical attention (particularly while traveling)?
- What Is the Cost of Health Insurance?
- Is Health Insurance a Good Investment?
- Best Health Insurance Companies
- Conclusion
- References
- We Also Recommend
What Is Health Insurance?
A contract requiring an insurer to pay some or all of a person’s medical bills in exchange for a monthly premium is known as health insurance.
“It’s to keep you from going bankrupt if you have an emergency,” explains Molly Moore, co-founder, and chief health plan officer at Decent, a health insurance start-up.
“Some people obtain health insurance because they know they have ongoing health care issues that need to be addressed, and some people get health insurance because they’re afraid of something that can’t be planned for,” she says.
According to Noah Lang, chief executive officer and co-founder of Stride Health, a benefits platform for independent workers, going without health insurance puts your ability to seek care in danger, and your personal finances. People who are uninsured (or underinsured) are more hesitant to seek medical help, which puts their health at risk, he says.
Katie Roders Turner, executive director of the Family Healthcare Foundation in Tampa Bay, Florida, people who have health insurance are more inclined to go to the doctor when they need to since they know how much it will cost. They are more likely to follow up on medical issues raised by their doctors, such as high blood pressure before they become more serious, and they are more likely to receive necessary prescription drugs since they are more inexpensive.
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What Is Covered By Health Insurance?
You’ll find that health insurance coverage varies a lot from one insurance provider to the next, and even within a single carrier’s individual policies. While your specific selections may differ, there are fundamental coverage requirements that must be met by any health insurance policy.
Essential health benefits are ten types of health services that all healthcare.gov insurance plans are required to include under the Affordable Care Act.
Pregnancy and delivery services, prescription drug coverage, mental health services, outpatient hospital care, preventative care, and emergency treatments are just a few of the services available. Minors must also be covered by dental plans (adult dental coverage is optional).
The exact features and restrictions of this coverage may vary from one state to the next. Large organizations that self-insure their employees are also not compelled to follow these same guidelines, but many do. If you are offered health insurance via your employer, you should verify with your employer’s plan to determine exactly what is covered.
Do I Need Health Insurance?
When the Affordable Care Act was first implemented, it featured a health insurance requirement, requiring you to pay a penalty charge if you could afford appropriate health insurance (“minimum essential coverage”) throughout the year but chose not to obtain it. This cost was normally assessed on everyone in your household who did not satisfy the minimum healthcare standards when it came time to file that year’s taxes.
This penalty, known as the Shared Responsibility Payment, was reversed on a federal level beginning with the 2019 plan year. If you opt not to carry minimum coverage, you are no longer accountable for the fee, and no exemption is required to avoid the penalty.
Some states, though, continue to impose their own health-insurance coverage requirements. Check your state’s legislation to see what amount of insurance you’re needed to have and what fines, if any, you’ll face if you don’t satisfy these minimal requirements.
SEE ALSO: What Is Full Coverage Dental Insurance in 2023?
How Do You Choose the Best Health-Care Plan?
Purchasing health insurance may be a time-consuming and perplexing task, especially with so many options and rates to consider.
If you want to make the search a little easier, ask yourself a few questions. They are as follows:
1. Is coverage provided by my company, or will I have to shop for coverage on the health insurance marketplace?
If available, a corporate plan may be less expensive than purchasing an individual plan.
2. How often do I expect to use my insurance?
If you only go to the doctor for routine/preventative treatment, you’ll need a different strategy than someone with a chronic illness or a child with special needs.
3. What kind of expenses might I anticipate?
A high deductible or higher premiums are often the two options available to you. A plan with a high deductible can save you money all year if you don’t intend to use your coverage much and can handle the out-of-pocket expense if you do require serious care. Paying a little more for premiums in exchange for a smaller cost-share/deductible may be the less painful alternative if you and your family visit the doctor frequently.
4. Is it possible for me to see my doctor(s)?
If you like seeing your present doctors, be sure they accept your new plan before switching, or you’ll have to look for new ones.
5. What if I require immediate medical attention (particularly while traveling)?
Before choosing a plan, examine the fine print and coverage options thoroughly, especially if you frequently travel to other states. When it comes to receiving treatment while away from home, some plans have tougher limits than others.
