Anthem vs Humana Health Insurance: Which is Best in 2021?

Today we will maker a comparison between Anthem vs Humana Health Insurance. We collected all of the important data regarding the health insurance policy. Keep reading…

Anthem is a US-based health insurance provider and the largest managed health care company in the Blue Cross Blue Shield Association. It was founded in 2004 and the headquarter is situated in Indianapolis, Indiana. The company functions as Anthem Blue Cross in California, Empire BlueCross BlueShield in New York State, and as Anthem Blue Cross and Blue Shield in 10 states. Anthem has around 40 million members.

Humana Inc. is a for-profit health insurance company in the United States. Headquartered in Louisville, Kentucky, the company was founded on August 18, 1961. Humana is the third-largest health insurance organization in the United States. The company ranked 56 on the Fortune 500 list in 2018, which made it the highest revenue generated company based in Kentucky.

Anthem vs Humana Health Insurance:

Here is a brief comparison between Anthem and Humana Health Insurance:

Financial Strength Rating

A.M. Best is an insurance rating company that gives financial strength ratings to the insurance companies. Both Anthem and Humana have a financial strength rating of “A-” or Excellent.

Health Insurance Options

If you want to buy a health insurance plan from Anthem or Humana, you can contact any local agent or buy the plans online from their official websites (https://www.anthem.com/, https://www.humana.com/). Both Anthem and Humana have HMO and PPO plans. However, Anthem has a third plan which is SNP, whereas Humana has a Traditional Indemnity Plan. Now, let’s take a look at what these plans actually do –

HMOs: Health Maintenance Organisation or HMO plans will limit your access to healthcare professionals within the provider network. This is the least expensive healthcare plan but you have to stay within the company’s network.

PPO: Preferred Provider Organisation or PPO plans give you the flexibility to see doctors outside the company’s network. However, in this case, the company will bear less of the expenses. So only consider this plan if you are in a remote place or healthcare facilities are from you.

SNP: A Special Needs Plan or SNP is a Medicare Advantage CCP plan mainly designed for people with special needs. These include people who are institutionalized or dual eligible or suffering from any chronic health condition.

Traditional Indemnity Plans: This plan gives you the freedom to choose any healthcare professional or facility as per your choice. However, a Traditional Indemnity Plan is much more expensive when compared to an HMO or PPO plan.

Employer Health Insurance Plans

Both Anthem and Humana Health Insurance have similar high-deductible plans for employers. This type of plan helps the companies to maintain a low health insurance cost for their employees. Employer health insurance plan comes with HMO, PPO, HSA (Health Savings Account). Many employees are benefitted using the HSA plan that saves money and lowers the healthcare insurance premiums. Moreover, Anthem and Humana also offer ABF and POS plans respectively for the employer’s health insurance plans.

Medicare Coverage

Like most other health insurance companies, both Anthem and Humana Health Insurance offer Medicare coverage. With Medicare coverage, you will get the benefits of Medicare Advantage, Medicare Supplement or Medigap, and Prescription Drug plans (PDP). Anthem’s preferred pharmacies are Kroger, Rite Aid, Walmart, and WellPoint NextRx, whereas Humana prefers CVS, Rite Aid, Walgreens, and Walmart.

Advantages of Anthem and Humana

Anthem

Humana

One of the largest health insurance carrier serving more than 40 million members

Financially secured health insurance provider

Trusted source for Medicare Advantage and Medicare Supplements

Offers commercial healthcare plans

Disadvantages of Anthem and Humana

Anthem

Humana

In 2014, Anthem received a bad name because of refusing hospitalization coverage of a man with stage 4 cancer. However, the company had to pay for the coverage when it became a public issue

Anthem was given a penalty in 2017 for not responding to complaints in due time

Individual and family health plans are no longer offered

Hence, considering all the factors, it is your decision which plans you will opt for. Nevertheless, make sure that the plans you choose to meet all your requirements. For more information about the plans, you can visit their official website or contact a nearby insurance provider.

Frequently Asked Questions

  • What is Catastrophic coverage plans by Anthem health insurance?

Anthem offers Catastrophic health insurance to provide coverage for young people below the age of 30. This plan has low monthly payments and high deductibles. Individuals above 30 years can also be qualified for this plan if they have hardships because of homelessness or the death of a family member.

  • Is Humana insurance only for seniors?

Humana health insurance offers Medicare plans for the senior citizens and Group plans for employers. Unfortunately, Humana is not offering any individual and family plans as of 2020.

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