10 Most Valuable Best Health Insurance Companies Right Now

Success Trending    January 01, 2023    Career , Life at work   

The recent pandemic has highlighted the importance of having health insurance, as it can help cover the costs of testing, treatment, and other medical care related to the virus. 

However, the pandemic has also had an impact on the availability and cost of health insurance. Some people may have lost their health insurance due to job loss or other financial challenges, while others may have found it more difficult to afford health insurance due to the economic downturn. 

In some cases, health insurance premiums may have increased, or insurance companies may have changed their coverage options or policies.

It's important for people to carefully review their health insurance benefits and consider their needs. It's also important to keep in mind that, while health insurance can provide financial protection in the event of a medical emergency, it's not a guarantee of coverage for all medical expenses. 

It's always a good idea to review your plan's coverage and understand any out-of-pocket costs you may be responsible for. Here in this article, we will understand the best health insurance companies and what health insurance benefits they offer so it is easier for you to choose the right health insurance plan for your family.

Importance of health insurance 

Having health insurance is important because it helps people access medical care when they need it. When people have health insurance, they are more likely to receive the medical care they need, including preventive care, which can help them stay healthy and avoid more serious health problems in the future. Health insurance also helps protect people from financial hardship due to unexpected medical expenses. 

Without health insurance, people may avoid seeking medical care because of the cost, which can lead to more serious health problems in the long run. The main health insurance benefit is that it can provide peace of mind, knowing that your family is protected in any medical emergency.

All or a portion of a person's medical costs are covered as per the conditions of the health insurance policy. Like other insurance, an health insurance provider can create a regular financial framework, like a monthly or periodic premium or tax saving, to provide the funds to pay for the medical benefits specified in the insurance agreement by analyzing health risks and expenses associated with the risk pool. Usually, a central organization, like a government agency, a company, or a non-profit, is in charge of administering the benefit.

Best Health Insurance Companies

Every health insurance provider in America has distinctive qualities that are unique from its competitors. The right health insurance company can make getting the treatment you need simpler and easier. Here are the 10 Best Health Insurance Companies in 2023 and the health insurance benefits they offer...

Source: Forbes Advisor

1. Kaiser Permanente

Kaiser Permanente is among the best health insurance company that gives its members a "coordinated experience". Kaiser Permanente, a nonprofit organization, integrates health insurance and the provision of medical services through integrated care. Kaiser's network comprises physicians, pharmacies, labs, imaging centers, and other services in addition to the hospitals it runs. The number of complaints from members has been quite low as a result of this integrated approach. 

2. Blue Cross Blue Shield

The Blue Cross Blue Shield network consists of 34 independently owned and regionally based health insurance providers. Certain Blue Cross Blue Shield plan members have access to Blue365 for free, which offers health and wellness discounts. Discounts are available on Fitbit fitness wearables, Target Optical hearing and vision goods, and Freshly food delivery services. 

Through Blue Cross Blue Shield Global Core, members also have access to medical professionals and facilities in more than 200 nations.

3. United Healthcare

With over 26 million members, UnitedHealthcare is the largest health insurer in the US and provides insurance in almost all states. 

UnitedHealthcare offers coverage through, Medicare, Medicaid, supplementary insurance, short-term health insurance, and employer-based insurance, such as critical illness insurance, in addition to the ACA marketplace plans.

Some UnitedHealthcare plans include extra benefits like unlimited virtual visits, vision care and dental care, prescription drug delivery, and primary care physician visits complete at zero cost.

4. Aetna

Aetna offers multiple ranges of health insurance plans for individuals, families, and small businesses. The specific offerings will depend on the state in which you live and the type of coverage you need. Aetna offers multiple ranges of health insurance plans that cover medical, dental, and vision care, and may include additional benefits such as prescription drug coverage and access to telehealth services.

Individual health plans from Aetna are suitable for those on a fixed budget. Aetna has the lowest rates available across the industry in the country, but just eight states provide the insurance. The company's Medicare Advantage plans are available to people throughout the United States and have affordable costs when compared to competitors.

