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. Ozark National Life Insurance

There are definite similarities and marked differences to the types and extent of insurance coverage currently offered by Aetna Insurance Company and Ozark National Life Insurance Company. Both insurers are prominent in today’s insurance industry, but for very different reasons.

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Aetna Health Insurance Coverage

The health insurance coverage available through Aetna Insurance Company is one of the most modern and comprehensive policy offerings obtainable.

Along with extensive insurance plan options and choices, Aetna provides informed and committed support systems to aid you, the buyer or current policyholder, in keeping your costs low and making the best selections to maintain and promote good health and well-being for you and your employees or family.

You will be encouraged to pick from a wide range of up-to-date coverage options that can be modified to meet your own specific healthcare needs.

Aetna’s group and private health insurance policies include:

  •  Network Only Medical Insurance Plans. – These plans are designed to include treatment by primary care physicians (PCPs). Patients can get referrals from their PCPs to see other network doctors. In addition, such plans allow patients to seek care from any network physician without a referral. Several plan types are included in this category:
  • Aetna HMO – (Health Maintenance Organization). A PCP is required along with referrals to see other physicians in the network. This plan is self-funded and incorporates an extensive wellness program. Premium rates are kept reasonable, there is no deductible, and patient co-payments are moderate.
  • Aetna Open Access HMO – This plan offers a comprehensive wellness program, and is also self-funded.
  • Aetna SelectSM – With this coverage, a PCP is required along with referrals to other network physicians. The wellness program is optional, the plan is self-funded, and participants may see Aexcel® designated specialists. These doctors have met specific medical practice standards of clinical quality and efficiency.
  • Aetna Elect Choice® ̶ This option requires patients to select a PCP and get referrals to other network doctors. The wellness program is optional, the plan is self-funded, and patients are allowed to seek care from Aexcel specialists.
  • Aetna Open Access Elect Choice – With this plan, the wellness program is optional. It is self-funded, and patients may seek care from Aexcel specialists.
  • Aetna Health Network Only – This choice offers the wellness program, and although participants are not required to select a PCP, this option is encouraged.

All of the above plans are flexible and can be tailored to individual and group needs. For instance, upon request, some of these plans can be combined with a savings account or fund. Also, members can receive discounted prices on eyeglasses and contact lenses, some health club memberships, and other health-related products and services.

  • Network Option Medical Insurance Plans. – With these plans you can enjoy the choice of seeing any licensed physician, in or out of network. In this category, employers often find that the most popular plan type among their employees is Aetna’s QPOS® (Quality Point-of-Service®). This plan offers full coverage options (the same as those offered with the HMO plans). One advantage of seeing network doctors with this plan is that there are no deductibles and co-payments are low.

Another plan in this category is Aetna’s Managed Choice®, offering a full-house of coverage options (as listed for the Aetna HMOs).

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It also includes the additional features offered with the Network Only plans listed above.

  • Indemnity Medical Insurance Plans. – The Traditional Choice® plans offer employees the freedom of no networks, no PCPS or referrals.
  • Medicare and Retiree Plans. – These plans are designed for early and Medicare-early retirees.
  • Pre-65 Early Retirees. – This category includes group-subsidized plans such as the consumer-directed Aetna Health Fund® to aid early retirees in saving for future medical costs.
  • Post-65 Medicare-eligible Retirees. – Featuring Aetna’s Medicare Advantage plans, this option is of great help to retirees in maintaining their personal health as well as their financial well-being. This coverage includes Medicare Part D prescription drug coverage combined with either a PPO or HMO, or as a stand-alone feature. Aetna’s Supplemental Retiree Medical (SRM) Plan is designed to supplement Medicare coverage.
  • Health Expense Funds. – Aetna offers varied choices in this area, including:
  • HRA (Health Reimbursement Arrangement). – Funded by the employer, this fund has no limits on annual contribution amounts. Employer controls rollover stipulations.
  • HSA (Health Savings Account). – Contributions can be made by both employers and employees. All contributions are tax-free, and the employee may choose to use funds for purposes other than paying medical expenses. (It is good to remember that amounts used for non-medical coverage will be subject to income tax.)
  • FSA (Health Flexible Spending Arrangement). – This account is usually employee-funded by pre-tax monies. Employers can also contribute. Funds must be used by March 15th of the next year, or the total amount will remain with the employer. (This fund can only be used for medical coverage.)
  • RRA (Health Fund Retirement Reimbursement Arrangement). – This is a variety of HRA involving funding provided by the employer which becomes available to employees at retirement.

