We independently evaluate all recommended products and services. If you click on links we provide, we may receive compensation. Learn more. Though the Affordable Care Act (ACA) has established standards for health insurance plans, some health insurance companies are better than others in terms of both quality and value for the price. To identify the five best health insurance companies for the 2023 coverage year, we evaluated 48 criteria across 14 major health insurance companies in the following categories: cost to value (25%), customer satisfaction (20%), plan benefits (20%), state availability (15%), dental coverage (10%), types of plans available (5%), and ACA metal levels available (5%). Best Health Insurance for 2023 Best Health Insurance for 2023 Final Verdict Compare Providers Health Insurance Guide FAQ Methodology Investopedia's Rating 4.7 Why We Chose It Blue Cross Blue Shield has strong ratings and offers a variety of quality, affordable health insurance plans, making it our top pick as the best overall health insurance provider. Pros & Cons Pros Relatively high average NCQA rating Available nationwide A variety of plan types and metal levels Lowest premium Gold plans $0 virtual care available 24/7 in some states Cons High copays in some states High deductibles on some plans Overview Blue Cross Blue Shield has an average NCQA rating of 3.7 out of 5 stars, the second highest of the insurers we reviewed. In addition to HMO plans, BCBS offers PPO, EPO, and POS plans, which is great if you don’t want to be restricted to in-network providers. Plans are available nationwide but vary by region, and Marketplace plans are not available in all areas. BCBS offers four metal levels (Bronze, Silver, Gold, Platinum) and catastrophic coverage through the Health Insurance Marketplace. Notably, it offers the best-value Gold plans (meaning overall costs, including premiums and deductibles, are relatively low). This makes it a good option for people who prefer robust coverage. Some BCBS companies also offer additional benefits, like $0 virtual care and medical management programs for depression, pain management, heart disease, asthma, diabetes, and high blood pressure. However, we found that in some states, physician copays were relatively high. Blue Cross Blue Shield is also an excellent choice for small business health insurance plans and is our top pick in that category. Investopedia's Rating 4.4 Why We Chose It Oscar is our pick as the health insurance provider with the best value because it offers the lowest-priced plans for each age group and the best value for bronze and silver plans. Pros & Cons Pros Best value bronze and silver plans Lowest cost plans across age groups $0 virtual care with most plans Convenient mobile app Up to $75 annually in step rewards Cons Not available nationwide Poor member experience ratings Overview Oscar has the lowest physician copays ($0) and offers the lowest cost plans across age groups (25, 35, 45, and 60 years old). In particular, its bronze and silver plans offer particularly low out-of-pocket costs. It also offers a wide range of medical management programs, including ones for asthma, diabetes, depression, pain management, heart disease, high blood pressure and cholesterol, low back pain, pregnancy, and weight loss. You can get $0 virtual care with most plans and up to $75 in Amazon gift cards for meeting your annual step goals. Oscar’s convenient mobile app lets you sync your steps or request virtual care. We also love that Oscar’s plan documents are easy to understand, and the company offers a variety of plan options, including high-deductible and $0 deductible plans to meet different needs. Though not all plan types are available everywhere, Oscar has PPOs, HMOs, and EPOs, and offers four different metal tiers. But Oscar has limited state availability so isn’t an option for everyone. Note that Oscar's plans only received a 2-star rating from Healthcare.gov and an average 2.75-star rating from the NCQA. These ratings indicate relatively poor member experiences compared to other companies. Investopedia's Rating 4.2 Why We Chose It Kaiser Permanente is our pick for the highest quality plans because of its high customer satisfaction and third-party ratings, as well as the free virtual care it offers with the majority of plans. Pros & Cons Pros 4.3-star average NCQA rating 5-star rating from Healthcare.gov No-cost 24/7 virtual care available with most plans Highest customer satisfaction rating Cons Most plans are HMOs Limited availability Overview Kaiser Permanente’s plans have the highest member experience ratings of any of the providers we reviewed. Kaiser’s plans have an average 4.3-star rating from the NCQA and all are rated 5 stars by Healthcare.gov. Plus, the company