Although Medicare Part A and Part B health care coverage can provide a number of benefits to its enrollees, this program for seniors who are age 65 and over can also command a great deal of out-of-pocket expenses – primarily in the area of copayments, coinsurance, and deductibles.
Because of that, there are many Medicare beneficiaries who are seeking ways to either reduce or eliminate these charges. One way to successfully do so is to purchase a Medicare Supplement Insurance policy.
When seeking Medicare Supplement, it is important to understand which plan you are purchasing, as well as the premium that you will be charged. It is also essential to ensure that the insurance company that you are getting the coverage through is on fine financial standing and consistently pays out claims. One insurer that has a long, positive history of doing this is Aetna.
The History of Aetna
Aetna has been in the business of providing insurance coverage to its clients for more than 160 years. The company began its operations back in 1850, and throughout the years, the company has significantly grown and expanded. Aetna began as a firm that was organized as an annuity fund to sell life insurance. Just three years later, the annuity department separated from Aetna Insurance.
Over time, Aetna has been at the forefront of new types of insurance protection, as well as new ways of delivering these products. For example, the company built into new insurance policies an emphasis on consumer-oriented items, like paying policyholder dividends after the first year instead of the fifth, and by offering non-forfeiture clauses.
The company also expanded, rather than retreated, during the U.S. Civil war – a time when there was a surge in the purchase of life insurance coverage. In addition, Aetna continued to add new product lines, including mortgages, accident insurance, liability insurance, and disability insurance coverage. It was also the first stock insurance company to enter into the health insurance arena.
Technology was also a key factor in Aetna’s growth over the years. For example, as far back as 1910, the company started using keypunch machines for tabulating – which is one of the earliest examples of its willingness to use technology to improve its efficiency.
Aetna also made a name for itself due in large part to its national advertising campaign – which eventually led to the company’s well-known motto, “Aetna, I’m glad I met ya.” Aetna is headquartered in Hartford, Connecticut.
Aetna Company Review
Today, Aetna is considered to be one of the largest insurers in the U.S. As of the end of the third quarter 2016, the company has approximately $2.8 billion in operating earnings, and operating revenue of approximately $63 billion, with a total revenue for the third quarter of 2018 at nearly $16 billion. This figure represents an increase of 6 percent over the same time period of 2015. In terms of Aetna’s medical membership, the company had roughly 23 million members.
The company also prides itself on its timely payment of policyholder claims – which is due in large part to its increased claim processing. As of September 30, 2018, the company’s average time for the payment of its claims was 57 days.
Aetna is extremely values-driven, and it also places a great deal of emphasis on listening to its customers, and to deliver the highest quality through easy, yet relevant, solutions. Aetna also has several subsidiary companies, including:
- Coventry Health Care
- Aelan Inc.
- Active Health Management, Inc.
- Aetna Health Holdings, LLC
- Aetna Health Inc.
- Aetna Ventures, LLC
- Aetna Government Health Plans, LLC.
- Ahpc Holdings
- Aetna InteliHealth Inc.
- Broadspire National Service
- Trumbull One Inc.
- Aetna Student Health
- Aetna Capital Management
- Meritain Health
- Prodigy Health Group
- Schaller Anderson
- Strategic Resource Company
- And more.
This insurer has won many awards and accolades throughout the years, such as:
- A ranking of fourth in the Civic 50 survey of America’s most community-minded companies for 2012.
- A ClearMark Award from the Center for Plain Language for its online Aetna Benefits Advisor tool.
- An Outstanding Customer Service Experience award from J.D. Power and Associates.
- A Platinum Award in 2013 for being the Best Employer for Healthy Lifestyles from the National Business Group on Health.
- The Best International Private Health Insurance Provider for 2013 by “Professional Advisor,” a leading publication that is targeted to financial advisors.
The company also has a political action committee, which works to improve the quality and access to health care. And, Aetna’s physician’s advisory board provides advice regarding important health care related issues to medical professionals. This board is also involved with making various recommendations for business policies and practices.
In addition to offering many individual product options – such as Medicare Supplement insurance coverage – Aetna also offers its benefits via employers in all fifty of the United States. The company has a presence in Europe, Asia, and the Middle East as well.
Aetna is known for providing its policyholders with access to convenient tools, as well as easy to understand product details. This can help its customers in selecting the plans that are right for them and their specific coverage needs.
While this insurer does not offer its Medicare Supplement insurance product in all 50 of the U.S. states, it does have a great deal of experience in this particular niche – especially given that it has been providing Medicare Supplement coverage for more than 40 years.
