Trying to decide the best major medical health insurance companies is by no means an easy task. Personal preferences, state regulations, premiums, coverage limits, and overall customer satisfaction all play a role in ranking health insurance companies. Therefore, it’s better to say that the best company is the one that provides you with the coverage you need at a price you can afford.
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Do you consider total market share to be an indicator of who the best companies are? That is a measurable statistic. According to U.S. News & World Report, the top five health insurance companies in America in 2011, ranked by total market share, are as follows:
- Unitedhealth Group
- Wellpoint Inc. Group
- Kaiser Foundation Group
- Aetna Group
- Humana Group
What is major medical health insurance?
The South Carolina Department of Insurance types defines major medical coverage as a health insurance plan that covers the costs associated with a serious illness or accident, when those costs have the potential of being high. They include several different types of plans, including HMOs and PPOs, in their definition, despite the fact that the insurance industry does not.
Major medical coverage is designed to cover high ticket items that typically include lengthy hospital stays, expensive rehabilitation, extensive tests, and so on. They are also known as catastrophic care plans, a term which might be better suited to describing what they cover. Most major medical plans do not cover routine doctor visits, inoculations, and preventative care.
By contrast, an HMO (health maintenance organization) plan typically has options that are more suited to routine and preventative care. They may offer a limited amount of major medical coverage but the limits of that coverage will usually be significantly lower than a traditional major medical plan.
Having lower coverage limits was one of the ways HMOs were supposed to keep health insurance rates down. Unfortunately, they haven’t proven to work that way. As a result, insurance companies have been forced into offering additional major medical as a supplement on top of a standard HMO.
Do I need to purchase major medical health insurance on my own?
The Illinois Department of Insurance suggests consumers forgo major medical policies if they already have group health insurance through their employer. The reason being that although the best group health insurance plans tend to have lower coverage limits for catastrophic care, the extra amount you would pay for your own major medical policy would probably be more than what you’d pay as a result of having lower coverage limits.
However, if you’re a self-employed individual with no health insurance coverage at all major medical is a good idea. Major medical policies tend to be less expensive in terms of monthly premiums and they cover you in the event of a medical emergency. You’ll still be required to pay for routine and preventative care out of pocket.
How do I purchase individual major medical health insurance?
To purchase your own policy you’ll need to do your homework in comparing what several different companies are offering. Keep in mind that not all health insurance companies are licensed to provide policies in every state.
Just as an example, New York is one of the most restrictive states in the union when it comes to health insurance. Many of the major medical policies available in other states cannot be legally sold in New York. That means the self-employed individuals in the Empire State have limited options.
Check with your state insurance department to find out what companies are licensed to offer you a major medical policy. Then contact each company and ask for the policy information you need in order to compare one with another. You might also check with your local chamber of commerce; sometimes they offer major medical health insurance or can provide you with information you need to get started.
If you are in the market for major medical insurance, you’re not alone. Just be sure to take your time comparing all of your options as thoroughly as possible. You might even consider getting the advice of an insurance agent before you make your choice. In the end, the best company is the one that gives you the policy that’s right for you.
Whether you need major medical or group coverage, you compare a variety of health insurance rates by entering your ZIP code in the FREE search tool right now!