Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com.

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 19, 2020

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Aetna vs. Amalgamated Life Insurance Company

When seeking health insurance, it’s almost impossible to rule out Aetna Insurance as a top insurance provider. However, prudence dictates that one compares one company’s products against another, in order to find his or her best fit. What follows is a description of the products and services offered by Aetna and Amalgamated Life.

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Aetna Insurance

Beginning operations in 1853, Aetna Insurance is currently one of the largest health insurance providers in the United States, and provides:

  • Dental Plans
  • Health Expense Funds
  • Pharmacy Plans and Services
  • Medicare Insurance
  • Disability Insurance
  • Life Insurance
  • Behavioral and Mental Health Insurance
  • Wellness Products and Discounts
  • Vision Plans
  • Student Health Insurance

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Dental Plans

Provide a cost effective way of maintaining healthy teeth and gums. Broken down into three:

  1. The HMO (low-cost)
  2. The Dental PPO or PDN (discounts for dentists registered under their PDN/PPO network)
  3. The Dental Indemnity (leeway to visit any dentist, no referral fees)
Those needing assistance in choosing between the HMO, PPO, and Dental Indemnity Insurance can find help from Aetna.

Health Expense Funds

Help pay your medical expenses. Broken down into three:

  • The Health Savings Account

Puts pre-tax dollars into an account usable for medical service payments and tax-free income generation.

  • The Health Reimbursement Arrangement, &

Pays your covered bills before your health insurance pays.

  • The Flexible Spending Account

Puts pre-tax dollars into an account usable for both health care expenses and eligible parking and transit fees.

Pharmacy Plans and Services

Helps lower prescription costs. Available through employer provided plans only.

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Medicare Insurance

Provides 3 Medicare Individual plan options:

  1. The Aetna Medicare Advantage Plan
  2. The Aetna Medicare Supplement Plan, & the
  3. The Aetna Medicare Rx Plan

Disability Insurance

Provides income protection in case of disability.

Life Insurance

Provides a means of sustaining your dependents upon death. Available through employer provided schemes, and may be categorized into four:

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Basic Term Life

Accords financial protection to one’s dependents upon death. Payments made are calculated upon the coverage’s value

Supplemental Term Life

Offers additional coverage to your Basic Life. A beneficiary/beneficiaries of your choice receive a payment upon your death in proportion to your coverage’s value.

Accidental Death & Personal Loss

Pays upon a qualifying bodily injury as a result of an accident. Amount payable is determined by a multiple of factors, most prominent being the coverage’s value and injury experienced. Benefits applicable:

  • Educational Benefit
  • Passenger Restraint & Airbag Benefit
  • Repatriation of Remains Benefit
  • Coma Benefit, amongst other additional benefits on paralysis, severance, death, speech, etc.

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Dependent Life Insurance and Dependent AD&PL

  • Dependent Life Insurance

Similar to life insurance coverage it avails financial protection upon one’s dependents upon death. Payments made may be enhanced through the Dependent Supplemental Life Insurance benefit, if applicable to the insured party.

  • Dependent AD&PL

Provides additional coverage to the Basic Accidental Death and Personal Loss. Benefit paid is determined by three main factors: the coverage value, your relationship with the injured party, and type of injury. Benefits applicable are the same as those of the Basic Accidental Death and Personal Loss.

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Behavioral and Mental Insurance

Provides mental health benefits to those suffering terminal illnesses, such as depression treatment. It’s however, like Life Insurance, only available through employer provided plans, and not through individual purchase.

Wellness Products and Discounts

These are typically value added discounted products with the potential to maintain or improve bodily health, and are therefore fully bore by the interested party. As of now, these include:

  • The Aetna Book Discount Program
  • The Aetna Fitness Discount Program
  • The Aetna Natural Products and Services Discount Program
  • The Aetna Weight Management Discount Program
  • Aetna Wellness Counseling
  • The Beginning Right Maternity Program
  • Informed Health® Line
  • Simple Steps To A Healthier Life®
  • Vital Savings by Aetna® &
  • Zagat® Discounts

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Vision Plans

Accorded to anyone with Aetna health benefits and insurance plans, this plan provides discounted eye examinations to any interested party. Access to various eye care professionals is also provided with its wide network spanning thousands of eye specialists including Pearl Vision, LensCrafters, JC Penney Optical, Target and Sears Optical.
Aetna also provides medical insurance in addition to all the above. It also deals in student health care insurance.

Amalgamated Life Insurance

Amalgamated Life Insurance Company specializes in providing quality insurance and benefit programs to members of the working class. It provides:

  • Life Insurance Coverage
  • Accidental Death & Dismemberment Insurance
  • Medical Stop Loss Insurance &
  • Disability Insurance, amongst a wide range of Voluntary Insurance products

Life Insurance

Provided under the Amalgamated Life group term plan cover, seeks to provide financial security to a worker’s family and dependents upon death. Additional coverage may be obtained by subscribing to any of the following three options.

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Dependent Life

Covers a member’s spouse and/or child. The spouse may be covered up to half of the member’s coverage, and up to $100,000. Children may be covered for up to $4,000.

Retiree Life Coverage

Provides additional insurance to retirees. Does not include children.

 Supplemental Life

Used concurrently with group term life. Available to all both members and their dependents on a contributory basis.

Accidental Death and Dismemberment Insurance

While Amalgamated Life may not offer it in every state, this cover helps secure members financially in case of any accidental injury, paralysis, or accidental death. This is regardless of whether the member suffered the loss-making incidence whilst working or not. It’s however, only applicable to members of group term life.

Medical Stop Loss Insurance

Provides two forms of these: the specific stop-loss, and the aggregate stop-loss. May not be applicable in all states.

Disability Insurance

Protects individuals against financial insecurity in case of disability. Provides two forms of these:

Short-Term Disability

Avails income protection against accidents, illnesses and pregnancy. May or may not be contributory.

Long-Term Disability

Provides income protection for a longer period. May or may not be contributory.
NB: This cover may not be applicable in all states.

Voluntary Insurance

Offers additional financial security to group term life. Available in 5 products:

  • The Workers Life Plus
  • The Workers Life Level
  • The Critical Illness Protection,
  • The Disability Cover (divided into two: Short-Term Disability and Long-Term Disability), &
  • The Employee Life Option (underwritten by Boston Mutual in partnership with Amalgamated Life)

Divided into three: Pay or Waiver of Premium, Accidental Death Benefit (ADB), and Children’s Term Benefit (CTB)

Similarities

Both companies deal in life insurance.
Both companies operate in the United States

Differences

Aetna deals in a much broader range of insurance products when compared to Amalgamated Life, which predominantly deals in group insurance.
Aetna is also more diversified in its offering such as the health savings account and Zagat discounts; Amalgamated Life’s repertoire is pretty much limited.
While Amalgamated Life may be said to be more focused on blue-collar workers, Aetna designs products targeted at the whole market.
Aetna doesn’t provide medical stop-loss insurance; Amalgamated Life does.

Summary

Comparing the two product lists above, Aetna emerges as the better option for those desiring consumer insurance, while Amalgamated Life for those in the blue collar industry, or those who have contend with plenty of field work and manual labor in the course of their work.

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