came in first across multiple regions in the J.D. Power 2022 U.S. Commercial Health Plan Study. Not surprisingly, Kaiser Permanente received far fewer complaints than expected according to the National Association of Insurance Commissioners (NAIC). Most plans include 24/7 virtual care at no cost, but coverage options are limited, as is state availability. Kaiser Permanente is only available in eight states and the District of Columbia and the insurer generally offers HMO plans, which restrict care to in-network providers. Kaiser Permanente offers four metal levels plus plans with minimum coverage, so people looking for an HMO in one of the states the insurer serves have a good variety of options. The company also offers medical management programs for several conditions, including depression. Investopedia's Rating 3.8 Why We Chose It Aetna CVS Health provides free or low-cost MinuteClinic services seven days per week, making it the best health insurance provider for same-day care for minor issues. Pros & Cons Pros Offers MinuteClinic services at no or low cost Plan premiums can be $0 with tax credits 3.4-star average NCQA rating Cons Higher than average premiums Doesn’t offer dental coverage with health insurance plans Overview With Aetna’s no- or low-cost coverage for MinuteClinic visits, you can access a variety of services with greater convenience and on short notice. You can schedule an appointment online to visit your local MinuteClinic seven days per week. Depending on your health needs, you may be able to get a prescription and pick it up on-site. In some cases, this could be a good alternative to more expensive (and time-consuming) urgent care or emergency room visits. Aetna’s premiums were higher than average in the ZIP codes we reviewed, but if you qualify for the premium tax credit, you could get that amount reduced to zero. This is not the case with all other companies, even if you qualify for the tax credit, and it’s why Aetna is one of the best health insurance companies for the self-employed. Aetna offers HMOs, PPOs, EPOs, and HMO-POS plans in Bronze, Silver, and Gold metal tiers. The company also offers plans with medical management programs for a variety of conditions. Aetna’s plans have an average NCQA rating of 3.4 out of 5 stars. The company does not offer dental coverage, however, and ACA plans are not available nationwide. Investopedia's Rating 3.7 Why We Chose It UnitedHealthcare is our pick as the best for Medicare Advantage plans because it offers nearly nationwide coverage for Medicare in addition to having the highest-ranked Medicare Advantage plans Pros & Cons Pros Offers child and adult dental Offers a variety of short-term insurance plans 3.5-star average NCQA rating Nearly nationwide coverage for Medicare plans Highly-ranked Medicare Advantage plans Cons Few medical management programs Higher than average premiums for health plans No PPOs Overview UnitedHealthcare is the largest health insurance company in the country and has an extensive provider network. The company’s health plans are well-rated for member experience, with an average of 3.5 out of 5 stars from the NCQA. But it stands out for its Medicare Advantage plans, which are ranked even higher by the NCQA (3.9 stars, on average). The CMS gives UHC's Medicare Advantage plans an average 4.2 Medicare star rating, which makes it the second-highest-ranked provider of Medicare plans in the country (behind Kaiser Permanente). UnitedHealthcare has an A+ (Superior) financial strength grade from AM Best, which was the highest of the health insurance providers we reviewed. And the company offers a lot of options for different needs, including child and adult dental coverage, short-term coverage, student coverage, and plans for small businesses. But there are limits to UnitedHealthcare’s offerings as well. The company doesn’t have any PPO plans for individuals and families and doesn’t offer extended coverage for various conditions through medical management programs. And premiums are not low, so it may not be the most budget-friendly option (but check your state’s specific plans). You should also check the company’s J.D. Power ranking for your state since it fares poorly for customer satisfaction in some regions. Ultimately, your options are limited by the availability of plans in your state and the drugs and services you need covered. But if you’re looking for well-administered plans and a positive member experience, Blue Cross Blue Shield offers good value alongside strong ratings. If Kaiser Permanente serves your area and you prefer an HMO, you can’t beat its plan ratings or track record for customer satisfaction. If you need the most affordable plan, Oscar is one company to consider, as is Aetna, especially if you qualify for