Aetna Insurer Ratings and BBB Grade
It’s really great to see Aetna towards the top of several ranking guides. And gives us, as agents, confidence in recommending them to our clients and potential clients. Just a quick overview of their grades:
- They received an A from A.M. Best
- Rated A+ by Standard & Poors
- Fitch has them at AA-
- Moodys ranks them in the A2 position
Medicare Supplement Plans Offered by Aetna
Aetna offers a variety of Medicare Supplement insurance plans. These include:
- Plan A
- Plan B
- Plan F
All of these plans offer the Medicare Supplement Basic benefits, which include 100 percent of Medicare Part B coinsurance. The Basic set of core benefits include the following:
- Hospitalization – This benefit includes Medicare Part A coinsurance, as well as coverage for an additional 365 days after Medicare’s benefits end.
- Medicare Expenses – These include Medicare Part B coinsurance – which is typically 20 percent of your Medicare-approved expenses or copayments for hospital outpatient services.
- Blood – The first three pints of blood each year.
- Hospice Care – Medicare Part A’s coinsurance for hospice care received.
In addition, the additional following benefits are offered, based on the plan that is chosen:
- Plan A – Basic Benefits
- Plan B – Basic Benefits, plus coverage for the Medicare Part A deductible.
- Plan F – Basic Benefits, plus coinsurance for Medicare’s skilled nursing facility care. Also, the deductible for Medicare Part A coverage, the deductible for Medicare Part B coverage, Medicare Part B excess charges (covered at 100 percent), and coverage for foreign travel emergency. In some states, this plan provides a “Modified” plan option that can offer an individual assistance program, as well as preventive dental care.
- High Deductible Plan F – Aetna also offers a high deductible Plan F. With this plan, an enrollee must pay for Medicare-covered costs, up to the amount of the deductible – which in 2018, is $2,240 – before the Medicare Supplement insurance plan will pay anything.
When an individual has an Aetna Medicare Supplement insurance plan, there are no restrictive health networks. This means that the policyholder is able to choose the doctors, specialists, and the hospitals that he or she wishes to use for their care. It also means that there will be no referral or pre-certification necessary before seeing a medical professional.
To be eligible for a Medicare Supplement insurance policy, an individual must be age 65 and be enrolled in Original Medicare (Medicare Part A and Part B). There may, however, be an exception if an individual is already qualified for Medicare coverage due to a disability and is under the age of 65.
Where Aetna Sells Medicare Supplement Insurance Coverage
The plans from Aetna are available in many of the U.S. states, with the exception of Georgia, New York, and Texas. However, for those who reside in Minnesota, Wisconsin, and Michigan, the benefits for Medicare Supplement insurance coverage may be structured in a different manner.
In addition, Coventry Health Care is also now an Aetna company that offers Medicare Supplement insurance coverage. Because of this, the Medicare Supplement insurance options that are offered through Aetna may include both Aetna and Coventry plans.
Other Products Offered via Aetna
In addition to its Medicare Supplement insurance plans, Aetna also offers a wide variety of products for both individuals and groups. Just some of these include the following:
- Health Insurance
- Dental Insurance
- Vision Insurance
- Life Insurance
- Supplemental Insurance
- Student Insurance
- International Insurance
In addition, for its customers who may be able to qualify for Medicaid coverage – which includes CHIP (the Children’s Health Insurance Plan) – Aetna works to help individuals with determining the type of program that may be the most beneficial to them in their particular area.
How to Find the Best Rates on Medicare Supplement Insurance Plans
It is required that each plan of the same letter must offer the exact some coverage no matter the carrier, but the premium price of these plans can differ – sometimes significantly – from one insurance company to another. Because of that, it is essential to shop and compare Medicare Supplement coverage from several different insurance carriers before making a purchase.
We can assist you with making these comparisons, as we are an independent brokerage that has access to numerous insurance companies and their Medicare Supplement insurance plans. We can provide you with details on the insurer, the plan, and the premium price, all from the convenience of your home computer, and without the need for you to meet in person with a Medicare Supplement insurance agent. Get a quote quickly by completing the form on the page! We have more reviews available to browse like the Mutual of Omaha company review that you should read before making a final decision on your insurance purchase.
Our experts will be happy to walk you through what each of the available plans offers regarding benefits, as well as to provide you with relevant quotes. Think you might have some questions, then you can call us by dialing 800-376-0824.