A Practical Handbook on Health Insurance Coverage: The Best Rated Private Insurance Companies

November 4, 2022

Searching for the best medical insurance plan requires careful consideration of specific criteria like claim satisfaction rates, plan pricing, client service quality, the financial standing of the provider, bundle offerings, availability of discounts, and coverage options. While referring to any insurance provider or medical plan as the best is a subjective concept, you can find a reasonably-priced and suitable option that can perfectly fit all of your essential needs.

Even though the size of the insurance company is not always the most reliable aspect of evaluation, the popularity rate demonstrates the number of active policyholders and memberships, which helps to understand whether the specific provider is worth considering. To find the policy that is designed to meet your requirements, you need to learn more about the process, consider the top-rated companies, and find a perfect combination of costs and covered risks.

What You Need to Know Before Shopping for Insurance Online

There are several ways to enroll in health coverage: through the group coverage provided by the employer, Original Medicare or Medicare Advantage plans, Medicaid plans, and a variety of individual health insurance plans. Before considering the enrollment, you need to find out if the area or region you live in is included in the provider’s list of coverage areas in which the company is licensed and authorized to operate. This way, you can significantly narrow down the list of top health care plans to the options available to you. 

 

Is health insurance required? The good news is that it is no longer required by federal law, but in some of the states, it is still mandatory. Naturally, trying to find the best insurance carrier can be a complicated and somewhat daunting process. While you might try to call into question the need to take out a policy, you should weigh the pros and cons of buying it. And once you do, you will find out that going without insurance is not the cost-effective or the safest option.

How Much Does Health Insurance Cost?

Clearly, the premium payments tend to vary depending on your health condition, the area you live in, your deductible, and co-payment requirements. It is crucial to remember that even though lower deductibles can seem more appealing at first, it means that you should expect the premium payments to be higher. Using professional insurance comparison tools is an excellent idea if you want to dig a little deeper and understand the pricing process better. With the quote comparison tools offering insurance coverage quotes at a blink of an eye, you can get access to the essential information on the policies you are considering. This way, you can balance the total costs against the benefits offered by the plan and identify the most acceptable and suitable options.

To help you draw up a list of the most appealing and accessible insurance options, we compiled a catalog of well-known and reputable health insurance providers. Since these companies are considered to be the most trustworthy representatives of the medical insurance industry, this is where you can start your research and come up with your own list. 

Best Health Insurance Companies

As mentioned before, claim satisfaction, pricing, customer service, offline and online presence are equally important when it comes to choosing the most suitable health insurance carrier. This list is aimed to provide essential information on the companies and help you assess each of the options.

UnitedHealthcare

This provider is well-known for its diversified health insurance offers, advanced online presence, and medical expertise. Its online products allow policyholders to track their health with the help of wearable devices, as well as find the doctors and make appointments with them online. The health plans the company offers are typically scored high by clients. Besides, the carrier offers a large selection of health benefit programs designed for employers and individuals, along with an extensive network of medical facilities, physicians, and other care providers. Apart from regular plans like HMO or PPO, it also offers access to flexible spending accounts.

Main Advantages

  • Premium online portal
  • A wide selection of plans
  • A well-liked and popular insurance provider

Main Disadvantages

  • Somewhat long waiting periods
  • Offers no coverage for preexisting medical conditions
  • Lower than average customer satisfaction rates

Aetna

The company has an outstanding reputation and prides itself on being one of the biggest health insurance providers in the country. With its A-level financial fitness rating, the company offers are available in all the U.S. states. Besides, its coverage offers come with Health Savings Accounts, which can come in handy if clients want to save some money and utilize them to pay for their medical expenses. Since the carrier is available nationwide, it offers an extensive network of health care providers and allows policyholders to visit in-network doctors and out-of-network specialists. What is more, the company has various wellness programs and, therefore, can offer reimbursements for gym memberships, for example.

Main Advantages

  • Clients have access to Health Savings Accounts
  • Competitive pricing
  • Available nationwide
  • Ability to use wellness programs

Main Disadvantages

  • Online support and products rated below average
  • A small number of short-term policies

Cigna

Even though the company has a strong global presence, it has offices in only ten U.S. states. And each state has different plan options, deductibles, and co-payments requirements. This insurance provider also has a high financial soundness rating and remains a popular provider among local clients. With this carrier, depending on the chosen health plan, policyholders might be required to get referrals and recommendations from their primary physicians. It means that clients should make sure that they can visit preferred specialists. In case they have to get referrals, they should be aware that the out-of-network visits might result in increased costs.

Main Advantages

  • Some of the plans allow the out-of-network visits without referrals
  • A large variety of plans

Main Disadvantages

  • Restricted access to the company’s services

Blue Cross Blue Shield

Also known as BCBS, the company has not only a broad national network but also representation in more than 150 countries. Its members typically have access to a variety of plans via HMOs, EPOs, and PPOs, as well as to numerous discounts. Naturally, clients should expect the coverages to differ depending on the state or region where they live. From a financial standpoint, the company has one of the highest ratings, an extensive health insurance market share, and, therefore, an excellent reputation globally and locally.

Main Advantages

  • Nationwide and global availability 
  • A broad selection of insurance plans
  • Member discounts

Main Disadvantages

  • The difference in state and regional pricing 
  • Frequent claim denials

Kaiser Permanente

As one of the prominent and trusted insurance carriers, it managed to win numerous awards and establish itself as a financially solid, trustworthy insurance provider. Despite the fact that it takes great pride in one of the highest customer satisfaction rates, its services are available only in eight U.S. states. On the other hand, the company’s clients have access to numerous plans, and all of the plans have HSA options. What is more, the policies are renewable, all the HSA contributions are tax-free, and the account itself is transferable in case clients decide to change their jobs.

Main Advantages

  • High-quality client service
  • Access to HSA accounts
  • A plethora of available health plans

Main Disadvantages

  • Poor area coverage

Why the Search Is Worth the Effort

It is in exceedingly rare cases that the search for the appropriate health insurance turns out to be inefficient. While one can never know what dangers lurk around, it is sensible and substantially cheaper to pick the suitable plan and safeguard your physical and financial health. At the end of the day, it is a smarter approach to avoid risking your financial stability and jeopardizing your life or well-being.

Victoria Berezhetska

Victoria Berezhetska is a Content Lead at Phonexa.com and an expert contributor to CoverExplore. She has a Bachelor of Science degree in Business Administration, with extensive working experience as a PR specialist and content writer. At CoverExplore, she helps customers find the right educational material through easily digestible blog posts and buying guides backing their insurance coverage choice. Victoria covers diverse topics around digital and insurance marketing, including auto, home, health, and life insurance.

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