A health insurance company may be popular for their low premiums, their good customer service, for their high approval process, or because they bring in the most money via premiums.
You can start searching for online health insurance immediately just by entering your zip code.
Insurance companies also vary in popularity according to which state they are in. Just because one company is popular in one state doesn’t mean they have the same acceptance in another. When you look for a good insurance company, make sure to do your due diligence and research all aspects of the company.
Health Insurance Terms
Whether or not you choose a health insurance company that is popular, it is important that you understand and know what the terms mean in regard to your policy. If you don’t understand them you may be in for a real surprise when you actually have to use your insurance.
- Copay: Most insurance policies include a copayment. This refers to the amount that you are responsible before the company will begin to pay for a service, procedure, or prescription. This is an amount that is fixed.
- Coinsurance: Coinsurance is a bit different than a copayment in that it is a percentage of the cost rather than an actual fixed amount. Again, this is what you pay before the company does.
- Deductible: The health insurance deductible is the amount that you owe before the insurance coverage begins kicking in. People who want to save money on their premiums will often choose a high deductible. If you choose to do so, make sure you realize this is what you pay before any insurance kicks in.
- Coverage Limits: Limits of your coverage refers to the maximum amount that the insurance will cover. After that amount is reached, you are responsible for the rest.
- Out of pocket: Out of pocket limits or maximums refer to the highest amount that you as an individual are responsible for. Once that amount is reached the insurance company is responsible for the rest of the expenses, as long as they are covered under your plan.
- Premium: The insurance premium is the amount that you pay in order for you to keep your insurance coverage. This may be paid annually, semi-annually, or on a monthly basis.
- Exclusions are the services that your insurance plan does not cover. If you need a medical procedure or test that falls into the category of exclusions, you will have to pay the entire cost of that service.
For more information about health insurance terms you can go to the Insurance Information Institute website. If you understand basic health insurance terms, it will help you decipher the language of the policies you’re considering.
Top 10 Health Insurance Companies
The National Association of Insurance Commissioners ranks the top companies dealing with health insurance on an annual basis. This ranking was based on market share, based on the amount that was taken in through insurance premiums.
The top 10 companies in 2009, in no particular order, include the:
- Kaiser Foundation Group
- United Healthcare
- Highmark Group
- Wellpoint Inc.
- Coventry Corporation Group
- Aetna
- HCSC Group
- Blue Shield Group
- Humana Group
- Independence Blue Cross
Top Ranking Categories for Health Insurance Companies
Market share is not the only way to rank insurance companies. J.D. Power and Associates is a company that ranks and rates a number of industries based on customer feedback and surveys. The company itself does not do any of the research, but rather relies on what consumers say.
The insurance industry is one that is surveyed and ranked on the website. The company rates health insurance companies based on a variety of factors and gives them a rating score of between one and five, five being the best rating.
For health insurance providers, J.D. Power and Associates uses eight categories for consumers to rate. The first four categories are the choice offered for particular providers, your overall experience, communication and information by the company, and benefits and coverage available.
The other categories include the level of customer service, how claims are processed, the approval processes, and statements. A number of companies are ranked and then J.D. Power and Associates gives the highest ranked company a reward.
These rankings are done for each state. In order for you to determine the rankings of companies in your state, visit the website of J.D. Power and Associates. This is a good way to determine which are the best health insurance companies in your individual state.
Fill in your local zip code to compare health insurance rates right now!