You may wish to evaluate PPO vs. HMO alternatives depending on whether you’re choosing an employer-based plan or buying on the Marketplace. You should also think about whether or not you require dental or optical coverage.
READ ALSO: Insurance Deductible Vs Out Of Pocket: Difference in 2023
What Is the Cost of Health Insurance?
There are many personal elements that go into calculating your coverage cost, just as there are with any insurance policy. For health insurance rates, you must consider the differences between employer-sponsored and Marketplace-purchased plans, the difference between single-person and family coverage, and whether your income qualifies you for a tax credit on your Marketplace plan premiums.
However, there are a few elements that go into determining the cost of health insurance across the board. Your age, location, plan category, individual vs. family enrollment, and whether or not you use cigarettes are all factors to consider.
If you smoke or vape, for example, you may anticipate your premiums to rise by as much as 50% whether you buy an employer-sponsored plan or one on the Marketplace.
When you consider that annual healthcare premiums for single people average around $7,470 and $21,324 for families, a 50 percent increase may seem enormous.
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Is Health Insurance a Good Investment?
It’s rare to come across a situation where health insurance isn’t worth the money. You never know when you’ll get sick or injured, and paying for health insurance is much less expensive than paying hefty medical expenditures. Hundreds of thousands of dollars can be spent on doctor’s visits, hospital stays, and ambulance transports. It’s preferable to pay for health insurance than to be responsible for such expenditures.
Best Health Insurance Companies
Here are the best health insurance companies:
- Aetna
- Blue Cross Blue Shield
- Cigna
- Humana
- Health-Care Plan
- United Heathicare
- Health Partner
- Harvard Pilgrim’s Progress
- Molina Healthcare
1. Aetna
Aetna is one of the best health insurance companies in the world that you can opt for this 2023.
Previously, Aetna Medicare Advantage plans sold in 30 states and the District of Columbia got high NCQA ratings, with Connecticut and Maine standing out as standouts.
Aetna Medicare Advantage Prescription Drug plans will be available in 264 new counties across the US, giving coverage to millions more Medicare enrollees.
The company sells Medicare supplement insurance in all 50 states. In addition to these, they provide a supplemental Medicare program that combines dentistry, vision, and hearing in several states.
CVS Health Company acquired Aetna in November 2018, and synergies between the two companies are appearing. Aetna medical plan members with high blood pressure, for example, can gain a free home monitor from CVS. CVS stores may also have chronic disease monitoring equipment.
Related Post: Aetna vs Anthem: What Is The Difference?
2. Blue Cross Blue Shield
Blue Cross Blue Shield is a health insurance company based in the United States. They insure one out of every three Americans.
Anthem, CareFirst, Highmark, Independence, and Wellmark are among the brands on various state plans, although the 35 independent and regionally run Blue Cross Blue Shield businesses operate in all 50 states, Washington, D.C., and Puerto Rico. According to the firm, Blue Cross Blue Shield companies have contracts with more than 1.7 million doctors and hospitals nationwide, which is more than any other insurer.
Based on clinical quality and member satisfaction, NCQA gave 57 Blue Cross Blue Shield corporate plans moderate to high grades in 2023.
In 2019, several Anthem plans, including some with lower overall scores, performed admirably in customer satisfaction categories.
3. Cigna
It’s no surprise that Global Health Advantage would be at the top of our list for worldwide coverage.
Global health service corporation serves 17 million medical clients globally through a global network of 1.5 million healthcare professionals who have access to doctors in more than 30 countries.
It employs over 70,000 people. Cigna joined forces with Express Scripts, the nation’s largest pharmacy benefit manager, in 2018 to decrease costs and improve treatment, following in the footsteps of Aetna and CVS Health.
Six Cigna plans achieved a four-star rating in the United States in 2023. While Cigna was a top performer in customer satisfaction in Illinois/Indiana, Virginia, New Jersey, and Ohio in J.D. Power’s 2023 U.S.