the advance premium tax credits. Aetna also offers excellent value if you want the convenience of CVS MinuteClinic services. And UnitedHealthcare is a strong choice, particularly if you’re looking for a Medicare Advantage plan or short-term coverage. Health insurance providers offer several categories of plans, from catastrophic to PPO, HMO, EPO, and metal-level plans including bronze, silver, gold, and platinum. These increase in coverage and cost, with platinum often being the most coverage for the highest price. Before purchasing health insurance, it's crucial to look at things like your health history and age to determine which plan type is right for you. For example, catastrophic health plans are only available to those under 30 and, therefore, have coverage better suited for younger individuals. Health insurance providers, under the Affordable Care Act, cannot refuse coverage or charge higher premiums based on pre-existing conditions. If you have been denied coverage based on pre-existing conditions, the U.S. Department of Health & Human Services provides information about how to appeal health plan decisions. Having a manageable premium is crucial because it's how you pay for health insurance every month. There are several factors to examine to see how they might influence your premium with different providers. These factors include your age, your location, if you smoke, whether you’re enrolling an individual or family, the metal level you choose, and the specific plan and provider. Open enrollment for 2023 extended from November 1, 2022, to January 15, 2023. You’re eligible to use the marketplace to buy coverage if you are lawfully present in the United States, are not incarcerated, and do not have Medicare coverage. Your coverage starts January 1 as long as you’ve enrolled and paid your first premium. The premium tax credit is designed to reduce premiums for people with incomes between 100% and 400% of the Federal Poverty Level. For 2023, you may qualify even if your income is above that level. Be sure to estimate your income when you are shopping for plans to see if you qualify. Keep in mind that if your income is at or below 133% of the Federal Poverty Level, you may also qualify for your state’s Medicaid program. The Kaiser Family Foundation reported, in 2022, that PPOs are the most common plan type. Of covered employees, 49% are enrolled in PPOs compared to 12% in HMOs. To determine the best health insurance companies for 2023 and establish Investopedia star ratings, we considered criteria in the following categories. The percentage next to each category indicates how important that category is to the overall star rating. Customer satisfaction (20%): We used NCQA ratings, primarily, and healthcare.gov ratings, secondarily, to measure this criteria. State availability (15%): This measure indicates how widely available plans are across the U.S. Plan features (40%): For each company, we researched whether it offered the following: Cost to value (25%): We compared physician copays, specialist copays, monthly premiums, and deductibles for bronze, silver, gold, platinum, and catastrophic plans across different age groups across two ZIP codes, representing the highest enrollment in ACA plans by state. Research and analysis byShanker Narayan Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy. J.D. Power. “2022 U.S. Commercial Member Health Plan Study.” National Association of Insurance Commissioners. "Kaiser Permanente Ins Co National Complaint Index Report." U.S. Department of Health & Human Services. "Can I Get Coverage if I Have a Pre-existing Condition?" Kaiser Family Foundation. "2022 Employer Health Benefits Survey."Best Health Insurance of 2023
Best for Robust Coverage : Blue Cross Blue Shield
Best Value Plans : Oscar
Highest Quality Plans : Kaiser Permanente
Best for Same-Day Care : Aetna CVS Health
Best for Medicare Advantage Plans : UnitedHealthcare
Final Verdict
Compare the Best Health Insurance Providers
Company Availability NCQA Rating Additional Features Blue Cross Blue Shield Best for Robust Coverage Nationwide 3.7 out of 5 stars Best-value gold plans Oscar Best Value Plans 22 states 2.75 out of 5 stars Annual step rewards Kaiser Permanente Highest Quality Plans Eight statesand the District of Columbia 4.3 out of 5 stars Highest customer satisfaction Aetna CVS Health Best for Same-Day Care 12 states 3.4 out of 5 stars MinuteClinic UnitedHealthcare Best for Medicare Advantage Plans Varies by plan type; Individual and family plans in 18 states 3.5 out of 5 stars Wide variety of short-term plans Guide to Choosing the Best Health Insurance
Determining the Level of Coverage You Need
Comparing Health Insurance Premiums
Frequently Asked Questions
When Is Open Enrollment for Health Insurance?
