How to Choose a Health Insurance Carrier

Health Insurance- Do Your Research

It seems every time you turn around someone is telling a horror story about a health insurance company they were insured with. With as many health insurance providers out there, you should be able to find a plan to fit your needs. It’s a good idea to thoroughly review any health insurance company you are considering. In this article, we’ll discuss some handy ways you can research a health insurance company.

State Insurance Departments

Each state has a government agency which regulates all insurance companies that conduct business in the respective state. The state's Insurance Department is also where people would submit a complaint about an insurance carrier. The Insurance Department will often keep track of complaint ratios, past rate increases and past lawsuits for each company. The state Insurance Department would be a great place to start for anyone planning to research a health insurance company.

Insurance Rating Companies

Insurance rating companies take a good look at a health insurance company's financial standings. Rating companies will look at how much worth the company has with its assets, compared to how much money is at risk from insurance policies. They also rate other factors, such as customer service, claim payment history and more. The two most popular rating companies are AM Best and Standard & Poors.

Internet Research

As always the internet is a great place to research anything, insurance companies are no different. When looking up an insurance company on the internet, just remember, every insurance company is going to have some complaints. After all, it is impossible to satisfy everyone. Try to keep an open mind while reading other people's reviews. Sometimes bad reviews about insurance companies actually end up being more the insured's fault than the insurance company's. That said, if you use the internet with an open mind, it can be a great tool to help you decide if a health insurance company is the right one for your and your family.

Medical Billing Departments

All hospitals have a billing department. It’s a great idea to contact the billing department within the hospital or clinic you go to. Ask them if they have heard of the insurance company, and if they have a good history of paying claims that have been submitted to them. Oftentimes a billing department will know the quality of an insurance companies’ customer service, speed of paying claims and more.

Friends and Family

Good old fashioned, word of mouth is always a great resource. Ask your friends and family if they have any experience with a particular health insurance provider. They may be able to offer useful, first-hand insight. Many health insurance carriers have built their business on great reviews.

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