Overview
The healthcare sector is a complicated area. Many firms are competing for control. Aetna and Cigna are the two healthcare giants that have risen to new heights in recent years. They are among the primary competitors.
This article will present a basic comparison of Aetna and Cigna, covering their history, economic positions, products and services, client satisfaction, cost, and overall performance.
By assessing these elements, readers can acquire insights into the companies' strengths and flaws and make better-informed selections regarding which healthcare options are better suited for them. So let us find out who is better, Aetna or Cigna?
Early days of Aetna and Cigna
Both Aetna and Cigna have a significant history in healthcare, each with its unique path.
Aetna was established in 1853 as the Aetna Life Insurance Company. Over time, the company's portfolio expanded to include health insurance and excelled in it.
In 1996 Aetna’s takeover of U.S. Healthcare cemented its place as a key participant in the market.
Cigna started in North America (INA) as an insurance company in 1792. It grew into a global healthcare organization that offered insurance, medical, and other associated services.
Cigna Corporation was formed in 1982 after INA combined with Connecticut General Corporation. Since then, Cigna has expanded through acquisitions and mergers to become a competitive competitor in the healthcare business.
A quick comparison
Aetna
- It was established in 1853
- For individual health insurance, it has 2.6% of the NAIC Complaint Index
- Plan Aetna provides CDHP, HDHP, POS, EPO, HMO, HMO-POS, FSA, Indemnity, Medicaid, HSA, Medicare, and PPO
- They are available in 50 states and the District of Columbia
- Providers In Network is 1.2 million
- Yes, it Covers Telehealth but not in all states.
- Policy Management can be done through the app, website, or online.
Coverage limit, maximum annual benefit, waiting period, and coverage limit all Vary through different states.
Cigna
- It was established in 1792
- For individual health insurance, it has 1.0% of the NAIC Complaint Index
- Plans Cigna provides are CDHP, HDHP, POS, EPO, HMO, HMO-POS, FSA, Indemnity, Medicaid, HSA, Medicare, and PPO
- They are available only in 13 States
- Providers In Network is 1.5 million
- Yes, it Covers Telehealth depending on location and plan
- Policy Management can be done Through the app, website, and online account.
Coverage limit, maximum annual benefit, waiting period, and coverage limit Vary through different states.
Position in market : Aetna Vs Cigna
Aetna is part of CVS Health, which is one of the major healthcare corporations in the US. Aetna serves around 22 million medical members and has an important position in both the employer-based and government-sponsored health insurance marketplaces through its wide network and diverse products.
Cigna is a global health services firm that provides healthcare goods and services to individuals, businesses, and governments in more than 30 countries. Cigna is a key player within the international healthcare sector, with roughly 189 million client relationships globally.
Services and Products: Aetna Vs. Cigna
Aetna provides various health insurance options, such as personal and family plans, employer-sponsored plans, Medicare, and Medicaid.
Aetna also offers specialized packages like dental, eye, pharmacy, and behavioral health services. The digital health projects and partnerships with technology businesses demonstrate Aetna's commitment to innovation.
Cigna provides a full range of health insurance policies, including medical, dental, pharmaceutical, behavioral, and disability coverage.
Its comprehensive product set appeals to many customer sectors, including employers, individuals, and government agencies. Cigna has also invested in medical technology and telemedicine services to improve its clients' access to care.
Costs: Aetna Vs Cigna
Health insurance premiums are tailored to each individual. The cost of insurance for health care can be influenced by your age, region, plan type, coverage limit, deductible, and insurance company. If you seek a low premium, high-deductible insurance is your best bet.
If you are eligible for Medicare, Aetna could be ready to offer you a $0 premium for Medicare Part A (hospital coverage). Some insurance also includes a zero-dollar deductible.
However, this does not imply that you can obtain free coverage. Medicare Part B, which includes vital services such as tests, exams, and medications, is normally required to be paid for.
The fees can vary greatly if you select a Cigna private health insurance plan.
Customer Feedback and Ratings: Aetna vs. Cigna
Customer satisfaction is an important factor in determining the performance and trustworthiness of insurance firms. Customers have provided feedback to Aetna and Cigna, and ratings can provide insight into their strengths and flaws.
According to the National Committee for Quality Assurance (NCQA), Aetna has regularly done well in consumer satisfaction and quality of care. It has gotten high marks for its provider network and accessibility to healthcare services.
However, some customers have reservations regarding Aetna's administrative processes and claim handling.
Cigna has also received high marks for client satisfaction, emphasizing personalized care and assistance. It has received accolades for its dedication to preventive care and proactive health management.
However, Cigna, like every large insurance company, has experienced criticism for claim denials and disputes, which have resulted in customer discontent in some cases.
Suppose we have to compare both. Aetna has gotten more complaints compared to Cigna. But Cigna has fewer branches compared to Aetna.
Financials and Performance: Aetna vs Cigna
Aetna's economic performance has been strong, aided by its merger with CVS Health. The company showed steady revenue growth and profitability.
Aetna's long-term investments in data analytics and technology have aided in improving its operations and reducing costs. Its acquisition of US Healthcare, as well as later expansions, has broadened its customer base and broadened its product offerings.
Cigna has also generated consistent financial results over the years. The increase in revenue has been aided by the company's global reach and varied product portfolio.
Cigna's strategic acquisitions, including acquiring Express Scripts, a pharmacy benefit supervisor, have bolstered its market position. Cigna's focus on reducing healthcare expenses while advancing value-based treatment has also resulted in excellent financial returns.
Conclusion
Choosing between Cigna and Aetna goes down to your choices and requirements. This makes it difficult to state which is better. Both have huge provider networks and offer similar plan varieties to their customers.
Cigna is provided in just 13 states. The NAIC complaint index for Aetna is higher. According to the 2022 JD Power and Associates assessment, they both received low rankings.
You should thoroughly research plans and see which plan suits your need best. Now it's up to you to decide which is better, Cigna or Aetna.
FAQs
- What is Cigna's position?
Cigna is situated in Bloomfield, ranked 15th on its most recent Fortune 500 list.
- Is Cigna only in Us?
No, it's available in 30 different countries. And it's available in 13 states in the US. Arizona, California, South Carolina, Colorado, Connecticut, Florida, Maryland, Missouri, Georgia, North Carolina, Tennessee, and Texas are among the states represented.
- Who is the biggest competitor of Cigna?
The biggest competitors of Cigna are Aetna, Erie Insurance, and Markel.
- What Kind of Health Insurance Plan Can I Purchase?
Everyone's ideal health insurance plan is unique. Your plans are determined by your budget, family members, health in general, and frequency of doctor visits. HMO, PPO, & EPO plans are three major health insurance plans offered by Aetna and Cigna.
