The Utah Health Insurance Company You Select

In addition to looking at the benefits and cost-saving measures of a health insurance company you should also consider the insurance company itself. While there are many rating systems around these days, some of them measure aspects that are really don’t relate to the service or safety you would receive as a policyholder.

It’s also important to realize that “average” rated companies with long histories in business may be more secure for you than newer companies that currently have high ratings. Those high ratings could diminish; you may be safer with a company that shows more consistency and perseverance.

There are two main areas which you should question when selecting a health insurance company:

SERVICE

Try to be sure that the company is service-oriented. They should have a standard response time for policy holder inquiries and they should tell you what it is. They should also have a standard for claim handling time on the average. You want to be sure that when you have a question or a claim that it will be handled accurately and promptly.

ASSET SAFETY

One of the best measures of security and long-term stability of an insurance company is the make-up of its investment portfolio. If its assets are secure, then you can have greater peace of mind that your future claims will be able to be paid.

Insurance is a risk business. The insurance company takes a risk when it issues you a policy. The only way to maintain your security in this risky business is to assure that the assets standing behind your policy are safe and secure.

You should look for a company that has a strong and conservative investment philosophy. It should have the vast majority of its investments in investment grade securities. While these types of investments don’t have the big yields of some junk bonds, they also do not have high risk associated with them.

In short, you want to know that:

The insurance company you choose has a policy with the benefits you need
The company works hard to keep costs down so that your premium will not escalate any faster than it has to: and
The company invests its income wisely to maintain your security for the future.

On the next page is a list of questions you may want to ask of your health insurance agent or company to help you make your decision.

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