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Humana Health Insurance Company Review

Company Overview

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Humana Health Insurance Company Review

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Otisfrog courtesy of Wikipedia

When choosing a health insurance company, you want an insurance provider who is well-established and has an excellent reputation within the insurance industry. Human Health Insurance Company has operations based in Louisville, Kentucky and is one of the largest health care insurers in the United States. It is a well-established player in the health insurance industry, providing insurance to almost 12 million with annual revenues of more than $33 billion. You can buy a health insurance policy from Humana in all 50 states and the District of Columbia as well as Puerto Rico. The company sells individual insurance, Medicare plans and group health insurance plan to businesses. United Healthcare tried unsuccessfully to acquire Humana in 1998 but the merger failed.

In the beginning, Humana was not an insurance company at all, but a nursing home company. It began in 1961 and in 1974, became known as “Humana.” Humana was active in the field of healthcare research and contributed to Jarvick and DeVries’ artificial heart research. Humana maintains its interest in hospitals and healthcare research. The company administers the TRICARE health insurance program for the United States military and also is provider to the PGA and Champions golf tours. Humana has been a leader in insurance industry innovative technology as well, receiving the “Stevie Awards” for its mobile application, MyHumana Mobile. It was the People’s Choice Winner in the category of “best new product or service of the year.”

Financial Strength and Customer Satisfaction

Humana has an “A-“Excellent rating through A.M. Best insurance rating organization. The Moody’s rating of Human is “Baa3” while the Fitch rating is “BBB-.” Humana has also been recognized and received several distinguished recognitions and awards including the Dorland Health Award for exceptional services in the Medicare Advantage category for insurance customers over 55. The company received a J.D. Power and Associates Award for “Highest Member Satisfaction among Commercial Health Plans in Texas.” Humana received this same award for the states of North Carolina, South Carolina and Georgia.

In the customer service category, Humana has its share of complaints, as do most large health insurance companies. It does, however, maintain its Better Business Bureau accreditation. The majority of complaints listed include programs with products or service issues.

Health Insurance Options

To purchase a health insurance policy through Humana, you can buy a policy through local agents who represent Humana. With Humana health care insurance, you have the option of contributing to an HSA or healthcare savings account. With this account, you can save up money to apply towards your medical deductible. This is important if you feel you may have trouble coming up with the money to pay for a large deductible. There are also co-pay options with a PPO (preferred provider organization) and a plan that pays 100% after you have met your deductible for the year. You can add extensions to your health insurance plan such as a pharmacy, dental or vision plans to supplement your coverage. Check the Humana website for further information regarding available supplement plans and restrictions to plans in certain states.

You basically have three healthcare provider choice options through Humana’s health insurance plans:

  • HMOs: If you use an HMO, you will be limited to only using healthcare professionals and facilities within the company’s provider network. There are a fairly large number of choices available, but again, you must stay within the provider network. This is the least expensive option for healthcare coverage through Human.

  • PPOs: With the Preferred Provider option, you have a little more flexibility. You have the option of using an out-of-network provider; however, if you do, the insurance company will cover less of the expensive. You save money if you use the hospitals, clinics and doctors that are within the preferred provider network.

  • Traditional Indemnity Plans: Through purchasing a traditional indemnity healthcare plan, you have the freedom to choose an healthcare facility or doctor you choose. However, this plan is much more expensive to buy than an HMO or PPO plan.

Employer Health Insurance Plans

For employers, Humana offers a high-deductible plan which helps companies keep health insurance costs low for employees. Many employees benefit by using the HSA (Healthcare Savings Account) to save money towards any deductible requirements while also enjoying lower healthcare insurance premiums. Humana’s basic healthcare insurance option which covers only hospitalization costs and basic healthcare related expenses is called “Coverage First.” This is the low-cost health insurance options for those needing to stay within a budget. The “Point-of-Service” plan offers a choice of using either in-network or out-of-network providers.

Medicare Coverage

For Medicare recipients, Humana has several supplemental options including prescription drugs and the Medicare Advantage plans. Humana has also partnered with Wal-mart pharmacies to offer a (PDP) or preferred prescription drug plan. You can buy prescriptions through this plan for only $15 per month. This is a very important consideration for many elderly patients who must take regular prescription medications.

Pros and Cons

Pros

  • Financial Stability
  • Variety of health insurance options available
  • Low-cost health insurance options

Cons

  • To get the best pricing, you must use either the HMO or PPO Plan.
  • Customer service complaints in the areas of products and services

Company Contact Information

To find out more about Humana’s health insurance products or to find a local agent, you may visit the Humana website. There are many points of contact for Humana depending on whether you are a current customer or looking to buy a health insurance policy. You can find these contacts on the Humana contact us page.

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