Ten Most Popular Types of Health Insurance in USA
1. Medicare
Medicare is a federal program run by the United States Department of Health & Human Services (HHS) that provides healthcare services to Americans aged 65 years and older and some younger people with disabilities.
A. Medicare Advantage Plans (MA)
This type of health insurance is offered through private companies. These companies contract directly with Medicare and offer their own plan instead of providing just a supplement to traditional Medicare. MA plans cover both inpatient costs and outpatient care. Most people who have MAs prefer this option because they don’t want to leave their current doctors. It is less expensive than traditional Medicare because it doesn’t require paying out-of-pocket fees for some services. However, MA plans vary widely in price and quality.
B. Traditional Medicare
One of the Ten Most Popular Types of Health Insurance in USA – Traditional Medicare covers only medical expenses while the patient is hospitalized, not after they are discharged. In addition, Traditional Medicare does not pay for any doctor visits that occur outside the hospital. However, many people choose this option since it is free at the point of service. Unfortunately, Medicare patients often face high deductibles and copays that make them pay much of their bills before receiving help from the government.
2. Medicaid
Medicaid is a joint state-federal government program that offers financial assistance to qualified individuals or families who meet certain income requirements.
One of the Ten Most Popular Types of Health Insurance in USA – Medicaid is a social program funded jointly by the federal and state governments to provide financial assistance to low-income citizens. Medicaid includes basic monthly premiums for covered items but generally does not cover dental or vision care. Because it is paid for at the point of service, many people find it to be the least expensive option. However, a family cannot receive cash assistance if it makes too much money.
3. Tricare Prime
Tricare Prime is the official health care benefit plan for active-duty members of the U.S. military and their covered family members.
One of the Ten Most Popular Types of Health Insurance in USA – Tricare Prime is a brand name for government-sponsored healthcare plans offered to certain members of the U.S. military. It was created in order to offer affordable coverage to active duty personnel and their families who fall under the Defense Health Program (DHP) guidelines. Tricare Prime plans are provided at no cost to eligible members and their families. The program offers comprehensive medical coverage for services including emergency care, hospitalization, dental care, vision care, mental health care, prescription drugs, lab tests, preventative care, and wellness exams. The premium for the Tricare Prime plan is $64 per month.
4. Kaiser Permanente
Kaiser Permanente is a nonprofit health maintenance organization based in California that provides comprehensive medical, dental, behavioral health, pharmacy, and hospital care coverage.
One of the Ten Most Popular Types of Health Insurance in USA – Kaiser Permanente (KP) is a national non-profit managed care system serving over 9 million members nationwide. A not-for-profit organization, KP was founded in 1945 by a group of physicians who wanted to provide their patients with affordable medical services. Since then, KP has grown into the largest integrated healthcare provider in the United States, offering comprehensive coverage for its members. It is based out of California and offers plans across the country. While it does not sell directly to individuals, they offer consumer-focused websites where individuals can shop for policies and compare prices.
5. Humana
Humana is a health insurance company headquartered in Louisville, Kentucky that operates primarily in the southeastern United States.
One of the Ten Most Popular Types of Health Insurance in USA – Humana is a healthcare service provider based out of Louisville, KY, and serves about 28 million members nationwide. Founded in 1947, Humana is a wholly owned subsidiary of the American Hospital Association. The company primarily deals with traditional Medicare and Medicaid, although they also have contracts with commercial carriers including Cigna and United Healthcare.
6. Cobra
Cobra plans are similar to Tricare Prime in many ways. Cobra plans are offered to eligible federal employees, retirees, and survivors. Cobra plans provide lower premiums than Tricare Prime, but they do not cover dental or optical services. Cobra plans also require higher deductibles (minimum dollar amount before payments start). The premium for Cobra plans ranges from $0-$14 per month depending on age, income level, and family size.
7. Military Option
Military option plans have been around since 1997. These plans were developed to give troops and veterans access to affordable medical options while serving in the armed forces. These plans are only available to members of the U. S. military; however, they are still quite affordable. Premiums for these plans range from $20-$80 per month dependent on the length of service, location of residence, and annual salary.
8. Blue Cross/Blue Shield
One of the Ten Most Popular Types of Health Insurance in USA – Blue Cross/Blue Shield plans are some of the oldest plans out there today. There are three different versions of Blue Cross/Blue Shield plans: Bronze, Silver, Gold, Platinum, Titanium, and Diamond. Each level includes varying levels of coverage, deductible amounts, and premium costs. Bronze and Silver plans are considered basic plans and are commonly offered to individuals who need simple coverage. Gold, Platinum, and Titanium are considered full-service plans and are offered to people who want extensive coverage. The premium costs for each level vary depending on the member’s state of residence.
9. Health Net
Health Net is headquartered in Rancho Mirage, CA, and works with many different carrier partners to offer coverage to millions of Americans. In 2016, Health Net had around 25 million members. Plans offered include HMO, PPO, POS, HSA, EPO, and HIPAA-compliant self-funded plans.
10. Individual Health Insurance Plan (IHP)
An IHP is similar to PPO. Private insurers determine what hospitals, specialists, drugs, etc., they will cover. There may be extra charges involved in finding these providers and they usually need referrals from the physician. Sometimes individuals pay for an IHP directly, other times they enroll in their employer’s plan. People with IHPs tend to prefer this option because they want full coverage without worrying about how their health insurance works.
11. Uninsured
In 2021, nearly 45 million Americans were uninsured. Many people turn to the emergency room because it is the quickest way to get treated. Emergency rooms charge higher prices to the uninsured, and those with insurance pay the difference.
