Tips for choosing an insurance company
Don't get rocked when you enroll ...
When you purchase insurance, you are buying the insurer's promise
to make the payments specified in the policy if you incur covered
medical expenses. To fulfill this promise, the company must be
willing and able to pay the claim. How can you be sure your chosen
insurer is solvent? The best way to investigate a company's ability
to pay claims is to check out its financial stability. |
|
 What about choosing a carrier?
HealthInsurance.com has strict criteria for choosing carriers.
Once potential carriers are identified, HealthInsurance.com reviews
their products, their ratings, their reputation and their competitiveness
in the market. In addition to independent studies and resources,
HealthInsurance.com utilizes the following tools for carrier review:
- NCQA (National Committee for Quality Assurance)
This committee
uses clinical audits and customer
feedback to report on the quality
of Health Maintenance Organizations
and Point-of-Service plans.
- AM Best
Insurance carriers are alpha-rated based
on overall financial strength and
ability to meet claims commitments. HealthInsurance.com
only includes carriers with a B+
or higher rating. B+ is a secure, very good rating.
- Standard
and Poor's
Similar to AM Best, this
group rates financial security of
carriers by checking the carriers' ability to pay claims
in accordance to
terms of issued policies. HealthInsurance.com
only represents carriers with BBB
or higher ratings. An insurer rated BBB has good financial
security characteristics.
How does insurance reform affect you? Find out ...>> click here |
