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Health Insurance Company Ratings

Understanding where health insurance company ratings come from and the information they contain can go a long way in helping you choose the pest provider for your needs.  Whether you obtain company ratings from websites, customers, or independent auditors, they are full of useful information on the health insurance providers you are considering. The facts below will guide you as you compare health insurance company ratings and get quotes from available insurers.

The Definition Of Health Insurance Company Ratings

A health insurance company rating is basically a review of the company’s financial strength and ability.  These ratings can not tell you how good a company’s plans are or anything about the actual service of a company.

The major point of health insurance company ratings is to provide you with a look at the aspects of a company that you can not easily find out from the company itself.  Things like annual profits and revenues, how happy its investors are, its longevity and credit standing. Why do these matter to you?

When you know that the insurance company has a good financial situation then you can feel better giving them your business.  A financially stable company will be able to pay the claims presented to them and be able to provide you with stable coverage.

So where do you get these ratings and what do they mean?

Who Offers Health Insurance Company Ratings?

There are two unbiased sources of information for obtaining ratings. These are past customers and independent auditors.

Past (and current) customers are a great source of information for things like:

  • How quickly do they process a claim?

  • Is it an easy system to navigate?

  • Does the coverage seem reasonable?

  • Is it widely accepted by providers?

The down side is that your medical needs are vastly different from your friends and family. So great coverage for them may not equate to great coverage for you. However, it’s still good to know that others have been pleased with the service and were treated fairly.

Independent auditors can be found online and often offer free assessments of insurers. The top 3 are Moody’s, A.M. Best, and Standard & Poor’s. Each has a different set of measurements which are available on their website, but they tend to evaluate the financial stability of the insurance companies.

This is not relevant to your getting appropriate coverage specifics. It does matter that you know your provider will pay your bills.

Using A Health Insurance Company Rating

Health insurance company ratings range from AAA to CCC and can also include a plus or minus.  AAA companies are ranked the highest.  You will want to make sure that you understand the ratings, so you can get use out of them. Ratings are explained on independent sites.

You can look up the company you are interested in or you can search through the companies based on the ratings.  Basically you will be checking out the companies that are ranked the best if you are going to be searching for a good provider.

You should also know, though, that these ratings are not exclusive.  They tell you nothing about how the company performs for their customers.  You should use these ratings as part of your evaluation of insurance providers. 

You have to keep in mind that a high ranked company may be a better choice because they have the financial stability to back up their service, but they could be horrible in customer service.  Again, don’t forget to ask those friends and neighbors. You just can not know without doing more research.

Benefits You Get From Health Insurance Company Ratings

Using a health insurance company rating will give you information that you will not be able to find easily elsewhere.  Most companies are not going to showcase their finances on their website.  You will need to search around for that information.  With these rating you have the information right there. 

You can benefit from using these ratings because you will get to see how financially secure a company is.  You may even notice if a company is starting to struggle.  You can safeguard your investment and your medical coverage by avoiding companies that may not be doing well financially.

The worst thing to happen is to invest in premiums and other costs of a health insurance policy only to find out when you really need the coverage that the company can not afford to offer it to you.  You are left with little to do but try to find a new provider.  You can see how rating can be a big help to you.

Beyond Health Insurance Company Ratings

 

Health insurance company ratings are only part of the picture.  You will also need to shop around with different companies so you can get the best deal on insurance coverage.  To do this you need to start getting quotes.

You will want to look at all the aspects of a company and the policy they have to offer you. Limiting yourself to only judging companies by their ratings is not a good idea, as explained.  So, you can start by choosing companies with good ratings and then get quotes from those companies.

You can use our quote tool to get fast quotes from multiple insurance companies.  Now you can use health insurance company ratings as one criterion to help you make an informed choice. Why not take advantage of the free health insurance quote comparison  tool above and get started finding health insurance now?