Today, we will be looking at the Health Insurance Companies In Massachusetts. Massachusetts is well known for its innovation due to its historical significance and revolutionary spirit.
The American Industrial Revolution was also born in Massachusetts. That drive for improvement and ingenuity continues to this day, with residents receiving some of the best healthcare in the country.
If you’re looking for the best health insurance companies in Massachusetts, this article will assist you in determining the best plan for you.
What Exactly Is Health Insurance?
Health insurance is a contract in which an insurer agrees to pay some or all of a person’s medical expenses in exchange for a premium.
More specifically, health insurance typically pays for the insured’s surgical, medical, prescription drug, and occasionally dental expenses.
Health insurance can either reimburse the insured for medical expenses incurred as a result of illness or injury, or it can pay the care provider directly.
It is frequently included in employer benefit packages to entice quality employees, with premiums partially covered by the employer but frequently deducted from employee paychecks.
With certain exceptions for S corporation employees, the cost of health insurance premiums is deductible to the payer, and the benefits received are tax-free.
The Average Plan Cost Of Health Insurance Companies In Massachusetts
For health insurance, Massachusetts residents pay an average of $385 per month per person. There are some things you can do to help reduce this cost.
Insurance companies consider a number of factors when determining how much you’ll pay:
Because older people have more health problems, you may pay more for health insurance when you’re 50 than when you’re 20 or 30.
Smokers pay a higher premium for health insurance than nonsmokers. In Massachusetts, smoking accounts for slightly more than 13% of the population.
If you smoke, there are numerous free and low-cost programs available to assist you in quitting. And if you don’t already smoke, don’t start. You will help to protect your health while also saving money on health insurance.
Body mass index (BMI)
A high BMI can be a risk factor for a number of preventable chronic conditions such as high blood pressure, diabetes, and heart disease. Reduce your BMI by exercising regularly and eating healthy foods.
Benefits Of Health Insurance Plans
The five major benefits of purchasing a health care plan are as follows:
1. Indemnity for medical expenses
The primary goal of medical insurance is to ensure that you receive the best medical care possible without putting your finances at risk.
Health insurance plans protect you from high medical costs. It covers, among other things, hospitalization expenses, daycare procedures, domiciliary expenses, and ambulance charges. You can thus concentrate on your quick recovery rather than worrying about such high costs.
2. Protection against critical illnesses
Critical illness insurance is now available from insurance companies as a standalone policy or as a rider.
A policy of this type covers life-threatening diseases such as kidney failure, bone marrow transplant, stroke, and limb loss, among others.
You are entitled to a lump sum payment if you are diagnosed with any of the critical illnesses on your policy’s predetermined list. This sum may be used to cover the costs of your illness-related treatment, daily expenses, and any other financial obligations.
3. Benefit from a cashless claim
Many insurance companies provide a cashless claim option. You will not have to make any out-of-pocket payments under this arrangement.
Your insurer and the hospital will negotiate the hospitalization costs. To be eligible for this benefit, you must be admitted to one of the insurer’s network hospitals. To use the cashless facility, fill out a pre-authorization form and show your health insurance card.
4. Additional protection in addition to your employer’s coverage
Many businesses provide group insurance to their employees. However, such policies are not tailored to the specific needs of each individual.
Furthermore, you may be left uninsured in the event of a job loss or change in employment. Purchase a health insurance policy on your own to protect yourself against such an occurrence.
Types Of Plans Health Insurance Companies In Massachusetts Offer
Here are some of the different types of plans health insurance companies in Massachusetts offer.
Health Maintenance Organization
HMO plans include hospitalization, medical care, and preventive care. You are only covered if you receive your care from a provider in the HMO’s network (except in a case of emergency).
Most HMO plans require you to pay a copayment for each covered service. For example, you might pay $30 for an office visit and the HMO will cover the rest.
Plans with Preferred Providers (PPP)
Preferred provider plans typically include hospital, medical, and preventive care coverage. These plans include a network of preferred providers that you can use, but they also include coverage for services provided by non-network providers. PPPs will cover a greater portion of the cost if you use a network provider.
After copays and deductibles, the plan pays 100% of a network provider’s service but only 80% of an out-of-network (OON) provider’s service.
It is important to note that if you choose to go OON while enrolled in a PPP, your provider may balance bill you for the entire cost of the procedure.
Major Medical Plans/Indemnity Insurance
Major medical plans typically cover hospital and medical expenses incurred as a result of an accident or illness.
Some may also include preventive care and office visits. These plans typically pay a percentage of your covered expenses.
For example, suppose the plan pays for 80% of your hospital stay and you pay the remaining 20%. You are covered by any licensed health provider under these plans.
Best Health Insurance Companies In Massachusetts
Here is a list of the best health insurance companies in Massachusetts listed below to get a quote and see if the healthcare provider you want accepts that brand of health insurance.
1. Blue Cross and Blue Shield Massachusetts
The first of the best health insurance companies in Massachusetts is the Blue Cross and Blue Shield of Massachusetts is well-known as a full-service health insurance provider, offering HMO and PPO plans to fit a variety of needs and budgets.
Before you sign up for BCBS health insurance, you can easily check to see if your preferred healthcare practitioner accepts BCBS health insurance through a comprehensive online search network of doctors and hospitals.
Obtaining a plan is also simple, and you have a number of options to further customize your health insurance needs for yourself and your family.
2. Fallon Community Health Plan
Members of the Fallon Community Health Plan have a variety of options, including an HMO and a POS plan.
