12 Best Health Insurance Companies 2023 – Pros & Cons

10 minutes read

Comparing health insurance providers is difficult, but it’s essential for financial security and overall health.

The phrase “best health insurance plan” does not apply in a vacuum. The best health insurance for you will depend on your individual needs. However, you can pick a good plan by applying objective quality indicators.

Big, small, and local providers’ coverage is compared to identify the top health insurance providers across the nation. The following are a few of the most significant health insurance providers.

Table of Contents

1. Cigna Dental Health Insurance

With access to physicians in more than 200 countries, Cigna Dental is a global health services firm with 17 million medical customers globally.

70,000+ people work there. The largest pharmacy benefit manager in the country, Express Scripts, and Cigna partnered in 2018 to reduce costs and enhance care, following in the footsteps of Aetna and CVS Health.

Cigna offers dental policies in all 49 states plus Washington, D.C., and medical plans in 13 states. It sells individual plans in 313 counties spread across 13 states on healthcare.gov. Additionally, Cigna increased the coverage of its Medicare Advantage plans by adding three new states for 2022, bringing the total to 477 counties spread across 26 states (plus D.C.) in 2021.

2. Oscar Health Insurance

Oscar Health Insurance sells individual and small company health policies in a few selected U.S. locations. Customers can use Oscar’s great mobile app for virtual medical appointments, some of which are free, as well as some noteworthy member bonuses. Customer satisfaction scores are still middling, and the company’s plans are more expensive than certain rival programs.

Pros

There is a member app for mobile devices from Oscar.
A caring group with a commitment to its members
Free online appointments for primary care

Cons

It’s accessible in a few select states’ restricted regions.
It satisfied clients
It’s insufficient dental and vision insurance.
Low prices in comparison to competing plans

3. UnitedHealthcare Medicare Advantage Insurance

The biggest health insurance provider in the country, UnitedHealthcare (UHC), was founded in 1977 and had an estimated $240 billion in yearly revenue. In all states besides Alaska, UHC Medicare Advantage Plans are accessible.

Several UnitedHealthcare plans are available throughout the country, but some of the selections can cost more than you had planned to spend on medical care.

The plans offered by UHC all include extra benefits, usually with no or cheap copays, in addition to premium discounts. On the other hand, maximum out-of-pocket expenses may be higher than with comparable plans. There is a sizable number of plans offered by the insurer, but not all of them are accessible in all states. Before choosing a UHC Medicare Advantage Plan, take the time to review your options carefully.

Pros

Coverage is offered in roughly 96 states
It’s the country’s largest doctor and specialist Medicare Advantage network.
The Renew Active fitness benefit is one that many plans provide.

Cons

Usually cost more than other Medicare Advantage providers
All states do not offer Special Needs Plans (SNPs)

4. Covered California Health Insurance

The federal Patient Protection and Affordable Care Act created “Covered California” as the state-based health insurance marketplace for the American state of California (ACA). The exchange offers federally subsidized private health insurance coverage at prices that are affordable for qualified individuals and small companies. A separate department of the state of California is in charge of managing it.

State-run exchange called “Covered California” is available in California. Twenty-two health insurance plans are available through the marketplace from twelve insurance companies. During the open enrollment period for 2022 coverage on the California exchange, nearly 1.8 million people enrolled in private individual-market insurance.

5. Tricare Online Insurance

There is a secure website called TRICARE Online that allows authorized TRICARE beneficiaries to obtain care more easily, as well as authorized TRICARE medical professionals and support employees to access information more easily (TOL). To address beneficiary requests for increased access to health and wellness information, online appointments, and pharmaceutical refills, the Department of Defense (DOD) developed (TOL).

TRICARE is the health insurance program for about 9.6 million people worldwide, including active-duty service members, members of the National Guard and Reserve, retirees, their families, survivors, some former spouses, and other people listed in the Defense Enrollment Eligibility Reporting System (DEERS).

The Army Medical Department (AMEDD) supports the usage of (TOL) when scheduling routine visits to improve patient satisfaction and access to care.

