Health Insurance - Do Your Research

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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.  I suggest completing a thorough review of any health insurance company you are considering.  In this article I will provide you with 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 the place I would recommend anyone to start research of a health insurance company, or any insurance company for that matter.  We have compiled a directory of state insurance departments.  Look up your state's Insurance Department.

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 it's 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's impossible to satisfy everyone.  Try to keep an open mind while reading other people's reviews.  I have seen many bad reviews about insurance companies which were more the insured's fault rather than the insurance company's.  For example: "The insurance company did not cover my birth control pills or any of my pre-existing conditions."  This customer could have been happy if they would have read the plans brochure.  Most individual health insurance plans won't cover contraceptive medication or pre-existing conditions and usually clearly state the exclusions and limitations of the plan in the plan's brochure.  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 / or your family.

Medical Billing Departments

All hospitals have a billing department.  I recommend that you contact the billing department within the hospital and / 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.  Often times a billing department will know the quality of an insurance companies customer service, speed of paying claims and more.

Friends and Family

Ask everyone you know if they have had experience with the health insurance provider.  Whether it's a friend, a local business owner or a family member, they may have experience with the insurance company and may be able to offer you great insight.  Again, just ask around, you are likely to find someone who has had a policy with the company.