Where can I find good group health insurance companies?
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Good group health insurance could be defined as insurance that provides coverage for the medical services that employees need with reasonable costs. There are many resources for locating the best group health insurance that will work as a true benefit to employees.
What are some online resources for finding good group health insurance?
Firstly, there are online quote websites, such as this page, that can find health insurance companies for any particular area. Each state has its own licensing laws and requirements for insurance providers; group health insurance companies will vary from state to state. Using your area’s zip code will provide the best matches for insurance companies that sell group health insurance.
Another area that can be explored is the home website of a health insurance provider. Most of the large health insurance companies maintain interactive websites that have all of the information about the company. If the company provides group health insurance, then the website will explain about that particular line of insurance. Many of the individual companies’ websites have quote systems as well; this allows an employer to research and compare quotes from multiple companies.
Furthermore, a state’s department of insurance regulation website will also have resources for finding companies that supply group health insurance. Many of the insurance regulation websites allow a user to search the ownership and financial history of a company as well.
What are some other resources for finding good group health insurance?
There are pages and pages of insurance providers in the phone book, but one way to choose a few to research is to speak with industry contacts about their insurance providers. Most companies have working relationships with similar companies that would have similar group health insurance needs.
For instance, restaurants work with food vendors, construction companies work with contractors, and retail stores work with suppliers; similar lines of business will likely have similar health insurance needs, and those industry contacts are a great resource for finding a group health insurance provider.
How do you know if a group health insurance company is good?
Initially, employers searching for group health insurance to provide for employees should check every company with the National Association of Insurance Commissioners, or call 1-866-470-NAIC, to ensure that the company is legitimate. Unfortunately, there are fraudulent companies that are only interested in stealing money.
Next, an employer can contact The Better Business Bureau to get a rating about any company’s track record of resolving customer complaints. If an insurance company has a poor rating with The Better Business Bureau, then it might not be the best provider for group health insurance.
Subsequently, an employer should also look up the financial ratings of any health insurance company that is a candidate for supplying group health insurance. A company that is financially sound is more likely to be able to provide coverage for participants for the long run. A company with a poor rating may not have the financial stability to meet its insurance obligations in the event of a catastrophe or economic downturn; this could leave employees at risk.
Lastly, there are many rating companies for health insurance providers that are designated as a Nationally Recognized Statistical Rating Organizations (NRSROs) by the U.S. Securities and Exchange Commission (SEC). Such companies are Moody’s Investor Service, Inc., Standard & Poor’s, Fitch Ratings and A. M. Best Company. These ratings companies provide assessments and scores of insurance companies’ financial stability.
How do you know if the quoted rates are good?
So many different aspects go into a group health insurance quote that it is hard to know what rates are reasonable and which are too much.
Asking those industry contacts that recommended health insurance companies are a good place to get a price range for the insurance costs for a particular industry or company.
Another resource is an insurance calculator. The Money-zine insurance calculator can compare two health insurance plans at a time. This is a good way to get an idea of average rates.
However, it is recommended to get multiple quotes to find the best group insurance rate. Then the quotes can be compared side-by side for a more in-depth comparison. It is good to remember to look for the options that employees need rather than just low cost; even inexpensive insurance will be a waste if it is not used by employees.
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