6. Anthem BlueCross Insurance

With several cost-effective plans, one of the broadest physician and hospital networks among all insurers, and highly regarded member services and online tools, Anthem BlueCross and Blue Shield stand out from the competition. However, the business has a bad reputation for providing poor customer service, has frequently received fines for disobeying consumer grievance procedures, and consistently denies a large percentage of claims.

One of the biggest insurance firms in the United States is Anthem, with 42 million health insurance subscribers spread across 14 states.

Pros

Most people desire standard health insurance policies and coverage.

Cons

It favors individualized care or smaller companies.

7. Health Connector Insurance

A Health Benefits Exchange known as the Health Connector was established in Massachusetts.

In 2018, eight carriers offered medical coverage through The Health Connector, a highly functional and competitive marketplace. There is fierce competition among carriers, with three to five carriers, depending on the market category, claiming at least 5% of the market share. As a result, the quarter million enrollees in the Health Connector are guaranteed access to a considerable selection of carriers, and no single carrier will control the market. Since the organization’s founding in 2006, The Health Connector has sought to increase its membership continuously, and as a result, its total non-group enrollment now accounts for around 80% of the state of Massachusetts’ non-group market.

The ConnectorCare program for those up to 300% of the Federal Poverty Level is one of the most distinctive aspects of the Health Connector (FPL). The program offers premium and cost-sharing subsidies “on top” of Affordable Care Act (ACA) subsidies, which are given to lower-cost silver-tier plans (Note 1). No deductibles, coinsurance, or copays are required of enrollees, and they have access to plans with zero or low premiums. Approximately 190,000 people are covered by this program, making up about 75 percent of all Health Connector non-group enrollees.

8. Ambetter Health Insurance

Comparing Ambetter policies to other health insurance plans, they have some of the most affordable prices; however, they are not offered in all states. If you’re looking for basic coverage and member perks at a low monthly cost, Ambetter health insurance plans are the ideal option. Since different businesses manage Ambetter plans, overall customer satisfaction scores are average and can vary by state.

On a state- or federal-run marketplace, as well as online through one of its insurers, Ambetter Health offers individual health insurance plans for purchase.

Pros

Greater discounts than many rivals
Coverage for optional vision and dental care

Cons

Experience with customer service
Only a few are available in 26 states.

9. Medicare Aetna Insurance

Aetna ranks third among health insurers in terms of membership and direct writing premiums. In addition, it holds the sixth-largest market share in the United States and is actively expanding its hold on the Medicare market.

Aetna individual health plans are suitable for people on a tight budget because they have some of the lowest rates available; however, only eight states allow the sale of these insurance plans. Additionally, affordable relative to rival plans, the company’s Medicare Advantage plans are accessible throughout most of the United States. The service and claims handling for any form of coverage, however, have not entirely satisfied clients.

Although Aetna currently does not offer short-term medical insurance, it does offer standalone dental and vision insurance as well as corporate health plans.

Customers are satisfied with the range of policies and member perks offered by Aetna, which also includes a web portal and health-tracking applications that help policyholders better manage their health. Aetna receives slightly more customer complaints than the average company, despite having above-average financial ratings in comparison to rivals.

Pros

Plans for prescription drugs with low premiums
More Medicare Advantage plans with no monthly fees will be added in 2021
Low prices for a variety of products
high-rated member mobile applications
a firm with solid financial standing

Cons

Customer satisfaction is generally average.
Less favorable evaluations of particular health plans
Insurance for a limited time (not offered)
Depending on where you are, there is low member satisfaction.

10. Blues Cross Blue Shield Health Insurance

The runner-up for the best health insurance provider in 2022 was Blue Cross Blue Shield, which had a final score of 3.86 out of 5. (BCBS). Although individual costs and quality rankings differ amongst plans, BCBS coverage is frequently of a high caliber and is also very affordable.

PROS

With unusually high ratings for customer satisfaction, BCBS plans are frequently highly ranked.
Almost everything in the country has plans linked with the BCBS Association, so chances are good that you can choose one there.

CONS

A lot of other well-regarded health insurance policies are typically less expensive than BCBS plans on average.

11. Humana Medicare Health Insurance

The most accessible provider in the United States is Humana Medicare Advantage, which offers a variety of well-regarded plans.