Aetna’s comprehensive Dental, Vision and Pharmacy Insurance plans are offered as options to be integrated with other medical insurance plans, or as stand-alone policies. In addition, Aetna offers plans to cover Behavioral Health. Aetna’s Disability Insurance is structured to address early attention and improved results. It assists employees in staying in the workforce with less time away from the job.

For an employer, the annual cost of an Aetna MedicareSM Plan for an employee, on average, can range from $1,679.64 to $3,314.04. This breaks down into monthly premium amounts equal to from $139.97 to $276.17. Monthly premium amounts for company group policies covering employees may cost an employer anywhere between $230 and $680 per individual. Comparable private policies carried by individuals may range in monthly premium cost from $350 to $760 per person, on average.

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Ozark National Life Insurance Company Health Insurance Coverage

Ozark offers standard types of health insurance coverage available in group and private insurance plans. A wide range of coverage levels is offered, from low costing catastrophic to more expensive full coverage.

Ozark policies are available in the form of an HMO, PPO (Preferred Provider Organization), POS, HSA, HRA, FSA, and MSA (Medical Savings Account, for self-employed individuals).

Aetna’s Life Insurance Plans

Aetna plans include both basic supplemental and dependent term life insurance policies, as well as highest quality accidental death and personal loss coverage. In a typical small-to-mid-sized business with 10 to 50 employees, packaged life and disability plans offer low to high option policies with coverage ranging from $10,000 to $125,000.

Ozark’s Life Insurance Plans

Since 1970, Ozark National Life Insurance Company has been providing The Balanced Program®, a revolutionary life insurance model. This unique plan combines a mutual fund and the protection of a life insurance policy. It offers policy owners both a high degree of insurance protection and the strong potential for financial growth which neither product could provide as a stand-alone product.

With this coverage, not only will you secure the guarantees of a quality life insurance plan—you will also gain the ongoing potential for financial growth through investment in a mutual fund as your Pioneer Fund account. This fund is specifically structured to provide for your future and the future of your beneficiaries if you should experience longevity, a premature death or disability.

Your Pioneer Fund can be designed as a tax-deferred account, or free from both federal and state income taxes with a Roth IRA. Even if you become disabled, the life insurance element of your plan will ensure that the investments of your choice continue to be made. If you should die, Ozark assures payment to your beneficiaries of death benefits set up to facilitate acquisition of mutual funds to complete the investment cycle of the plan.

The Balanced Program® from Ozark is available to anyone from birth to 75 years of age in the form of two plans:

  • Plan 498, for ages 0 to 50. – This plan features modified whole life insurance with a decreasing death benefit. Upon death of policyholder, it provides for a lump sum payment to beneficiaries along with investment plan completion.
  • Plan 496, for ages 51 to 75. – This plan offers whole life insurance with a level death benefit. It provides for a lump sum payment to beneficiaries upon death of the policyholder. However, it does not include completion of mutual fund investments in the event of disability onset after age 60 or following death of policyholder.

As you can see, Aetna Insurance Company’s greatest area of strength and influence is currently in the realm of comprehensive health insurance coverage, while Ozark National Life Insurance Company is strongest in its unique life insurance/mutual fund offering, The Balanced Program®.

Both Aetna and Ozark, along with their affiliate insurers, offer additional types of insurance coverage including auto insurance, home owners and renters insurance, long term care coverage, business and travel insurance, motorcycle and boat insurance, as well as pet insurance.

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