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. Gen Re Life Insurance Company

Choosing the proper insurance coverage can be intimidating. With so many different insurance providers offering so many different policies, the options may seem confusing. This article will try to help by introducing you to two different insurance companies, Aetna and Gen Re, and discussing what each has to offer.

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Aetna

Headquartered in Hartford, Connecticut, Aetna, Inc., is one of the largest companies in the United States and one of the largest insurance companies in the world. It is a member of the Fortune 100, meaning that it ranks in the top 100 in the United States in annual gross revenue.

Aetna insures medical care for over 18 million people, dental care for over 11 million people, and pharmaceutical care for over 8 million people. Its network of participating health care providers includes over 500,000 primary care doctors and specialists and over 5,000 hospitals.

Started almost 200 years ago as a fire insurance company, Aetna now provides many different types of insurance including business insurance and individual insurance. Aetna provides many different kinds of insurance plans, including health, life, and disability insurance, and has even recently branched out into the new market of pet insurance. Aetna offers coverage in all 50 of the United States. The following is a more in-depth discussion of the kinds of health insurance policies one can obtain from Aetna.

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Aetna Health Plans for Individuals and Families

If you are an individual looking for a health plan for you and your family, Aetna has many options for you to choose from. The premiums that you will pay and the types of coverage offered can vary according to the state you live in, your personal health and that of your dependents, and the type of coverage that you desire. Therefore, it is impossible to tell you exactly how much an Aetna health care plan will cost.

Aetna offers two basic policies to families and individuals: Aetna Open Access Managed Choice and PPO, and Preventive and Hospital Care. Each of these plan comes with a variety of options to choose from, so that you can select a higher monthly premium with a lower annual deductible, for example, or a lower premium with a higher deductible. Below two sample plans offered in the state of Texas are discussed to give you an idea of what each plan is like.

Aetna Open Access Managed Choice and PPO 2500

This plan is designed for those who are willing to pay higher premiums in order to receive more coverage and lower deductibles. It comes in several variations depending on the choice of the customer. Some of the features of the 2500 plan are:

  • An annual deductible of $2500 for individuals and $5000 for families.
  • An annual out-of-pocket maximum of $5000 for individuals and $10,000 for families.
  • Office visit co-pays of $35 for non-specialists and $50 for specialists.
  • A yearly deductible for prescriptions of $500, with co-pays of $15, $35, and $60 depending upon the type of drug.
  • Coverage of 80% of the costs after the deductible for hospitalization, skilled nursing, physical and occupational therapy, and home health care.

Preventive and Hospital Care 2750

This plan is designed for individual purchasers who do not expect to have many medical expenses. In exchange for lower monthly premiums, these purchasers receive reduced coverage with slightly a larger deductible and out-of-pocket maximum. Some of the features of this plan are:

  • An annual deductible of $2,750 for individuals and $5,500 for families.
  • A yearly out-of-pocket maximum of $5,950 for individuals and $11,900 for families.
  • Office co-pays are not covered.
  • Prescription drugs and prescription drug co-pays are not included in the coverage.
  • As in the policy above, 80% of hospitalization, skilled nursing, and home health care are covered after the deductible.
  • Physical and occupational therapy are not covered in this plan.

It is important to remember that the two plans above are examples only. The details of a plan depend upon the state you live in and your own policy preferences. The premium will vary according to the composition of your family and the medical histories of you and your family members.

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Aetna Plans for Employers and Groups

Aetna provides a number of plans for employers and large groups. These plans vary according to size of the group as follows:

  • 2-50 people: Aetna offers HMO and PPO health plans for small groups and small businesses.
  • 51-3000 people: Aetna offers these businesses a variety of medical, dental, life, disability, pharmacy, and other plans.
  • Over 3000 people: These businesses also can choose among medical, dental, life, and many other insurance plans.
  • Businesses with seasonal, part-time, or hourly employees: SRC, an Aetna company, offers limited benefits insurance plans to these businesses.

A short article can only give a brief introduction to the range of insurance plans offered by Aetna, one of the oldest and largest insurance companies in the world. For more information on specific plans mentioned here, go to www.aetna.com.

Gen Re Life Insurance Company

General Re Corporation, a Berkshire Hathaway company, is a a major underwriter of reinsurance policies around the world. Started in 1921 as General Casualty and Surety Reinsurance Corporation, it is now marketed under the brand name Gen Re.

Reinsurance is a special kind of insurance, purchased by insurance companies as a form of risk management. Gen Re reinsures property, casualty, life, and health policies for insurance companies around the world. In other words, in exchange for a portion of the premiums paid to a company for an insurance plan, Gen Re insures that company’s claims.

In the United States, Gen Re offers casualty reinsurance through General Reinsurance Corporation and offers Life and Health reinsurance through General Re Life Corporation. Internationally, Gen Re offers reinsurance plans through General Reinsurance AG.

Gen Re currently reinsures the following types of insurance policies:

  • Critical Illness
  • Group Long-Term Disability
  • Group Life and Accidental Death and Dismemberment
  • Individual Disability
  • Individual LIfe
  • Medicare Supplement

Aetna vs. Gen Re

Aetna and Gen Re do not compete with one another in the insurance business. Rather, their services complement one another. If you are an individual or an employer looking for life, health, or other insurance plans, Aetna could be the company for you. If you are an insurer looking to mitigate your own financial risks, Gen Re is a world leader in that field. Depending upon your own needs, obtaining a plan from either of these major companies could be a great idea.

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