With plans accessible in more than eight out of every ten counties in the United States, Humana was the second-largest provider of Medicare Advantage plans in 2021 and the provider with the broadest availability. The vast majority of the company’s Medicare Advantage clients are enrolled in excellent plans that have received a rating of 4 stars or higher from the Centers for Medicare & Medicaid Services, and many of the plans come with some attractive extras.

Although the majority of Humana’s Medicare beneficiaries are enrolled in highly rated plans, some contracts receive worse ratings than others, so it is wise to do your homework before you sign on.

Pros

Plans of excellent quality: 98% of Humana’s current Medicare Advantage enrollees are covered by 32 contracts with a four or higher star rating (out of 5) through 2022. In 2022, four contracts were given five stars
Benefits for COVID-19: Humana offers $0 copays for COVID-19 testing and vaccinations. For members who have been diagnosed with COVID-19, there is also a $0 copay for treatment and 14 days of home-delivered meals.

Cons

Not every location has special needs plans: In contrast, Humana’s Chronic Condition SNPs are currently only accessible in 15 states, while the company’s Dual-Eligible SNPs are currently available in 30 states.
Different opinions: The National Committee for Quality Assurance gives several Humana plans a three or lower on its scale of ratings, and Humana ranks fourth in J.D. Power’s 2021 Medicare Advantage member satisfaction survey

12. UMR Health Insurance

A third-party administrator, UMR Insurance, provides self-funded business groups with solutions to make sure claims are paid promptly and that workers receive the medical treatment they need. UMR, which has more than 460,000 members, provides flexibility and cost savings while still catering to the unique demands of each organization. UMR can give its members a practical employee health plan option thanks to its patented claims technology and committed customer service. Additionally, it provides several care management services and wellness programs to guarantee the well-being of its staff.

Benefit plans that are self-financed typically have lower costs than plans that are fully sponsored. This is so that self-funding plans can cut costs like underwriting fees and taxes on premiums. Because they are exempt from having to pay higher community rates for high-risk groups, self-funding also enables companies to reduce their overall premium costs. Due to UMR’s low-risk rating and, thus, lower carrier rates, small firms with healthy employees may be excellent candidates for this plan.

Companies that provide health benefits have two options for handling the plan’s administration: either they use an outside insurer or do it themselves. An in-house health plan, however, requires a significant amount of administrative labor to manage. To avoid having to deal with it themselves, employers frequently hire a trained administrator. United Medical Resources is a good example. On behalf of its clients, this business handles all the costs and administrative aspects of a health plan. Employers can concentrate on other business areas because the organization also serves as an insurance agent.

Customers who pay for their care through UMR have a cheaper copay for COVID-19 testing. Members can also ask for telehealth appointments. These could be audio-only or video-based. However, these services are subject to visit caps and can have other limitations imposed by the health plan. The UMR benefits will be handled following the member’s plan. Although this is a terrific way to get access to healthcare, it shouldn’t be your only choice.

Conclusion

When selecting the best health insurance option for you, there are a few questions you should ask yourself, such as:

How much will it cost you overall? Think about your deductible and your potential out-of-pocket expenses in addition to the monthly premium you pay your insurance provider.
Are the medical professionals you prefer “in-network”? Each insurance provider has a specific provider network that they operate with. Make sure the doctors you want to see are part of the network before enrolling in a plan.
What kind of plan is it? If you enroll in a Health Maintenance Organization (HMO) plan, you won’t typically be covered if you seek out-of-network care unless it’s an emergency. If you choose a Point of Service (POS) plan, you must obtain a recommendation from your primary care physician to see a specialist. Your out-of-pocket expenses will vary depending on the type of plan you select.

It is advised that you seek the help of a health insurance navigator if you are having trouble deciding which plan is appropriate for you. They are qualified to assist you in comparing plans and determining your eligibility for financial aid. Visit HealthCare.gov and put your ZIP code in to get a health insurance navigator. The public has free, secure access to these services “around the nation.”

A health insurance broker is still an option. Because health insurers pay them, doing so is frequently free. Reaching out can make you feel more certain about your choice because there is “actually no danger to you to do so.”

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