Coventry Health Insurance Review

Coventry Health Care is a Maryland-based company offering diversified healthcare plans to a variety of employers. The company employs 14,000 people and is a Standard & Poors 500 company. Coventry provides managed-care services to a number of governmental agencies and other employers. Individuals can also purchase plans through Coventry to insure themselves and their families. Coventry is currently ranked as “third most successful” in their prescription drug plan coverage in the nation.

How much is health insurance per month?

Coventry offers a variety of types of employer-based group insurance. Coventry also formerly handled Medicare supplement and Part C plans, under their “Avantra” name brand. However, as of 2009, the company stopped offering Avantra, although those who were enrolled in the plan still retain their benefits. Coventry has replaced Avantra with HMOs, PPOs, and point-of-service plans that supplement or replace Medicare. Coventry also offers Medicaid administration services for many providers.

What healthcare services does Coventry provide?

Coventry’s employer-based and individual healthcare services are offered as HMOs, PPOs, consumer-directed plans, and point-of-service plans.

HMOs, or health-maintenance organizations, are healthcare plans that require members to use healthcare providers within a “network,” or from a list of approved providers. They are rather narrow in their allowance of choice, but strict management helps to keep both premiums and costs low for customers and employers. Customers usually pay a small deductible and co-pay, but have no other expenses for their healthcare. Coventry administers HMOs through many large employer organizations; many of these HMOs stretch over several states or regional areas.

PPOs, or preferred provider networks, are a bit less stringent about in-network usage of providers, and will often allow customers to choose an out-of-network provider with the understanding that less of the bill will be covered by the insurance company. Customer deductibles are usually higher and co-pays may be more expensive. Coventry utilizes PPOs for many of its medium-to-large employers, whose employees appreciate choice in providers or may live in areas where stringent network requirements for providers may not be feasible.

Consumer-directed healthcare plans operate on a system in which customers put money aside in a tax-free healthcare savings account (HSA) to pay for the majority of their care, and also have a high-deductible insurance plan in place for catastrophic illnesses. Many Coventry customers are moving to consumer-directed plans, which allow payroll deductions to meet deductibles and other immediate expenses, but give a tax benefit often unavailable in traditional health plans.

Point-of-service plans are a combination of HMO and PPO, which requires the consumer to choose a primary care physician, like an HMO, but allow the consumer to go outside of network, like a PPO. Point-of-service plans are popular Coventry options in areas where specialists may be scant, or where employees are scattered over wide areas.

Custom Healthcare from Coventry

In order to serve all sizes of businesses, Coventry offers a tailored type of healthcare plan, in which employers can choose the options which best meet their needs. Coventry insures businesses of all sizes, and can custom-fit health insurance benefits to the size and budget of the company.

If a company has 200 or more employees, Coventry offers a self-insured option that allows the company to have more control over managing costs and benefits. Most of these plans are sold to medium-to-large businesses that allow employees to contribute to medical savings accounts (MSAs), and pool resources to cover smaller expenses. Larger or catastrophic incidents can be picked up by the Coventry plan. By insuring in this manner, Coventry allows employers to have more direct control over those medical expenses considered “controllable,” such as yearly checkups, routine exams, and wellness benefits.

Behavioral health plans are also available. Under Coventry’s Total Behavioral Health Solutions, employers can offer many mental health benefits to employees, utilizing licensed psychiatrists, psychologists, and behaviorists to treat a variety of issues. Many employers utilize this plan as a way of providing counseling and addiction benefits to employees, which are normally not covered by regular healthcare insurance.

Finally, Coventry offers a variety of prescription drug plans. Depending on the plan, some PPOs and HMOs have integrated prescription coverage. However, for many, prescription drug coverage is separated from traditional health insurance. For those cases where prescription drug coverage is not part of the healthcare plan, Coventry offers stand-alone plans for companies and individuals.

Coventry Health Insurance for Individuals

Employers are not the only groups which can benefit from Coventry Health Insurance. Individuals can purchase Coventry products by visiting the Coventry website or by talking to an independent health insurance agent. Just like employers, individuals can tailor a Coventry plan to meet any healthcare needs for themselves and their families.

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