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How to determine what the best health insurance company is for you.
The best health insurance company for you depends on two things: your budget and your preferences.
All health insurance companies (carriers) and plans are federally mandated by the Affordable Care Act to cover ten essential benefits, which include preventative care, emergency services, and hospitalization. All carriers and plans are also required to adhere to the same consumer protections, also laid out by the Affordable Care Act. This means that you can trust that each health insurance company is held to the same standard, making it much easier to compare on price and individual preference.
When comparing health insurance plans, many people look at the base monthly price only. This monthly cost, called the premium, only represents one of the expenses that contributes to how much you'll spend on health care in a given month.
Other expenses, like your health insurance plan's deductible and the copay and coinsurance costs, directly contribute to how much you'll be spending overall on health care. Typically, a plan with a lower monthly premium will have a higher deductible, copay, and coinsurance percentage, which increases the amount you'll spend out-of-pocket for health care services.
When choosing a health insurance company, make sure to look closely at these costs. If you plan on utilizing your health insurance plan frequently – because you're managing a chronic condition or otherwise – the least expensive plan may not be the plan with the lowest monthly premium.
The other thing to consider when choosing a health insurance company and plan are your preferences when it comes to doctors and prescriptions. Are there certain doctors you want to make sure are in your plan's network? Particular prescriptions? Plans that cover doctors and prescriptions you need may be more valuable to you than plans that don't.
|Name||Founded||Size||JD Power Rating||A.M. Best Rating||Our Rating||Our Review|
|Kaiser||1945||Third largest in the US||5 out of 5||A-||5 out of 5 (quality and satisfaction); 4 out of 5 (affordability)||Kaiser Overview|
|Humana||1961||Fifth largest in the US||4 out of 5||A-||3 out of 5 (quality and satisfaction); 4 out of 5 (affordability)||Humana Overview|
|Blue Cross Blue Shield||1929||Largest in the US||3 out of 5||A-||4 out of 5 (quality and satisfaction); 4 out of 5 (affordability)||Blue Cross Blue Shield Overview|
|Aetna||1853||Fourth largest in the US||2 out of 5||A-||3 out of 5 (quality and satisfaction); 4 out of 5 (affordability)||Aetna Overview|
|Cigna||1982||Sixth largest in the US||3 out of 5||A||3 out of 5 (quality and satisfaction); 3 out of 5 (affordability)||Cigna Overview|
|UnitedJHealthcare||1977||Second largest in the US||2 out of 5||A||3 out of 5 (quality and satisfaction); 3 out of 5 (affordability)||UnitedHealthcare Overview|
|Oscar||2013||Ranking unknown||NA||NA||NA (quality and satisfaction); 5 out of 5 (affordability)||Oscar Overview|
Policygenius’ editorial content is not written by an insurance agent. It’s intended for informational purposes and should not be considered legal or financial advice. Consult a professional to learn what financial products are right for you.
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Yes, we have to include some legalese down here. Read it larger on our legal page. Policygenius Inc. (“Policygenius”) is a licensed independent insurance broker. Policygenius does not underwrite any insurance policy described on this website. The information provided on this site has been developed by Policygenius for general informational and educational purposes. We do our best efforts to ensure that this information is up-to-date and accurate. Any insurance policy premium quotes or ranges displayed are non-binding. The final insurance policy premium for any policy is determined by the underwriting insurance company following application. Savings are estimated by comparing the highest and lowest price for a shopper in a given health class. For example: for a 30-year old non-smoker male in South Carolina with excellent health and a preferred plus health class, comparing quotes for a $500,000, 20-year term life policy, the price difference between the lowest and highest quotes is 60%. For that same shopper in New York, the price difference is 40%. Rates are subject to change and are valid as of 2/17/17.
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