The consequences of dealing with a financially strapped health insurance company often go far beyond the potential loss of premium dollars. Consumers depending on a weak healthcare company can suddenly find themselves with reduced coverage, less access to specialists, and poor customer service as the company cuts costs in an attempt to regain its financial footing.
Likewise, physician groups and hospitals can expect to experience delinquent payments from a troubled health insurer, sometimes giving way to an outright default on their payments. And every employee that becomes dissatisfied with the quality of his or her healthcare magnifies the headaches for employers, especially employee benefits managers.
That's why it is critically important to periodically monitor the financial condition of each health insurer with whom you have a relationship. It is also critical to know that you can count on your insurer to expedite your information and claims in a timely manner. To that end, the following links will provide you different perspectives, to help you in your evaluation.
NCQA produces a Health Plan Report Card. It is an interactive tool designed to help you find the health plan that's right for you. NCQA sets standards for the quality of care and service that health plans provide to their members. Health plans that meet their standards receive NCQA Accreditation, which is nationally recognized as a seal of approval.
Weiss Ratings Inc. rates HMOs and health insurers according to their financial strength as a company:
A.M. Best also assess insurers' financial strength, to provide an opinion of an insurer's financial strength and ability to meet ongoing obligations to policyholders.
Fitch Ratings provides an opinion on the ability of an entity or of a securities issue to meet financial commitments, such as interest, preferred dividends, or repayment of principal, on a timely basis.
Health Grades provides, for purchase, reports on the quality of nearly every physician, hospital, and nursing home in the country
*These sites are independent of eHealthInsurance.com, and eHealthInsurance.com does not receive any funds from these rating organizations.