There are companies that do periodic reviews of private health insurance so that you can make a more informed choice. Health insurance is an important thing for everyone to have but it is extremely confusing. One way to make it a bit easier to compare and choose a health insurance provider is to read reviews of different companies and plans.
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There are a number of places you can find health insurance reviews. The most convenient way to look at a lot of information and reviews of health insurance companies is to do a search online. Some online ratings of health insurance companies are done by a particular company. Others reviews and ratings are submitted by consumers who have experienced what these health insurance companies are like.
Private Health Insurance
Private health insurance is health insurance that is offered by companies that make money off of your premiums. The goal of any insurance company is to spread out the cost of health care so that it is more affordable for you. There are different types of health insurance- private, group, and public.
Public health insurance is health insurance that is offered by the government. In the United States, there are government sponsored plans that are for certain groups of people. For a list of different plans offered by the government, visit the Insurance Information Institute.
Some other countries only offer public insurance. This means that the citizens pay taxes for healthcare and everyone has equal opportunity to receive medical services. Group health insurance is offered by employers or other types of organizations. Private health insurance is offered to those who do not have the opportunity to get coverage through their place of work.
Group and Private Health Insurance
Although both group and private insurance are offered by companies who are for profit, there are differences for the recipients of each one. With group health insurance plans, the employer helps pay for the health insurance premiums. Some companies pay 100% of the cost; other companies pay for part of the premium and the employee is responsible for the rest. With private health insurance plans you are responsible for 100% of the premium.
With group insurance plans, risk is spread out among all of the insurees. This means that the costs are less in general. It also means that you usually would not be denied health insurance coverage, even if you have a preexisting condition.
With a group plan, if you lose your job or switch companies, you lose your insurance coverage. With a private plan, you will continue to have coverage if you change jobs as long as you keep up with the payments.
With private health insurance, if you have had previous health problems, you will have a much harder time getting coverage than with a group health insurance plan. Some companies will completely deny health coverage because of a preexisting condition. Others will accept you but will deny that particular condition from being covered.
Criteria Used to Review Private Health Insurance
Many people wonder how the ranking of health insurance companies works. With reviews of private health insurance, there are a variety of things that are scrutinized and reviewed. With companies such as J.D. Power and Associates, they tally consumer ratings in reference to the five biggest companies in each state.
Consumers rate health insurance companies on a scale of one to five in eight different categories. The categories are:
- Provider choice
- Benefits and coverage
- Information and communication
- Overall experience
- Customer service
- Health claims processing
- The approval process
After adding up all of the points, J. D. Power then names the highest ranked health insurance company according to consumers.
Other companies review private health insurance companies according to their financial health. It does you no good to choose a health insurance company because of its popularity. You need a health insurance company that is financially strong enough to pay out on health insurance claims.
There are a number of companies that rate insurance companies. A. M. Best is one of them. The company reviews different financial aspects of insurance companies and rates them on their website, which is available to the public. A.M. Best lists the company’s size, current financial rating, long term rating, and outlook. It is best to choose a company with a rating of A or better and one with a stable outlook.
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