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How can I find reputable health insurance companies?

reputable health insurance companiesFinding a health insurance company that is well known for its products and services can be challenging. However, when it comes to finding the right family health insurance, locating the company that has the highest reputation can be essential.

If you’re ready to search reputable health insurance companies you can simply enter your ZIP code and search different health insurance rates now!

When looking at health insurance rates it’s always a good idea to find the rates that meet your budget, but to also follow up with some research on the insurance company. A.M. Best is a great resource for checking out both a company’s reputation, but there financial outlook as well.

What are the different types of health insurance plans?

According to the American Speech-Language-Hearing Association, there are three different types of health insurance plans. They are typically Medicare, Medicaid and private health plans.

The private health insurance policies have different options depending on the company.

  • One of the popular health plans are Health Maintenance Organizations or HMO plans. These are prepaid health plans. Those people who have an HMO have a monthly premium. An HMO plan will provide you with health care for your family and yourself which includes such things as ER visits, doctor’s visits, hospital stays, surgery and medical tests.
  • Point of Service or POS insurance plans are another private health insurance option. There are many HMO that offer POS plans. With these plans those who are insured can refer themselves outside of their insurance plans preferred specialists and still receive some coverage. If a doctor within the preferred plans list recommends the insured to a specialist outside of the plan, then the insurance company will cover most of the costs of the bill. If the insured refers themselves they will have to pay some amount in coinsurance.
  • Preferred Provider Organizations or PPO is a combination of the HMO plans and also a traditional fee for service plan. A fee for service plan means the health insurance companies will pay for the fees of a medical service the insured person uses. A PPO is like an HMO, but the preferred doctors, hospitals and services offered are limited. When those preferred services are used, most of the medical bills are covered by the insurance company. Another important difference with PPOs is that filling out forms doesn’t have to be done when you present your insurance card.

PPOs and HMOs have some similarities. There are health insurance copayments with PPO plans and with some services there might be coinsurance and deductibles the insured have to pay as well. PPO plans require you have a primary doctor which is the same for HMO plans. They usually cover preventative care which can include immunizations, physicals, pregnancy care, and mammograms.

What are some signs a health insurance company is reputable?

find reputable health insurance companiesCheck out the validity and legitimacy of a company through the Better Business Bureau or BBB. If you are considering a health insurance company that is not listed with the BBB than it might not be as reputable as those that are.

It’s important to check out the fee structure of each health insurance plan. While companies may have similar rates, they can vary in fees.

A reputable health insurance company will offer both managed care plans and indemnity health insurance plans. These companies should offer you both, but do so in a manner that is easy to understand. Those health insurance companies that aren’t straightforward with their insurance plans or use complicated lingo may not be as reputable as others.

What are some signs that a health insurance company is not reputable?

There are those cases where health insurance companies are not reputable and some cases where they are downright fraudulent. Scam health insurance companies do exist. There are some signs to look for to help spot these types of plans and companies.

  • When a health insurance company tells you that they can give you guaranteed coverage with a pre-existing condition. Pre-existing conditions are not ideal for health insurance companies to insure and if they are willing to insure someone with a condition, it’s usually at a much higher rate.
  • Those health insurance companies that have extremely low rates compared to competitors should raise a red flag. Most reputable companies keep the same price range in order to stay competitive; any company that is way below that price range may not be a good choice.
  • Another telltale sign of fraudulent health insurance companies are those that say they are exempt from state insurance licensing requirements. There are a few companies that actually fall under this, but it’s very rare and not usually available for individual health insurance plans.

It’s a good idea to read consumer reviews and be familiar with any company you intend to do business with. Use the rating and consumer sites mentioned to get a feel for the company’s reputation. To help you find some reputable companies, use your ZIP code and search online health insurance rates today!