You may be eligible for a subsidy to help pay for your insurance depending on your household type and income level. Prices for many common healthcare requirements are also very low.
Certain prescriptions are available for as little as $5, while office visits with your primary care provider have a $10 copay.
If you require lab services, such as blood tests, there is also a $0 copay, which allows you to save money while staying healthy. This makes it one of the best health insurance companies in Massachusetts.
3. TUFTS Health Insurance
Tufts is among the few companies to receive a perfect rating from the National Center for Quality Assurance, which independently rates private health insurance companies, the Tufts health plan’s quality of care is highly rated by its customers in terms of the quality of care as well as the rapidity of response to getting an appointment and getting claims taken care of quickly.
Tufts offers a variety of health plans, the most common of which is the Health Maintenance Organization (HMO). this is undoubtedly one of the best health insurance companies in Massachusetts.
4. Harvard Pilgrim Health Care Services, Inc.
Members of Harvard Pilgrim health plans receive a free annual physical exam and flu shot, as well as discounts and reimbursements for health and wellness services such as gym memberships.
Chiropractic and acupuncture visits are also available, making this a well-rounded plan if you want health insurance that rewards you for making the effort to live a healthier lifestyle. This is among the best health insurance companies in Massachusetts.
Tier Level Of Health Insurance Companies In Massachusetts
Here is an explanation of each level of coverage and who it is best for to assist you in selecting a tier level that fits your needs.
It is recommended that you start your search for health insurance with Silver metal tier plans. The premiums and deductibles for these policies are low.
For example, the cheapest Silver plan has a $74 monthly premium that is $74 higher than the cheapest Bronze plan but a $1,200 lower deductible.
Due to cost-sharing reductions, a Silver plan may be the most cost-effective health policy in some situations.
These discounts reduce the amount you pay for deductibles, coinsurance, and copays. However, cost-sharing reductions are only available if your household income is less than 250 percent of the federal poverty level.
Gold and Platinum plans
In terms of monthly premiums, Gold and Platinum plans are the most expensive on the Massachusetts marketplace, but they have lower deductibles and shared costs.
As a result, these policies are best if you anticipate having a lot of medical expenses and will need to use your health insurance frequently. One example is if you have a medical condition and require a costly prescription to be refilled on a monthly basis.
Bronze plans are the least expensive, but they have higher deductibles and out-of-pocket expenses.
Because of the deductible, you may end up spending a lot of money on minor medical expenses before coverage kicks in.
As a result, Bronze is best for young, healthy people who want emergency protection in the event of a very expensive medical issue.
Massachusetts short-term health insurance
Short-term health insurance is not available for purchase in Massachusetts, and any company offering one of these products is breaking the law.
The main reason for this is that the state requires all health insurance products to meet strict guaranteed-issue and rating requirements. Because they are medically underwritten, short-term plans do not meet the guaranteed-issue standard.
How to get a Health Insurance Policy in Massachusetts
In Massachusetts, you can purchase a health plan in a variety of ways. Many people obtain their health care coverage through their place of employment. There are several other options for people who are unable to do so.
Using Your Employer or a Union
Over 70% of all employers in Massachusetts provide health insurance as a benefit to their employees.
Most of these employers pay a portion of the premium and provide a selection of health plans. You can select the health plan that is best for you from the options provided.
Student Health Insurance Plan for Qualified Students (SHIP)
If you are a student at a Massachusetts college or university, you can purchase a health insurance plan through your school. This SHIP id is only available to students and is only valid while you are enrolled.
Obtaining Directly from an Insurance Company
Residents of Massachusetts can purchase health insurance directly from an insurance company. And if you have a medical condition, the company cannot refuse you.
The company may occasionally direct you to purchase their health plan through an intermediary. A company that handles enrollment and premiums is known as an intermediary.
You may be eligible for MassHealth if you meet certain income requirements. This is a Medicaid program for eligible people that is funded by state and federal taxes.
You may be eligible for Medicare if you are over the age of 65 or have a certain type of disability. More information is available by calling the Social Security Administration at 1-800-772-1213 or visiting your local Social Security Office.
Other Government Health Insurance Programs
Through public health programs, the state and federal governments provide lower-cost health insurance to certain people.
This includes programs such as Indian Health Services, the Peace Corps, CommonHealth, Healthy Start, and others.
Avoiding unlicensed Health Plans
It is critical to consider the differences between your options when selecting a health plan. Some plans offer more generous coverage, while others may leave you liable for large medical bills. Shopping for health insurance can be difficult, but keep in mind that if a plan sounds too good to be true, it probably is.
Do not buy a discount plan as an alternative to health insurance coverage. Discount plans charge a monthly fee in exchange for reduced-cost access to health-care services.
These plans are not insurance and will not pay for health-care services if you require them. Instead, they allow you to receive a discount on some of your medical expenses.
Discount plans may appear to be a low-cost health plan, but they are not insurance and do not satisfy your Massachusetts “individual mandate” requirement for health coverage.
Before deciding on a health plan, read the fine print
Before you sign up or pay any fees, always carefully review the plan’s benefits and limitations. That way, you’ll know ahead of time if the plan is right for you and your family.
Inquire about what benefits the plan covers and does not cover, as well as what benefits have limitations.
Examine the Warning Signs of a Scam
Do not be duped by phony health insurance plans sold on the internet or through unsolicited faxes or phone calls.
When using the internet, you should always exercise caution. Examine any website thoroughly for disclaimers like “this is not insurance” or “not available in Massachusetts.”