Health insurance companies are looking to make a profit. In order to do that, some companies take extreme measures and place loopholes in their policies in order to not have to pay the claims submitted by consumers. Unfortunately, there are some scam health insurance companies.
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How can you find a reliable health insurer?
The U.S. Government’s website provides some tips for finding a reliable health insurance company. Always check reliable sources such as your state’s insurance department to see if they have any information on good insurance companies and their rates or premiums. This should give you a good idea of which health insurance companies are in your area and what the going rate for their premiums are.
Once you’ve researched several sources, it’s important to check their financial stability and outlook on rating company’s websites such as A.M. Best. While you’ll need to fill out a membership, the website is free and offers reliable information to the savvy consumer. There are other businesses which participate in ranking health insurance companies such as the prominent Standard and Poor’s.
Look into what other customers are complaining about. The internet is a great research tool for finding dirt on companies. Consumers who aren’t having their claims paid often warn others to stay away via the internet. Another great way to look into this is to go to the Better Business Bureau’s (BBB) website.
Can I avoid being taken advantage of?
Some say that all health insurance companies are corrupt and are in it for profit and not to provide a service to customers. Whether or not this is true depends on your view of it. However, there are some health insurance companies who set out to scam people.
There are some red flags to look for when purchasing from a health insurance company. For one make sure you’re checking the premiums of several different health insurance companies in your area. If you find a health insurance company that has a monthly premium way below the others then you should be suspicious.
A health insurance company that has lower health insurance premiums than the rest will be making up that money somewhere else. Make sure to find out what the deductibles, copayments, coinsurance and yearly limits of coverage are before signing. If you find a health insurance company that is willing to cover you with no extra costs or higher premiums even though you have a preexisting condition, you should really start research the company before signing.
Using the rating websites is essential in finding a great health insurance company to work with. However, if you find a health insurance company rated B- or lower on A.M. Best, then beware. The best companies to work with are those that have at least a B+ rating. Those which are rated lower could be on their way out and perhaps even on the verge of bankruptcy.
Are all health insurance companies corrupt?
In general, insurance companies have a bad rep. They are a for profit business and are looking to find customers who are low risk in potential health care costs in order to make that profit! There are those companies who have all of their information and possible loopholes right in plain sight in their policies and others try to hide it or make it confusing to understand.
It’s important to know your health insurance policy budget and benefits beforehand; that way you can prepare yourself if and when a medical emergency happens. An article published by the American Journal of Medicine and advertised on CNN Health found that 60 percent or more of bankruptcies in the U.S. are because of medical bills.
There are even studies that suggest almost 41 percent of U.S. citizens who are working age have medical debt or problems paying their medical bills. Meanwhile, the profits of U.S. health insurance companies have increased dramatically over the past three years, and went up 56 percent in 2009 alone. There seems to be a fine line between corruption and profit, even where reputable health insurance companies are concerned. It’s always a good idea to stay organized and keep your medical bill information on hand.
For those who are interested in getting a variety of health insurance quotes put your ZIP code in the FREE quote tool to look up companies in your area!