Many of the biggest health insurance companies in the country are names that you are probably familiar with. UnitedHealth Group, Wellpoint, Kaiser Foundation Group, Aetna, Humana, Cigna, Coventry Health Care and Blue Cross Blue Shield are amongst the largest health insurance companies you may recognize.
If you would like to compare health insurance rates from the biggest companies, simply input your ZIP code in the FREE quote tool to get started!
While some large health insurance companies offer good personalized service and have very good reputations, not all do. In fact, some of the most favorable reputed insurers are ones that are smaller. It is important to choose your health insurance company based on a variety of factors, not just the size or name recognition of the company.
What should I know about health insurance companies before I choose one?
Before you choose the health insurance company to provide your next health insurance policy, it is necessary to delve into the facts about the companies you are considering. Luckily there are a number of resources that can help you get this information quickly and easily.
The first thing to do is check out the ranking of health insurance companies from one of the independent insurance ratings firms. Companies like Moody’s, Standard & Poor’s and A.M. Best all compile comprehensive financial data for insurers. This information tells you how they are currently performing and how they expect to perform financially in the future.
Another place to get valuable information on health insurance companies is through online review sites. There are many such websites available, where actual customers will review the service given by a company. Such information can be very enlightening as you look for health insurance coverage, as you may discover things that you may not have even thought of.
To find such reviews, you can simply do a search for reviews or complaints and the company by name. Alternatively you can check with a reliable watchdog site like the Better Business Bureau.
What makes rates different from one company to another?
There are a variety of factors that make rates differ from one company to another. In fact, underwriting, the method of assigning value to risk, differs greatly from insurer to insurer. While many of the same factors are considered, how they are weighted can differ greatly, resulting in a wide variety of insurance prices. Some health insurance companies have guidelines that are so strict that it is hard to qualify for their policies. Even if you do, prices are often very high if you do not meet their preferred standards.
Another difference to rates comes from the details of the different health insurance plans available from each company. If you choose a company that offers lower annual limits of coverage, has higher out of pocket maximums and a limited network of providers, you can expect to save money on your premiums. The less flexibility and coverage you have in a plan, the lower your health insurance premiums will be.
What should I look for in a good health insurance plan?
In addition to choosing a good company for your health insurance coverage, it is equally important to choose a plan that meets your needs. When you need new health insurance, before you start shopping around you should have an idea of the type of coverage you want.
In order to figure this out, ask yourself these questions:
- Do I want only catastrophic insurance to cover serious injury or illness?
- Do I want a plan to cover preventative health care and other issues that may arise?
- Do I foresee certain illnesses or conditions (like pregnancy) in my future?
- What out of pocket maximums am I capable of affording?
- What limits do I feel comfortable with?
- How much can I afford per month for premiums?
- Is remaining with existing providers important for me?
- Will I be insuring dependents on my plan?
After answering such questions, you will understand which aspects of a health insurance plan are important to look for. You will also know when to reject a plan because it does not meet your needs. Use your newly defined health insurance requirements to shop for the best possible coverage.
Collect a variety of health insurance quotes from both the biggest health insurance companies and smaller ones and compare them. This will help you make the right choice for your next health insurance plan.
Get your online health insurance shopping started now. Type your ZIP code into the FREE search tool to see a range of health insurance quotes!