Customers like the variety of goods and member advantages offered by Aetna, including the online portal and health-tracking apps that help policyholders accurately manage their health and expenses. Aetna has superior financial scores when compared to its rivals, but it also receives slightly more than average consumer complaints.

5. Cigna

For both individuals and families, Cigna offers health, Medicare, and dental insurance options. Through the Cigna website, policyholders can access their dental or health insurance coverage online. However, the health insurance provider has received fewer positive evaluations than typical and received more consumer complaints than usual.

Cigna is a solid option for affordable Medicare Advantage rates, but there aren't many plans available. Prices for the company's individual plans vary by state, with some being more affordable than those offered by rival companies.

6. Molina Healthcare​

California-based Fortune 500 corporation Molina Healthcare offers health coverage through state markets. Additionally, it offers medical care under Medicaid and Medicare. The business offers health plans in 15 locally operated states, serving about 4.6 million people.

Despite their ability to pay, Molina has a long history of assisting low-income people in receiving medical treatment.

Based on the measures in our research, Molina is only mediocre overall. Consumer complaints about Molina's health insurance have been reported to state authorities at a higher rate than the national average. And it performs poorly in terms of quality compared to other health insurance providers.

7. Oscar Health

In a few select U.S. cities, Oscar Health Insurance provides individual and small business health coverage. Customers can utilize Oscar's superb mobile app. The policyholder can book virtual medical appointments and enjoy some of the free noteworthy member privileges within its app. However, the company's individual plans are more expensive than some of its rival's individual plans, and the score is average when comes to customer satisfaction.

Although users of the mobile app and Oscar's care teams are pleased, other users complained of difficulties contacting care team members and a negative overall user experience.

8. Bright Health

A new insurance firm called Bright HealthCare provides policies in a few markets around the nation. Most plans have reasonable costs, and some of them can be the most affordable in the state. The insurance offers a few special features like telemedicine, but as we'll explain below, the reduced costs have a cost. Policyholders have filed a lot of complaints and report feeling quite frustrated when interacting with the health insurance provider, in addition to the practical challenges of locating a doctor in the network.

Because of its affordable health plans and member advantages, Bright HealthCare is a company to take into account. The insurer's Medicare Advantage plans provide competitive features for the sector, such as meal delivery following a hospital stay and coverage for preventive dental care.

9. Health Alliance

Health Alliance has different types of health plans such as HMO, PPO, and indemnity policies. Each plan type offers its own set of benefits so you can choose the one that suits your needs best. It's important to know the difference between the plans before making a decision. For example, HMO plans usually only cover services offered within a network of healthcare service providers while PPO plans typically have higher premium costs but may offer more flexibility when it comes to choosing physicians. Understanding each plan's unique characteristics will help you make informed decisions about your Health Alliance Medical Plan. 

Health Alliance serves only a few of the states. The range of perks available to Health Alliance Medical members varies according to the plan, including a 24/7 nurse service line and $25 monthly fitness memberships at almost 11,000 fitness facilities. When they finish particular health chores, members can benefit from wellness incentives of up to $200 and health coaching. A mobile app called Hally health can help users with their healthcare needs, like helping them get in touch with doctors or look over their insurance information.

10. Pacific Source Health

A non-profit health insurance provider with a base in Springfield, Oregon, PacificSource Health Plans provides coverage to Montana, Idaho, and Oregon areas. For individuals, families, and corporations, the organization provides various health insurance policies.

In addition to Medicare Supplement plans, which can be used to pay out-of-pocket expenses not covered by standard Medicare, PacificSource also offers Medicare Advantage plans, which are an alternative to traditional Medicare.

Plans from PacificSource provide access to health facilities and a 24 hours nurse helpline for guidance on managing chronic conditions. Members may also use CaféWell, a website with tools and services to support members in achieving their health objectives. Members of CaféWell can interact with a network of professionals and obtain action plans. According to the plan, PacificSource also provides a range of pharmacy solutions, including Medical Therapy Management to assist members with chronic disorders to receive the greatest results and partially fill prescriptions for drugs with long-term negative effects.