What Is the Premium Tax Credit?
What is the most popular type of health insurance?
Methodology
FAQs
Best Health Insurance of 2023? ›
Blue Cross Blue Shield (BCBS) has high-quality health insurance and is rated slightly ahead of other major competitors such as UnitedHealthcare and Humana. It also is the most popular health insurance company in the country.
Which health insurance is best UK? ›- WPA. WPA's Complete Health is our experts' No 1 private health insurance for 2023. ...
- The Exeter. The Exeter Health+ is arguably the most flexible policy in the market. ...
- Bupa. ...
- Aviva. ...
- Axa Health.
Rank | Company | Country |
---|---|---|
1 | UnitedHealth Group | United States |
2 | Ping An Insurance Group | China |
3 | Allianz | Germany |
4 | AXA Group | France |
Blue Cross Blue Shield (BCBS) has high-quality health insurance and is rated slightly ahead of other major competitors such as UnitedHealthcare and Humana. It also is the most popular health insurance company in the country.
What are the key trends in insurance 2023? ›2023 tech trends: An insurance industry perspective
From leveraging AI to disrupting conventional claim and underwriting processes, modernizing their legacy landscapes to moving data and infrastructure to the cloud, insurers are on the journey to harness these trends for their business stakeholders and customers.
Claims costs are on the rise
The increased cost of claims is the main reason car insurance prices have gone up so dramatically over the past year or so. The cost of insurance policies was generally low after the COVID-19 pandemic, as we experienced lower claim volumes because everyone was staying home more.
With 33 million customers globally, Aviva is the biggest insurance company in the UK. Aviva's Healthier Solutions is a product that offers private medical treatment through an extensive nationwide network.
What are the 5 top health insurance? ›The five largest health insurance companies by revenue are UnitedHealth Group, Anthem, Kaiser Permanente, Centene and Humana.
What is the average cost of private health insurance in UK? ›What's the monthly cost of health insurance in the UK? On average, a health insurance policy in the UK costs £86.07 per month (accurate as of January 2023). However, this average is based on people between 20 and 70 years old. If you are under 50, your policy will likely be less than the average.
Which is the 3rd strongest insurance brand globally? ›Life Insurance Corporation, which is bound for the nation's largest share sale by March, is the strongest and the largest brand in the country with a valuation of USD8. 656 billion (around ₹64,722 crore), which also makes it the third strongest insurance brand globally, according to a brand valuation report.
What are the biggest challenges for insurance companies in 2023? ›
- Rapidly Evolving Regulatory Compliance Changes. ...
- Diverse Regulatory Requirements by Jurisdiction. ...
- Modern Technologies Disruption and Adoption. ...
- Cybersecurity and Data Security Threats. ...
- Climate Change and Sustainability.
Rank | Company | Total assets (US$ Billion) |
---|---|---|
1 | Allianz | 1,261.9 |
2 | Axa | 950.6 |
3 | Prudential Financial | 940.7 |
4 | Ping An Insurance | 883.9 |
Health Insurance Companies | Network Hospitals | ICR (2020-2021) |
---|---|---|
Star Health Insurance | 11000+ | 94.44% |
SBI Health Insurance | 6000+ | 60.72% |
Tata AIG Health Insurance | 7200+ | 67.27% |
United India Health Insurance | 7000+ | 106.04% |
- Our Pick Of The Best Health Insurance Providers 2023.
- Phoenix.
- NIB.
- HBF.
- St Lukes.
- Bupa.
- LaTrobe.
- GMHBA.
AVIVA PLC is the largest general insurer in the UK and a multinational insurance company with about 33 million customers across 16 countries. Bupa is a household name, synonymous with healthcare and Health Insurance, with over 31 million customers and around 83,000 employees across the globe.
What is the high deductible plan for 2023? ›HDHP Minimum Deductibles. The 2023 minimum annual deductible is $1,500 for self-only HDHP coverage (up from $1,400 in 2022) and $3,000 for family HDHP coverage (up from $2,800 in 2022).