When it comes to the American health care benefits industry, itâ€™s almost impossible to leave out two longstanding participants: these include the pre-war Aetna Insurance Company, and the equally ubiquitous Health Net Insurance Company.
This may be due to their nature as large publicly traded companies, with nationwide operations all over the US. What follows is a comparison of the two insurance provider behemoths, with regards to products provided, history, and member reviews.
While both companies take a consumer-directed approach when designing their products, they structure them differently, though they may sometimes share the same names, or accord the same benefits.
Below is a list of categories Aetna uses, in which all its products lie.
Stop overpaying for insurance! Enter your ZIP code into our FREE quote comparison tool at the top of the page!
- The DMO,
- The Dental PPO or PDN &
- The Dental Indemnity
Health Expense Funds
The Health Savings Account, the Health Reimbursement Arrangement and the Flexible Spending Account
Pharmacy Plans and Services
Help reduce a memberâ€™s prescription costs.
- The Aetna Medicare Advantage Plan
- The Aetna Medicare Supplement Plan &
- The Aetna Medicare Rx Plan
Provide financial security to members in case of any qualifying disability.
- Basic Term Life
- Supplemental Term Life
- Accidental Death and Personal Loss &
- Dependent Life Insurance and Dependent AD&PL
Behavioral and Mental Health Insurance
Provide mental health benefits such as depression treatment for terminally ill members.
Wellness Products and Discounts
- The Aetna BookSM Discount Program
- The Aetna FitnessSM Discount Program
- The Aetna Natural Products and ServicesSM Discount Program
- The Aetna Weight ManagementSM Discount Program
- Aetna Wellness Counseling
- The Beginning RightSM Maternity Program
- Informed HealthÂ® Line
- Simple Steps To A Healthier LifeÂ®
- Vital Savings by AetnaÂ® &
- ZagatÂ® Discounts
Accord eye examination discounts to any interested member.
Student Health Insurance
Cover student health
Below lies a similar count of Health Net.
Plans for Individuals and Families
Herein lies Health Maintenance Organization plans (HMOs), Preferred Provider Organization plans (PPOs) and Highly-Deductible HSA-Compatible plans. One may ask one’s self if they should buy supplemental health insurance. That questions should be answered here.
Be sure to enter your ZIP code into our FREE quote comparison tool at the top of the page to start saving on your insurance!
A wide variety customizable to each unique case.
Categorized into large group and small group, but also including dental and vision plans.
And the above is dependent on one of 4 states (for this review, Arizona).
NB: MHN, Health Netâ€™s behavioral health services subsidiary, accords behavioral and mental health insurance to any interested party.
As a keen observer may soon notice, product offerings are largely similar, and with slight variations in terminology and coverage.
Aetna began as a descendant of Aetna (Fire) Insurance Company, which provided property protection against fire. It began life operations in 1850, at a time when life insurance was considered sinful by the church. This was the beginning of the Aetna Life Insurance Company, once an Annuity department of its parent company Aetna Insurance.
Yearly growth saw it embark on an aggressive expansion plan with the acquisition of two big health care companies, that is the NYLCare Health Plans for $1.05 billion, and Prudential Healthcare for $1 billion.
Concentrating in health care, Aetna also sold off its financial services and international business segment to ING for $7.7 billion.
It also began offering pet (health) insurance in 2008.
While Health Net Insuranceâ€™s history mightnâ€™t be readily accessible, its current positon in the health care industry suggests a similar trail of events, with acquisitions and specialization tactics being the major driver towards growth.
While the two companies may harbor a large consumer base, they may not be the most loved amongst consumers. Below are a few comments from the insurance review section of Free Advice (freeadvice.com), regarding Health Net Insurance
“Health Net is organized crime! Our plan switches over in November (because that is the way our company’s HR person set it up). So anyone who uses the coverage in December and again in the next year has to pay all deductibles TWICE!!! And Health Net knows about the problem and assures us there is just nothing they can do. They are crooks! Look elsewhere.”
â€śWhere do I start with Health Net?â€ť
Though a few good mentions exist as well.
“Shocked to see the companyâ€™s poor rating. They have been there for my family’s EVERY health insurance need. I cannot imagine a better company out there! ”
â€śVery good companyâ€ť
The same applies for Aetna
“very rude…poor customer service”
“I donâ€™t recommend this company to anyone. Stay away from it if you can”
“Very good company. They make timely payments, and charge low co-pays”
1. Poor customer service
Both companies are blamed for having poor customer service, with claim requests being ignored more often than not, and constantly delaying payments. Clients are forever raising hue and cry about having to pay for what theyâ€™ve already insured themselves against, and receiving a cold shoulder for any reimbursements.
Company staff are also said to give conflicting information, and may sometimes be extremely rude to calling clients. They may also lose important documents sent to them, not making it an immediate emergency to relocate and resend the sent item.
2. Rampant premium increases
Another similarity between the two companies lies in their notorious habit of rampantly increasing premiums, sometimes even at the very start of the insurance experience. In these scenarios, they may sometimes give a lower online quote, only to charge you a higher fee once you subscribe to their service.
Over the insurance period, they may also charge you increasingly higher premiums, even in the absence of any significant change in oneâ€™s health.
3. No way to opt out
Even when dissatisfied, disgruntled clients have sometimes faced the misfortune of not having the option to opt out, and have had to bear what they consider blatant theft.
Both companies have a lot to offer to parties interested in health insurance. And while the above might be deemed informative enough, it mightnâ€™t hurt to engage the services of a registered agent in order to know more about their services. This also applies to product quotes, as online quotes may be necessarily dated.
Insurance can be expensive. Don’t get caught paying too much! Enter your ZIP code into our FREE quote comparison tool at the bottom of the page!