Aetna Insurance is one of the largest insurance companies in the world and is currently in the list of Fortune 100 companies as one of the largest companies in the world, period. Their massive size makes them a dominant player in the insurance market, and a proverbial one stop shop for all your insurance needs. Aetna is a full service insurance company in that it offers everything from dental plans to whole life insurance. Its insurance is popular with individuals and companies, and the firm insures nearly as many people as the American Blue Cross Blue Shield insurance group.
Aetna insurance is also one of the longest lasting insurance companies in the United States, having been founded in Hartford Connecticut where it sold fire insurance for property and casualty customers. Since that time, the company has been the subject of criticism—it was once found that the company wrote policies for slaveholders in the 1850s and 1860s—though it has mostly regained its image as a respectable and trustworthy insurance company.
Among the insurance Aetna offers are:
The bulk of Aetna’s insurance business comes from medical insurance, which is sold to individuals and business for protection against big and small medical perils. The medical insurance arm for Aetna writes millions of policies, both as PPOs and HMOs, as well as FSAs, or flexible spending accounts. Today, most Aetna policies are PPOs, though the growth in tax code concerns and cost concerns has pushed many insurance customers to HMO and FSA products.
Often packaged with health insurance, Aetna’s corporate partners are able to purchase group life insurance for their employees at a discount. Group life insurance is unlike many other types of insurance in that it is necessarily dependent on different risk-profiles, but that prices remain virtually the same for the whole group. The formation of group life policies is a very important part of Aetna’s success in attracting corporate customers, as the businesses can pass on cost savings to their employees, regardless of their age. In most cases, access to group life insurance is mostly limited to businesses with enough employees to constitute a less than risky risk-pool.
Long-term Care and Disability
Long-term care insurance is another Aetna insurance product that is attracting attention. Sold to individuals and businesses, long-term care insurance allows workers to protect themselves against disability, and to provide the comfort they need to know that long term care costs in professional facilities and in their own homes will not cost them more than it needs to. Long-term care insurance is usually written with a maximum lifetime benefit, which can range from $100,000 to $1 million, or more, but Aetna policies purchased through an employer are usually higher than average. Employers have an incentive to subsidize the cost of long-term care for their employees, and it is one insurance type where the subsidies most certainly come in handy. Long-term care insurance, depending on the age of the customer, ranges from anywhere from $100 to $3000 per month.
Chances are good that even if your plan is not directly labeled as an Aetna plan that you likely have some experience in interfacing with the company. This is usually because insurance companies buy and sell insurance policies between members, but also because Aetna’s managed care facilities are frequently outsourced to other insurance companies.
Aetna is a solid insurance company, and is often ranked as having one of the best credit risk profiles, thus making it a great company to buy any kind of long-term insurance from. As always, be sure to comparison shop and buy through an employer to reduce your total costs.