Utah Health Insurance Companies – Getting Quotes and Comparing Plans

There are several reliable health insurance companies that offer plans in Utah.  Here are the main ones and a little about each one:

Altius Health Plans

Altius has a variety of unique plan options. Their large independent network of doctors allows customers to choose from the Mountain Star hospitals and an independent network of doctors.  Altius offers a free dental discount plan to all of their Utah members that purchase a health plan.  Because there are so many babies born in Utah, Altius has chosen to have a $7,500 deductible for maternity.  In my experience, people have been very happy with, and loyal to, Altius Health Plans.

Assurant Health Plans

Assurant Health offers a wide variety of plans, but their most unique advantage is their OneDeductible plan which is compatible with a health savings account.  Assurant Health is able to accept many people who have been denied by other Utah insurance companies because of their innovative “condition specific deductibles”.   Assurant also offers 24 and 36 month rate guarantees on some of their plans, as well as the lowest individual & family maternity deductible in the state ($2,500 in 2009).  Assurant offers Utah residents the ability to choose their maternity deductible, which is completely unique to the Utah market.

HumanaOne

HumanaOne has a large doctor and hospital network in Utah, called Choice PPO.   They have done a great job offering affordably priced health savings account compatible plans.   In fact, if you are looking to buy a high deductible health plan that is eligible to be used with a health savings account in Utah, HumanaOne will ilkely be the best option.  HumanaOne offers term life and dental insurance along with their Utah insurance plans and makes it easy for Utah customers to transfer their plan from state to state if they move.

Regence Blue Cross Blue Shield of Utah

Regence Blue Cross is a solid competitor in the market and boasts a fairly low maternity deductible compared to other Utah health insurers.  Blue Cross has the largest PPO doctor network in the state of Utah, called ValueCare. Regence Blue Cross Blue Shield of Utah continues to have a good reputation, solid plans, and competitive rates compared to other Utah insurers.

SelectHealth

SelectHealth has exclusive network use of the Intermountain Healthcare hospitals.   In addition, SelectHealth’s kids plans make for an attractive option for children under the age of 18.  Selecthealth also offers optional dental insurance with each of their individual and family plans, making it easy to get your health and dental in one place.  On top of receiving national attention for their ability to provide quality care at an affordable price, with excellent patient outcomes, they have received national awards for quality of care and innovation in the Utah marketplace. 

There are many quality options for Utah residents shopping for health insurance in Utah.  Stick to one of the main companies above and you will be happy with the choice you make.

What Are the Best Family Health Insurance Companies?

Deciding on the best family health insurance companies has a lot to do with your personal situation. Your family’s needs, as well as what you can afford, will determine what are the best companies are for you and your family. What might be good for the goose may not be good for the gander, so to speak. So, if you are looking for the most appropriate coverage then the best place to start is by asking yourself these basic questions.

Questions to Ask Yourself

The first question that you need to answer is exactly what type of health insurance do you need? Are their pre-existing conditions that you or your family members have that will determine what type of insurance you can afford? What about your budget, exactly how much can you afford to spend on health insurance? Do you have the availability to spend more out of pocket to decrease your premiums or are you cash poor and need to have a majority of your costs covered at once? Some companies specialize in specific types of insurance, for example, HMOs and PPOs, while others work with families with lower budgets who meet certain financial criteria.

Questions to Ask about the Providers

You should also visit your states Department of Insurance. Every Department of Insurance keeps a list of insurance companies that are licensed to do business in your state and they also keep a list of complaints about each company, which will help you narrow down your choices and determine who to stay away from in your area and who to consider. You can also check with the National Committee for Quality Assurance to see whom they rank as the best family health insurance companies. Just be aware that this is not area specific, but a list based on overall quality. So ask questions like: What is the customer service like? Are there many complaints for this company? What is their ranking?

Profit Margin for Health Insurance Companies

When considering investing, it is a good idea to take a look at the profit margin of a company against the industry average margin. Looking at the industry average should give you a good idea of what kind of money there is to be made in health insurance. In past years, this industry has averaged a little over 3% profit margin. The margin for health insurance companies hovers at about 3% generally. It is a rank of about 88 among 215 industries as far as profit margins go.

This type of margin is not necessarily a good way to tell how much a company is making. Excess profits are kept low in order to keep the bells and whistles from going off. Company expenses can include many things to help the margin look smaller. Profit margin for health insurance companies can be affected by something like the sale of one department in one company. This boosts the profit for one company for one year and affects the overall average making it bigger than it would be naturally. This margin can give you a general idea but not a solid one.

If insurance for an individual costs just under $3000, as it has in recent years, then a 3% margin is about $100. Likewise, a family policy can cost a little over $6000 for a year and that results in a profit of about $200 for the insurance company. So for every customer, the profit margin for these insurance companies is about $100-$200 dollars per policy. Individual investors can judge whether that is sufficient profit for investment opportunities. But when it comes to this type of insurance, there is a lot more than meets the eye.

Profit margin for health insurance companies may not be a good way to judge investment worthiness. This type of insurance allows investors to have more power than many other types of industries. Health insurance companies set the medical expenses that they will pay out and control the services that they cover. They also can have some control over the people they accept as policy holders. That kind of control over allows administration and investors to have a lot of control over their expenses and in a less direct way, their profit. Profit margin can be a bit misleading of a touchstone for insurance investing.