COMPANY FORBES ADVISOR RATING

5.0
Aetna

5.0
Blue Cross
Blue Shield

5.0

Cigna

3.5
UnitedHealt
hcare
 COMPANY FORBES ADVISOR RATING

3.0
Humana

Best Health Insurance Companies

What Is Health Insurance?

Health insurance is a contract that requires an insurer to pay some or all of

a person’s medical expenses in exchange for a monthly premium. “It’s to
prevent you from hitting financial ruin should you run into an emergency,”
says Molly Moore, co-founder and chief health plan officer at health
insurance start-up Decent. “Some people get health insurance because they
know they have ongoing health care issues that need to be taken care of,
and some people get health insurance because they’re scared of something
that could happen that they can’t plan for,” she says.

Going without health insurance coverage poses a risk to both your potential
to get care and an even bigger risk to your personal finances, explains Noah
Lang, chief executive officer and co-founder of Stride Health, a benefits
platform for independent workers. People who aren’t insured (or who are
under-insured) tend to be hesitant to get care, which can risk their health,
he adds.

People who have health insurance are often more likely to go to the doctor
when they need to because they know what it will cost, says Katie Roders
 Turner, executive director of the Family Healthcare Foundation in Tampa
Bay, Florida. They tend to follow up on medical concerns their doctors flag,
such as high blood pressure, before they turn into bigger problems, and
they’re more likely to obtain necessary prescription drugs since they’re
available at a more affordable rate.

Health Insurance Coverage

All health insurance plans sold on the federal marketplace are compliant
with the Affordable Care Act (ACA), meaning they cover a set of 10
categories of services. These essential benefits that must be covered
include:

 Outpatient care

 Emergency services

 Hospitalization, such as for surgery and/or overnight stays

 Pregnancy, maternity and newborn care before and after birth

 Mental health care and substance use disorder services

 Prescription drugs

 Rehabilitative and habilitative services and devices for those with

disabilities, injuries or chronic conditions

 Laboratory services

 Preventative and wellness services, including cervical cancer screening and

HIV screening and counseling

 Pediatric services, including vision and dental care

Outside these essential benefits, what a plan covers will vary, which is why
it’s important to read the fine print.

How Much Does Health Insurance Cost?

 The cost of health insurance varies dramatically, but certain factors might
increase or lower your costs. According to HealthCare.gov, the five things
that can increase your monthly premium are:

 Your age. Premiums can be as much as three times higher for older people
compared to younger enrollees.
 Your location. Where you live impacts your premium, depending on
factors like cost of living and state rules.
 Tobacco use. People who use tobacco products can be charged up to 50%
more compared to those who don’t.
 Whether you’re seeking coverage as an individual or for a
family. If you’re signing up for a plan that will also cover dependents,
expect to be charged more.
 Your plan category. There are four different “metal tiers” of plans you
can choose from: bronze, silver, gold and platinum. These categories
determine how you split your costs with your insurer. For example, bronze
plans typically have lower monthly premiums and higher out-of-pocket
costs than the other tiers, and platinum plans tend to have the highest
premiums with the lowest out-of-pocket costs.
While health insurance is generally considered very expensive, there are
ways to get help with paying for your coverage, says Lang. A recent Stride
survey, found 80% of uninsured gig workers who didn’t think they could
afford health insurance weren’t aware of tax credits that could assist with
low-cost coverage. The American Rescue Plan Act of 2021 (also called the
COVID-19 Stimulus Package) has made insurance much more affordable,
he adds. Stride data shows nearly 40% of gig workers who enrolled in
health insurance in 2021 were paying less than $1 a month.

The ACA offers financial assistance that reduces monthly premiums and
out-of-pocket costs to help make health insurance more affordable.
Premium tax credits, for example, are based on household income. “You
probably qualify for assistance,” says Lang. With the American Rescue Plan
Act of 2021, Americans who previously qualified for subsidies are eligible
 for more money and people who weren’t able to qualify previously now can,
he adds.

How to Choose the Best Health Insurance for You

There are some questions to ask yourself to ensure you’re choosing the best
health insurance plan for you, including:

 What will your total costs be? In addition to the monthly premium you
pay your insurance company, consider your deductible and what your out-
of-pocket costs might look like. “Some people would like to have premiums
as cheap as possible and are fine with a higher deductible,” says Turner,
while others prefer the opposite.
 Are your favorite doctors “in network”? Each insurance company
works with a certain network of providers. Before signing up for a plan,
ensure that the doctors you want to see are included in the plan’s network.
“As a mom, I don’t ever want to have my pediatrician not be in my
network,” says Moore. “If you love your OBGYN or your family practice
doctor, find out if they’re in network before you sign up, because it can
make all the difference.”
 What type of plan is it? If you sign up for a Health Maintenance
Organization (HMO) plan, you generally won’t be covered if you seek out-
of-network care unless it’s an emergency. If you pick a Point of Service
(POS) plan, you’ll be required to get a referral from your primary care
physician in order to see a specialist. The kind of plan you choose will affect
your out-of-pocket costs.
If you’re struggling to figure out which plan is best for you, Turner suggests
seeking the assistance of a health insurance navigator. These trained
professionals can help you figure out if you qualify for any financial
assistance and compare plans. To find a health insurance navigator, go to
HealthCare.gov and enter your ZIP code. These services are “free,
confidential and available to the public around the country,” says Turner.
 Another option is to contact a health insurance broker. Doing so is typically
free since they’re paid by health insurers, says Moore. “It’s really no risk to
you to reach out,” she adds, and it can be a helpful way to feel more
confident in your decision.

Methodology

To determine the best health insurance companies, the Forbes Health

editorial team evaluated insurance companies that offer plans nationwide
in terms of:

 How many states in which they provide coverage

 Size of provider network

 Number of plan types available

 Lowest costs available in terms of physician and specialist copays (though

they vary from plan to plan)

 How agencies like A.M. Best ranked them in terms of their financial health
(which impacts how reliable an insurer is when it comes to paying claims)

 How agencies like the Better Business Bureau graded them in terms of
consumer feedback

We focused exclusively on providing general summaries of the companies

and their reputations. In order to provide specific plan recommendations
accurately, it’s important to take into account the ZIP code and
demographic details of the individual seeking insurance coverage. To do so,
we recommend using healthcare.gov’s plan finder tool or seeking the
expertise of an independent, agnostic insurance agent.