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: Dec 2, 2020

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aetna-vs-homesteaders-life-insurance-company

Insurance is vital to remaining economically sound when one’s situation becomes negative. Through a combination of several kinds of insurance, an individual can protect what they have worked so hard to build in life. Two very important kinds of insurance are health and life insurance policies.

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Aetna:

Aetna is a health insurance company. This means the company specializes in contracting with healthcare providers to garner lower prices for its members, then Aetna pays a percentage of the costs.

The nature of health insurance involves the patient paying for an out of pocket percentage of their health care and a deductible amount that is constant. Aetna provides three kinds of policies:

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1. HMO

An HMO or Health Maintenance Organization requires the insured individual to select a primary care physician from an available list. Seeing this doctor becomes less expensive out of pocket than going to any other doctor. An HMO also offers reduced costs to see doctors and make use of other medical services when the provider is within the network.

However, this lower cost comes with a drawback. With an HMO, the insured individual has to see medical providers within the network of approved caregivers. If the insured person does not go to such a provider, there is no guarantee Aetna will cover any part of the procedure’s cost. This risk means that when a member of Aetna’s HMO goes to an unusual healthcare provider, it is wise to see if that provider is under the network first.

Another drawback to using an HMO plan is that the insured person’s primary care physician is primarily responsible for coordinating the health care their patient receives. This means that under most circumstances, the primary care physician refers the patient to any additional labs, specialists or other caregivers the patient may need. Going outside of the referral system either requires the patient to pay more out of pocket or to pay for the entire expense out of pocket.

2. PPO

A PPO or Preferred Provider Organization offers a greater level of freedom than an HMO does. However, the costs tend to be higher on the whole for members of a PPO. With a PPO, the insured person does not need to select a primary care physician. Also, the number of approved healthcare service providers tends to be far larger. Unlike in an HMO, there is little need for the patient to visit healthcare providers their primary care physician refers them to.

However, the amount the patient has to pay is higher on the whole. While there is more flexibility to see different doctors and make use of different medical providers, Aetna pays a smaller percentage of the total cost the patient incurs. In many cases, under non-emergency circumstances Aetna is not required to pay for any part of medical services received from a healthcare provider that is not in the network.

3. Managed Choice Plan

Traditionally, HMOs and PPOs shared health care coverage more or less equally. However, Aetna decided to merge the two types of health insurance into a plan that provides more options to people who do not want to make a difficult long-term decision about which kind of health insurance policy they want. Through the Managed Choice Plan, Aetna-insured individuals may choose their providers with more freedom and generally lower costs.

The advantage to the Managed Choice Plan is that it allows the insured person to visit a wide variety of healthcare providers without losing the benefit of coverage. However, if the insured person visits a medical provider that is not in Aetna’s network, there will be a higher out of pocket charge. However, Aetna will still pay for a portion of the provider’s charge.

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Preventive and Hospital Care Insurance

There are other plans Aetna offers for general wellness and emergency services. These plans are designed for individuals who wish to keep their monthly premiums more reasonable but who want to make sure they have adequate coverage when they are sick or injured. These types of plans also cover routine exams such as well child exams and annual visits to one’s doctor.

Aetna understands that even healthy individuals should visit their primary care doctor on a regular basis. As such, preventive policies allow the insured individual to see their primary care physician an average of once per year. Under circumstances such as the discovery of a problem or for additional testing, these plans also cover extra visits.

Hospital care policies are for generally healthy people who acknowledge that they are not indestructible. When an otherwise healthy individual is injured in an accident or suffers from a serious ailment, they may need outpatient surgery or to stay in the hospital for a time. This type of coverage is specifically designed to prevent the patient from having to shoulder a massive financial burden on their own.

Homesteaders Life Company:

Homesteaders Life is a company which offers life insurance in various forms. The three main types of policies it offers are pre-arrangement insurance with a funeral home, term life insurance and whole life insurance.

1. Pre-arranged Funeral Insurance

Funerals are a very personal time. While funeral services are intended for the comfort of the living instead of for the dead person’s benefit, often an older individual wants to have some say in how their loved ones will say goodbye to them. Through pre-arranging services with a funeral home, final expenses stop being an issue. The funeral home agrees to a set amount of payment in exchange for a specified type of service to be performed later on.

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2. Term Life Insurance

Homesteaders Life offers term life policies. Term life insurance is an insurance policy that pays out cash to the insured person’s beneficiaries upon the insured person’s death. The benefit of a term life policy is that it requires lower monthly premiums, which makes the policy more affordable. The downside of a term life policy is that it has no cash value.

3. Whole Life Insurance

Homesteaders Life also offers whole life policies. A whole life insurance policy is a bit like a forced savings account. Through paying the premium until interest on the cash value becomes enough to pay the premium, an insured person gains a cash account that he or she can borrow from during bad financial times.

In Short

There are many kinds of insurance a responsible person should own. Through carefully reviewing what is available from companies like Aetna and Homesteaders Life, one can make informed decisions that will benefit them and their families during trying times. With adequate insurance coverage, many of life’s most difficult situations will not cause the financial devastation that could otherwise occur.

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