Commercial Member Health Plan Study, the American Customer Satisfaction Index (ACSI) put it among the lowest in its category for member satisfaction in 2020. 35
Cigna sells medical and dental plans in all 50 states, and Washington, D.C. Individual plans are available in 313 counties across 13 states through healthcare.gov.
VISIT WEBSITE
Related Post: Cigna Dental Insurance Review 2023
4. Humana
Humana, a broad-based health and well-being organization, provides private policies in these areas, and it offers a variety of plans for people with chronic illnesses, including transitions from the hospital to home care and meal delivery.
They provide special needs insurance for persons who have a severe or disabling chronic ailment or who are in a long-term care facility.
Humana no longer offers individual medical plans as of 2018, instead of focusing on healthcare solutions for businesses and Medicare programs.
5. Kaiser Permanente
With one plan, the nonprofit insurer Kaiser Foundation Health Plan Inc, which is part of Kaiser Permanente, received excellent ratings for private health insurance.
Kaiser Permanente healthcare provides high-quality, affordable health care services and improves the health of our members and the communities they serve. Their connected teams of experts collaborate seamlessly across departments and specialties for faster diagnosis, treatment, and recovery in these four key areas:
- Cancer care
- Cardiac care
- Maternity
- Pediatrics
HMOs are used in all of Kaiser’s highly rated private and Medicare Advantage plans. HMOs have lower premiums, no deductibles, reduced copays, and lower prescription drug expenses, which is fantastic news for individuals on a tight budget.
6. United Healthcare
Do you want to use an Apple Watch to keep track of your health? Do you want to file a claim, schedule a doctor’s appointment, or look for doctors online?
The company promotes “consumer-driven digital health care,” which includes diabetes control wearable technology, smart baby monitors for high-risk infants, and activity trackers that allow fitness users to earn cash prizes.
According to the United Healthcare Annual Survey, 37% of customers shop for health care on a computer or through mobile apps.
UnitedHealthcare is dedicated to assisting people to live healthier lives and making the health system work better for everyone. They serve millions of people from their earliest years through their working lives and through retirement.
7. HealthPartners
This company sells plans in Minnesota, Wisconsin, North Dakota, South Dakota, Iowa, and Illinois under the names Group Health Plan, Inc and HealthPartners Insurance Company.
HealthPartners is committed to helping you live a healthier life with health care and insurance options that are simple and affordable, whether you have our insurance, see our doctors, or both.
Depending on where you reside and your unique coverage needs, the firm offers three different plans in Minnesota and two different options in Wisconsin. Those who live in Minnesota’s HealthPartners Insurance area have the most possibilities.
HealthPartners is changing the delivery of health care and has aligned its mission with the Triple Aim: improving the health of the population, enhancing the patient’s experience, and making health care affordable.
8. Harvard Pilgrim Healthcare
This non-profit organization in New England has 4.5-star plans in two states and a 4.0-star plan in New Hampshire.
Harvard Pilgrim and UnitedHealthcare have partnered to offer the Harvard Pilgrim Passport and Access America plans, which give members access to a nationwide network of doctors, hundreds of hospitals, and flexible health benefits.
If you are living in Mississippi, you can check out the 13 Best Cheap Health Insurance Mississippi
9. Molina Healthcare
Molina Healthcare services 18 states, although only California, Florida, Michigan, Mississippi, New Mexico, Ohio, South Carolina, Texas, Utah, Washington, and Wisconsin people have access to private health insurance.
Many of its health plans provide cheap co-pays and cover basic medical services like prenatal care, emergency services, hospitalization, immunizations, lab tests/x-rays, prescription medicines, doctor’s visits, and vision insurance.
Adult vaccines, adult preventive services, child and adolescent immunizations, pediatric preventive health care, and prenatal and postnatal care are just a few of the great benefits, wellness care, and preventive health care services offered by Molina to its health insurance subscribers.
Conclusion
Choosing the correct health insurance provider is not a decision to be made lightly. Take the time to examine insurers and plans so you can pick one that won’t fail you down.
References
- investopedia.com – Best Health Insurance Companies
- forbes.com – Best Health Insurance Companies
- healthcareinsider.com – Best Health Insurance Companies
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