Costco (Aetna) medical coverage: Any good?

[Mustang_Cougar]

This year we had a contract with a regional provider (Asuris), but they are not renewing our current plan...even though my employees hardly used any of the benefits. As a result, we're hunting for a new plan, which isn't easy thanks to the fact that businesses like my ours (
Anyway, I know that Aetna offers plans through Costco...plans that include dental & vision. This is very attractive, as I tend to trust Costco more than other businesses (to a certain extent). But obviously Costco is just the front for the actual broker, provider(s) & billing company. That said, I would think Costco's reputation would dictate that they would only align themselves with reputable partners (well, I would hope).

So...do any BITOGers (either business owners or employees) use the Costco/Aetna plan(s)? And if so, what do you think about it?

Many, many thanks to any opinions shared. Trying to take care of people by getting the right coverage isn't the easiest thing in the world...

M_C

 

[ctc]

I can't speak to the Aetna/Costco plans but I have had Aetna through various employers for about 4 years. As an insurance company they seem to be very good. Their online system is good and they respond to email requests rapidly.

 

[The_Jeff]

Isn't Aetna for-profit? Just sayin'.

 

[JHZR2]

Originally Posted By: eljefino
Isn't Aetna for-profit? Just sayin'.


no different than most non-/not-for-profits... It's just a matter of where the $ go.

 

[CivicFan]

I don't think there are many not-for-profit insurance companies. And they are exempt from anti-trust laws so you get what the natural result is.

But the OP should see what the prices and the coverage options for each of the alternatives are, and then be prepared to come across issues where he/she gets screwed by the insurance company.

 

[opus1]

Time out:

even a non-profit insurance company like mine needs to make some sort of profit, otherwise they're out of business. Uncle Sam hasn't taken over insurance just yet and the government is the only "business" that can run an annual deficit and still exist.....

non-profit only means that there are no shareholders to appease quarterly. At least on the layman's level. I'm sure there are more legal reasons behind that classification.

Carry on.

 

[CivicFan]

Opus1, it's a different mindset. yeah, a 5% revenues over expenses is needed just to stay afloat. It's the ideology behind decision making that is different between the for-profit and not-for-profit entities. One simple metric is to look at the compensation levels of the senior management. Not-for-profits are scrutinized by the government and cannot have excessive levels since their 990 tax forms are public information.

 

[Mustang_Cougar]

Originally Posted By: CivicFan
But the OP should see what the prices and the coverage options for each of the alternatives are, and then be prepared to come across issues where he/she gets screwed by the insurance company.

That's essentially what I'm looking for, yet couldn't put together as eloquently as CivicFan. I mean, all of the plans we qualify for are similar in premium...so I'm just wondering how bad the "screw" is with the Costco/Aetna one. It's like you never know until you're already committed to it...

BTW: Who says we need insurance reform, right?

 

[CivicFan]

Yep, the pricing/coverage, etc. is shrouded in mystery and you learn about it after they screw you. It's their main tactic and they act in a two-prong way: first, underpay the provider and then the patient.

I don't have experience with Aetna as an insured person but I would stay away any of the Wellpoint flavors (Anthem, Blue Cross/Blue Shield in a number of states, etc.) At Wellpoint, their bonuses are tied to how much money their reps can save (i.e. underpay)

 

[Mustang_Cougar]

One of the problems about "staying away" from certain companies is that for people like me, my state insurance commissioner has mandated which insurance companies have to provide coverages...as though it's some sort of "charity." As a result, there are very few options and some of the rules are ridiculous. In Washington State, for instance, I'm required to pay 100% of my employees' premiums (not to sound like I'm full of altruism, but I would do that anyway...as long as my employees didn't abuse it). I've tried to find out the reasoning behind this, even went so far to email the state commissioner, but nobody has every explained why that is. I suspect it has to do with ease of billing/collections for the insurance companies...that it was a concession by the state to save insurance companies money. Ugh...the more I think about these things the more "conspiracy theory" laden my thinking gets.

BTW: I've got a bad feeling we're going to end up going with Group Health...it's the only "competitive" bid I've received that SEEMS to have good coverages (though no dental). Sure wish we had "single payer," as I'd just give everybody a $300/month raise and tell them to go get their own.

 

[CivicFan]

Yes, it would save a lot of time and money for employers and the providers.

 

[Tom NJ]

Originally Posted By: Mustang_Cougar
Sure wish we had "single payer," as I'd just give everybody a $300/month raise and tell them to go get their own.


$300/month! Wow, I'm moving to Washington! Here in NJ my private health insurance policy for my wife and I runs $1,260/month, and the coverage is lousy. Most of the medical expenses are charged against a $2,500 deductable (each) before they even begin paying their 70%. If either of us lands in the hospital it will $5,000 out of pocket - if both of us $10,000, and that is in addition to the $15,000/year in premiums. Sigh.

Tom NJ

 

[Mustang_Cougar]

Originally Posted By: Tom NJ
$300/month! Wow, I'm moving to Washington! Here in NJ my private health insurance policy for my wife and I runs $1,260/month, and the coverage is lousy. Most of the medical expenses are charged against a $2,500 deductable (each) before they even begin paying their 70%. If either of us lands in the hospital it will $5,000 out of pocket - if both of us $10,000, and that is in addition to the $15,000/year in premiums. Sigh.

Tom NJ

I pay roughly $1450 a month for six people on the policy; the coverages aren't as draconian as yours, but they aren't all that great (ie, $2500 yearly deductible). No vision/no dental...and as I said before, the company is dropping our plan.