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Which health insurance company should I choose?

Great question! I am reminded of a statement that says, “All health insurance is the same – until you actually have to use it!” You are heading in the right direction with your inquiry because you already realize that there are important differences between health insurance companies. You want to find a health insurance plan with comprehensive coverage at an affordable price but what good is the plan if the insurance company rarely pays out a claim for medical bills?

Ok, here are some things to keep in mind as you shop for a health insurance policy and begin to sort through all of the different companies. First of all, you will want to choose a company with a strong A.M. Best rating. A.M. Best is a company that independently evaluates the financial strength and claims paying ability of insurance companies and then assigns a letter grade rating. You will want to choose an insurance company that has an “A” rating or better. (Remember though that this rating only deals with the company’s financial strength as A.M Best has determined from their financial statements – A.M. does not evaluate any of the company’s health insurance plans. While A.M. Best ratings are important they are just the beginning. Watch out for health insurance companies that overly emphasize their A.M. Best ratings and do not offer much detail at all when you scrutinize their health insurance products – it may mean that their policies have limits or other disadvantages that would make them inferior to other insurance company’s product offerings).

Second, you will want to choose a company with a strong network of physicians and medical providers. This is a strong selling point to choosing one of the large insurance companies like a United Healthcare or an Aetna as they have networks that are almost nationwide. A small regional insurance company may have other positives but sometimes a very small network can be a deal breaker. Also, the larger the insurance company is and the more Doctors and hospitals that they have on their network then the more pull they have to negotiate lower rates for their members. It is not uncommon to realize discounts for medical care and prescriptions of 50% or even more with a large health insurance company. (Tip: work with an agent that can help you look up your doctor on different insurance company’s networks - most of the time you can do this online. To see quotes and plans that are available in your home zip code then use our free quote finder to request a health insurance quote from many different companies).

Third, choose a company with at least $2 million of lifetime maximum coverage and no procedure limits, calendar year limits, or indemnity benefits. Unless you are unable to obtain full comprehensive major medical health insurance because of health problems then do not go anywhere near an indemnity health insurance plan or a plan with low limits in the policy. An indemnity policy means “stated benefit”. Practically speaking, this means that no matter what the medical bill is then you will get paid the amount that is stipulated in the contract; almost always a very low amount. For example, if you break your leg with an indemnity policy and the medical bill is $25,000 when it is all said and done and the indemnity policy has a benefit amount of $5,000 stated in the policy contract then you are responsible to pay the remaining $20,000 out of your pocket. It is as if you do not even have insurance once you reach that threshold limit. These types of plans are often sold at a very cheap price but those who purchase the policy are often put in a very serious financial bind if they get hit with a large medical bill.

Why not take just a few moments and use our free quote finding tool? You can relax from the comfort of your own home or office and search multiple health insurance company’s offers. Get free health insurance quotes now!