Cigna Health Insurance Company Review
If you’re an employer, looking for a group health insurance, our Cigna health insurance company review will help you know if this company is right for you. There are many insurance companies that offer group health insurance but very few can compare to the prestigious list of Fortune 500 companies that use Cigna to provide health insurance for their employees.
While Cigna also provides individual health insurance and Medicare plans to consumers in more than 15 states across the country, their main focus is providing group benefits to small and large companies in the U.S and around the globe. This is why Cigna makes our list of the Best New York Health Insurance Companies.
Cigna is a global health service leader that provides medical, dental, disability, life and accident insurance to consumers and businesses. In 2016 Cigna was the sixth largest health insurance provider in the world calculated by earned revenue.
Their Global network includes more than 1 million relationships with health care professionals, clinics and facilities including:
- 96,000 Behavioral health care professionals
- 70,000 Pharmacies
- 76,000 Vision care providers
- 140,000+ Dental facilities
If you are a small business owner lucky enough to qualify for a Cigna health insurance plan, you know the importance of Cigna’s plan diversity and vast network of doctors and hospitals.
Cigna Health Insurance Company History
Not many insurance companies can date back to the days when Kings ruled most of the world but Cigna is one of them. The insurance company was founded in 1792 by a group of Philadelphia citizens. They formed the Insurance Company of North America (INA) which was the first marine insurance company in the United States.
In 1865, the Governor of Connecticut signed a special law creating Connecticut General Life Insurance Company (CG). In 1919, the company began its move into the health insurance market.
The name Cigna was formed in 1982 through a merger of INA Corporation and Connecticut General Corporation.
Cigna is headquartered in Bloomfield, CT and Philadelphia, PA. Their customer service number for employers and employees is: 1.800.244.6224
Health Plans for Small Businesses (51 to 250 employees)
Cigna Guided Solutions
Guided Solutions provides a suite of flexible group benefit solutions including medical and prescriptions, dental, vision, disability, life and accident insurance. If you’re an employer with more than 51 employees (New York, 100 eligible employees), Cigna is offering its own Private Retail Exchange solution where clients and eligible employees can access health insurance and ancillary products online. Their online portal allows your employees to sign up for benefits, change family membership and view claim processing.
Cigna Guided Solutions offers your employees access to two networks:
Cigna LocalPlus®: Gives your employees cost effective access to local quality doctors, specialists and hospitals where they live.
Open Access Plus (OAP): Gives employees more choices and convenience for medical care with direct access to Cigna’s national network.
Health Plans For Medium To Large Businesses (250+ Employees)
Cigna Funding Solutions
Cigna Funding Solutions offers two options to employers that helps employers and employees save money with predictable premiums and medical expenses.
Level Funding Program:
The level funding health program combines traditional fully insured medical insurance with a level premium that does not change for one whole year. Premiums are calculated on the employees’ health and medical history. Medical bills are paid by Cigna and if there are less claims than anticipated, funds are refunded to the company/employees.
Self-funding with Stop Loss:
Very similar to a Health Reimbursement Arrangement, this plan requires a third party administer (TPA) and claims are paid via an employer’s dedicated bank account. The account can be funded by the employer or employee through premium payments.
Medical expenses or claims are paid from the bank account up to a certain amount, i.e. deductibles, coinsurance. Once met, the balance of claims are paid by the insurance carrier, Cigna.
Since this is not a fully insured medical plan such as the Level Funding Program, the employer has additional benefit flexibility, lower premiums, employee funding and so on. But the employer also takes on more risk is responsible for all covered claims. Cigna offers optional Individual and Aggregate Stop Loss protection to offset that risk.
Cigna Health Plan Options
Like many insurance companies, Cigna offers your company a diverse range of health care options. You can choose the plan or plans that fit your employee’s needs.
The Cigna HMO Plan is an in network only plan. You are required to choose a Primary Care Physician (PCP) and if you need to see a specialist, a referral must be provided by your PCP. There are no out of network benefits or reimbursement with this plan.
HMO Point of Service (POS) plan
Similar to their HMO plan, this plan combines in network medical care and out of network services. A PCP is required to see a specialist in network but you also have the freedom go out of network with this plan as long as your PCP provides a referral.
Open Access Plus In Network
Cigna’s OAP plan is an in network only plan but gives employees access to Cigna’s vast national network of doctors and hospitals. For your health care to be covered by the plan, you must choose a health care professional who is in the Cigna Open Access Plus network. Referrals are not needed to see a specialist but any out of network care is not covered.
Open Access Plus plan (OAP)
You choose the doctor or facility that works best for you and you are not required to choose a PCP. You have the freedom to go in network or out of network and still be reimbursed for all your medical care services.
Preferred Provider Organization (PPO)
Cigna’s PPO plan lets your employees choose a network or doctor of their choice. In network and out of network medical care is covered.
Cigna Health Insurance For Your Small or Large Business
If you are looking for a group health plan which not only serves the small business market but also the large business market, Cigna is probably one of the top insurers in this field. Employers have numerous plan options and access to a vast network of quality doctors and health care facilities.
Your employees will love having Cigna as their health care provider. We can help “shop” a health plan for you and compare plan options side by side so you can make an educated decision.
At Healthplansny, we work with the best health insurance companies in New York, New Jersey and Connecticut. We are not beholden to any particular insurance company. We are independent agents and we work for you, our client! If you would like a free group health consultation, give our office a call at: 800-234-3702