How does the ranking of health insurance companies work?
The ranking of health insurance companies is done by a number of unbiased rating companies. Each uses slightly different criteria which can help consumers get a well rounded image of each provider. While the cost of a group or an individual health insurance plan is important it’s even more important to get with a company who you know will pay the medical bills within the guidelines of the policy.
If you’re ready to take the plunge with online health insurance quotes enter your ZIP code in the box above and start searching!
There are several great rating websites that each has a different criterion for rating health insurance companies. A.M. Best is a great resource for ratings. The Better Business Bureau is another great resource and others such as Standard and Poor’s ratings can be useful as well when shopping around.
How do these rating companies rate health insurance providers?
A.M. Best is one of the popular rating companies when it comes to all things insurance. Their website is easy to navigate, but you will need to register in order to proceed with researching a company’s rating. What A.M. Best rates is the insurance company’s financial outlook and their financial strength in the industry. It’s important to know whether or not a health insurance company will be able to pay out any large claim that you are insured for.
Those companies that have high ratings will be given a ranking somewhere between a B+ to an A++. A++ is the highest ranking given out by A.M. Best which is considered “Superior” with a great financial outlook. Those health insurance companies who are given a B- or lower may have trouble in the long run when it comes to paying out health insurance claims and meeting their financial obligations. It’s better to stick with a health insurance company who has the best rating.
The Better Business Bureau or BBB is another great resource when looking for a good health insurance company. The BBB logs all complaints and makes them available on their website for three years.
You can find out other people’s opinions and find out what issues they have had with a particular health insurance company. The BBB educates consumers, gives alerts to health insurance scams that may be out there and also has a resolution program for both consumers and businesses to use when there are disputes.
Another popular rating company is Standard and Poor’s ratings. Like A.M. Best, Standard and Poor’s rates financial strength of companies. You also have to register to use their website, but there is not a charge to do so.
Why is it important to research before signing with a health insurance company?
This is, after all, a big decision! You want to make sure your health insurance policy will cover what you need as far as medical care. Those companies who have high ratings can back up their policies with their financial stability. It’s also important to know whether or not a health insurance company has options in their plans that meet many different customer needs.
The better protection an insurance company offers the more customers they will have which will only increase their financial stability. While pricing is important for consumers it’s not all encompassing.
Those policies that have lower rates and health insurance premiums probably offer less coverage. It’s important to research what each plan will cover and to also know what you need for overall coverage.
What are some other health insurance company resources?
Look for health insurance consumer complaints online. There are several different websites besides the BBB that will provide you with information on consumer complaints. This way you can view other relevant information before deciding on a plan.
Check out your state’s Department of Insurance. There you can find reputable health insurance companies and agents listed. You can also find their information to research further.
When looking for online quotes you should make sure the website or the company is a trustworthy source. Look for information on the company’s location, phone number and fax numbers. While this company information might not be on the homepage, it should be easy to locate. It’s also important to see if the phone number provided is a working phone number, and whether you get a live person or an endless computerized answering system.
Another thing to look for is seals of approval such as TRUSTe. This can ensure that the website is not fraudulent and your personal information will be protected if you choose to apply for health insurance online.
After you have reviewed ratings and rankings, it’s time to find a provider that offers the benefits and cost you are looking for. To find free online health insurance rates simply type your ZIP code into the free finder tool!