Things to know before you buy a health insurance policy for your family

Understanding health insurance jargon is necessary to choose the most economical health insurance policy for you. Here are some things to consider when looking for cheap health insurance.

If you are eligible for subsidies, you might be able to get more affordable health insurance through the ACA marketplace. These subsidies can cut the cost of your health insurance because they are available to those whose household income is 400% or less of the federal poverty threshold.

Premium tax credits are also available for silver plans, which can help you pay less for insurance.

A different choice is to check your Medicaid eligibility. With little to no expense, the low-income health insurance program provides complete coverage.

The majority of Americans have group health insurance through their employment, which helps cover premium costs. Affordable health insurance can also be obtained by having an employer contribute to the premiums.

Annual premiums and costs

When obtaining health insurance, the monthly premium is often the first thing you'll notice. The amount you pay generally varies based on your insurance provider, your deductible, where you reside, the plan you select, the number of people insured, your age, whether you smoke, the size of your household and your family, as well as your income.

The four "metal" categories in the health insurance marketplace for ACA plans show how the costs are divided between you and your health insurance plan.

1. Bronze: You have the lowest monthly premium, but you also have a much larger deductible, which means that when you need medical attention, your costs will be higher because it will take longer to reach your deductible. If you only want coverage for worst-case events, this plan is great. Your health insurance covers 60% of the cost of your medical care, leaving you to cover the other 40%.
2. Silver: Although the monthly payment for this plan is a little greater than that of bronze, the cost of your medical care will be less. Your health insurance covers 70% of the cost of your medical care, with your 30% share. You must select a Silver plan if you are eligible for cost-sharing reductions.
3. Gold: If you frequently visit your doctor or require medical attention, you should think about a gold plan. These plans have a high monthly premium but low point-of-care charges. You pay 20% and your health insurance covers 80%.
4. Platinum: If you regularly require medical attention, you can rest easy knowing that the majority of your care will be taken care of with only a small out-of-pocket expense each time you utilize any services thanks to this plan's highest monthly premium.

Other things to consider

Choosing the right health insurance policy for your family can be a complex and time-consuming process, but it is an important decision that can have a major impact on your financial and physical well-being. 

Here are some steps you can take to help you choose the right health insurance policy for your family:

1. Determine your coverage needs: Consider the types of medical services your family is likely to need, including preventive care, doctor visits, prescription medications, and any specialized treatments or procedures.
2. Research your options: Compare different health insurance benefits across different plans, including the types of coverage they offer, the deductibles and copays, and the networks of providers they include.
3. Consider your budget: Determine how much you can afford to pay for health insurance premiums and out-of-pocket costs.
4. Check for subsidies: If you are eligible for subsidies based on your income, this can significantly reduce the cost of premiums on health insurance.
5. Compare the quality of the plans: Look for plans that are accredited by organizations like the National Committee for Quality Assurance (NCQA) or the Joint Commission, as these organizations evaluate health plans based on their quality and performance.
6. Read the fine print: Carefully review the policy's exclusions and limitations to ensure that you understand what is and is not covered.
7. Consider your long-term needs: If you have a chronic condition or expect to need expensive medical treatments in the future, choose a plan that covers those services.
8. Get advice: Consider speaking with a health insurance broker or agent to get personalized advice and help in choosing a plan.

It might be less expensive if you buy a family health plan than to purchase one for each family member. Before selecting a plan, carefully consider your health insurance benefits available if you seek to join accounts as a family.

Conclusion

Depending on personal circumstances and preferences, customer satisfaction can vary greatly. Before choosing health insurance for your needs, it is crucial to carefully analyze their needs and weigh the advantages and disadvantages of various options. Customers who want to learn more about an insurance company's performance and reputation may find it beneficial to read ratings and reviews from unbiased organizations like the National Committee for Quality Assurance (NCQA) or the Centers for Medicare and Medicaid Services (CMS). A qualified insurance agent or broker can offer customers more information about PacificSource's health insurance options and assist them in making an informed choice. Customers may also wish to think about doing so.

Having health insurance is not mandatory. However, not having health insurance puts your ability to receive quality health care at risk as well as a greater risk to your own finances.