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Humana Health Insurance Review

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Keep in mind...
  • Humana is a healthcare corporation based in Louisville, Kentucky
  • Humana offers a variety of healthcare plans for individuals, employer group plans, and Medicare patients
  • Humana administers TRICARE benefits through a network of providers both on and off military bases

Humana is a healthcare corporation based in Louisville, Kentucky, which administers health care insurance to over 11.5 million individuals.

Humana employs over 26,000 people in its offices and sells insurance through thousands of employer group plans, along with individual plans for those without employer-based insurance.

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Humana’s Beginnings

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Founded in 1961, Humana was a nursing home company.  In 1974, the company began purchasing hospitals the name “Humana” was given to the new corporation.

United Healthcare attempted to acquire Humana in 1998, but the takeover fell through. Since 2001, Humana has partnered with various other companies to extend its healthcare coverage to larger markets.

Humana and the United States Military

One of Humana’s largest acquisitions was the right to administer all TRICARE health insurance programs for the United States Military.

Humana administers TRICARE benefits through a network of providers both on and off military bases around the country.

Humana Health Insurance Plans

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Humana offers a variety of healthcare plans for individuals, employer group plans, and Medicare patients.

For those who opt for an individual plan, there is a healthcare savings account (HSA) in place to meet expenses.  Humana also offers  a co-pay plan such as a PPO.

Through employer group plans, Humana also offers a wide variety of options. However, some plans may not be available in every state.

Humana’s primary types of coverage are HMOs, PPOs, and traditional indemnity plans.

Humana’s HMO plan offer fairly strict in-network coverage, but a wide variety of in-network providers all over the country.

HMOs will have the least expensive premiums of the three types of plans. PPOs offer more flexibility, but usually cost more both in premiums and out-of-pocket expenses.

Traditional indemnity insurance is the most flexible of the three, but  it’s also the most expensive.

Humana also provides high-deductible plans allow employers to keep premium costs low by having them meet a relatively high deductible before the company pays benefits.

This type of plan can also be partnered with some type of healthcare savings account, which will be used to meet the deductible.

Humana’s PCA plan is specifically designed to set up a debit-card account, which will help patients meet the required co-pays.

Coverage First is an option to provide very basic healthcare and major medical coverage for hospitalization.

Point of Service plans offer consumer choice between in-network and out-of-network providers.

Humana and Medicare

Humana also offers Medicare options including supplement plans, prescription drug coverage, and Medicare Advantage plans.

Customers looking for Medicare coverage can visit Humana’s website and download several types of literature available to explain Medicare options.

Humana has also partnered with Wal-Mart to provide a preferred prescription drug plan (PDP). The monthly premium is less than $15 per month, making it an affordable option for those on a fixed income.

Humana Customer Service Review and Financial Ratings

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Like most large health insurance companies, Humana has received negative reviews indicating that some customers weren’t satisfied with its service.

However, Humana is a solid company with sound financial backing which means that it will not be in danger of being unable to pay claims for the foreseeable future.

Humana earned an A- score from A.M. Best, which is one of the nation’s top independent financial analysis organizations.

Humana is a good choice for individuals and small companies which require a variety of options in choosing healthcare plans.

To determine if Humana is the right company for your health care needs, talk to your employee benefits provider or talk to an independent health insurance broker.

Our FREE online comparison tool can help you find the right health insurance policy for you and your family!

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