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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When purchasing insurance, finding the best benefits can be tricky. Fortunately, private insurance companies offer a vast array of services for all. In this article, two major providers are discussed: Amalgamated Life and Humana.

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A New York-based company, Amalgamated Life offers group insurances and works with individuals and brokers to create the best plan for each client. This provider offers group term life insurance to working individuals.

Members can add riders to their policies, including dependent life, spouses covered up to 50%, children covered up to $4,000 each, retiree life, retired workers covered up to 10% of the active group population and supplemental life insurance coverage. The other policies and coverage offered falls into some broad categories as follow.

Personal and Business Emergency

Coverage for the most severe injuries for individuals is covered under accidental death and dismemberment. For a business, if costs exceed the business’s ability to pay them medical stop loss coverage can fill the gap.

Accidental Death and Dismemberment covers:

  • Injuries, paralysis, or death on or off the job site
  • Covered up to member’s basic life insurance coverage
  • Available only to employees with group term life policies

Medical stop loss is used by self-employed businesses, stop loss policies cover claims above those which the employer is able to fund. Amalgamated Life offers two types of medical stop loss, specific and aggregate. The specific includes:

  • Liability limit up to $5 million
  • Specific extension
  • Terminal liability option (claims still eligible for a certain period if coverage is terminated)
  • Aggregating deductible

While the aggregate coverage offers:

  • Liability limit up to $1 million; higher amounts must be approved
  • Aggregate extension
  • Corridor set at 125%

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Disability Coverage and Voluntary Insurance

Disability insurance covers group members who must leave work temporarily due to non-work disabilities. Short-Term protection means that employees are expected to return quickly to employment. In this case the coverage can only last up to 2 years. Long-Term coverage is for different situations in which the employees expected to return slowly, if at all, to employment. This can last up to 5 years.

Amalgamated Life Insurance vs Humana Insurance Company

Voluntary insurance offers a range of additional benefits that employees may add to their current coverage. These include:

  • Critical Illness Protection
  • Rider for life insurance
  • Lump sum upon diagnosis or 30 consecutive days in the hospital
  • When used, death benefit decreases accordingly

Workers Life Plus offer the benefits of a decreasing term life insurance policy. You’ll have a level premium plus additional coverage for your spouse and dependents. This also includes the critical illness benefit.

The other offering, Workers Life Level, has an increasing premium along with the spousal and dependent cover, and the critical illness benefit.

In addition, your return for the increasing premium of the Workers Life Level is the Employee Life Option (ELO) and an accumulation of cash value with fixed interest.

Additional coverage options include the payor waiver of premium which waives costs for children who inherit policies under a certain age. Also, there is an additional death benefit and children’s term insurance available. Read an opinion of having children’s term life insurance at the Advanced Life Skills blog.

Humana Insurance Company

Based in Kentucky, Humana offers a full gamut of medical insurance products, but its biggest market lies with Medicare products for seniors and individuals with disabilities.  Medicare supplements interact with traditional Medicare to assist policyholders with out-of-pocket expenses. The advantages of supplements include:

  • Supplement or cover copays and deductibles
  • All plans include the same basic benefits
  • Choice of additional benefits
  • Individuals can choose any provider within the United States

Certain restrictions apply, including:

  • Age 65+ or living with a covered disability
  • Enrolled in Parts A and B of traditional Medicare
  • Some possible out-of-pocket costs depending on the plan chosen

An alternative to Medicare supplements, MA plans replace traditional Medicare by offering the same or better benefits. MA plans often carry built-in prescription drug coverage, and most offer free fitness and wellness programs.

MA plans can be purchased by individuals or through an employer; benefits may vary. Humana offers the following MA plans:

  • HumanaChoiceSM (PPO)- Pay less for services within the network
  • Humana Gold Plus® (HMO)- Care overseen by a primary care physician (PCP) and must visit physicians within the network
  • Humana Gold Choice® (PFFS)- Pay less for services within the network and may choose any provider who accepts the plan

Certain restrictions do apply to MA plan holders, including age 65+ or living with a covered disability, enrolled in Parts A and B of traditional Medicare, some possible out-of-pocket costs depending on the plan chosen and you may enroll only during certain periods.

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Medicare Coverage Choices

Amalgamated Life Policy Versus Humana Life Insurance Policy

For individuals with certain disabilities or circumstances, SNPs help supplement traditional Medicare coverage. Strict eligibility requirements apply, and premiums and coverage are often based on income.

Individuals receiving Medicare coverage may also apply for supplemental benefits, including

  • Vision, dental, and hearing assistance
  • Chiropractic coverage
  • Health, exercise, and wellness resources

These benefits are not covered by traditional Medicare or Medicare Advantage. Humana offers Humana MyOption to certain MA members.
Humana offers prescription drug plans that can act as stand-alone coverage or integrate with MA plans. Humana’s drug plans offer affordable premiums and plans with no deductibles or copays. Restrictions include

  • Enrolled in Part A or B of traditional Medicare
  • May enroll only during certain periods

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HumanaOne Policies

For working individuals, Humana offers health plans through HumanaOne. These options act as PPO plans and can be purchased by individuals or through an employer; benefits may vary. HumanaOne offers copay plans that are used for illness or injury doctor visits and include drug plans. 100% after deductible plans which pays 100% after deductible is met are also available.

Another popular option is the Health Savings Account (HSA) that help people to save money for medical expenses and can be combined with other plans.

Finally, Humana offers short term plans which provide temporary health coverage when needed.

HumanaOne Dental

  • Option 1: PPO with low deductibles and 100% preventive coverage
  • Option 2: low copayments for procedures with a primary dentist

HumanaOne Vision

  • PPO with coverage for glasses, contacts, and exams
  • Discounts on certain procedures

Humana also offers three prescription drug plans: Rx4, Rx4 + Deductible, and RxImpactSM. Each divides prescription drugs into four levels that affect the amount the plan will cover; the market price of the drug will also affect how much the plan will cover.

Amalgamated vs Humana Insurance Company

Humana also offers “cash”-based plans to assist those experiencing a health crisis. These plans will pay cash to individuals diagnosed with cancer or another critical illness, currently staying in a hospital, or saving for their final expenses.

Amalgamateed Life Vs. Humana

In the realm of insurance, multiple options and flexible plans lead to a successful company. Each of the companies discussed provides excellent coverage: group coverage plans for Amalgamated Life, Medicare for Humana. Each provider also offers benefits that the other does not: Amalgamated Life offers life and stop loss, while Humana offers Medicare options. Both companies represent a wide variety of assistance for the average consumer and encourage individuals to thoroughly research the options available to them.

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