The oft repeated advice while looking for a medical plan is to go for the best insurance carrier. The insurance company is considered to be as important as the plan itself. But how exactly does one decide which out of the hundreds of companies floating in the market is the ‘best’? is it the size of the company, the age, the ratings it has received, the customer base, the testimonials and reviews that are to be taken into consideration? Yes, all of that but most importantly, the best insurance company is the one that provides you the coverage that you need with the price that you can afford. So a company could be small, relatively new in the market or may not boast of a long list customer, but if it can provide you with the exactly the coverage that you need at exactly the price that you can afford, then there is no other better carrier in the market. And it for reasons like these that companies such as the MVP have been able to rise steadily in the insurance market.
Finding an insurance company that is the best for you has a lot to do with the kind of health plan you are looking to purchase. The deals offered by various companies could differ on whether you looking for a group plan, an individual on whether you want to settle down on a managed health plan like the HMOs and PPOs. MVP, for example, has a provides a range of options even in managed plans such as the MVP Preferred EPO or PPO, TriVantage EPO – MVP’s popular 3-in-1 plan and the MVP Preferred EPO or PPO Hybrid. Thus, if you are looking for an individual plan, then MVP could prove to be a good carrier option for you.
Another big consideration while deciding on the best company is the financial strength of the insurer. The company should be financially capable enough to settle the claims of its customers. There are rating companies like A.M. Best that rate insurers based on their financial strength and the performance of the company. These ratings are a good indicator of the reliability of the company and good ratings help in getting few customers.
There are other important factors to consider as well. These include options such as drug coverage, provision for choosing your own doctor, coverage of hospital bills and doctor’s bill and the likes. The company that provides maximum flexibility in these options is considered to be a better option than the rest.
It will be foolish to expect that an insurance company stands out in all aspects. Some carriers will be better in some areas and some in others. It is important that the company one is zeroing in is the best possible option under the given circumstances and situation.
Apart from all this, the overall reputation of the company is a major deciding company. If an insurer has a dubious history behind it or has been involved in cases where it has been unable to pay its claims, then it is better to stay away from such insurers.
The best insurance company is not an universal choice. It differs from person to person, policy to policy. If a carrier is able to stand out on all the required criteria and is able to provide you a customer service, that leaves no room for any sort of complaints, then it surely is the best health insurance company for you.