08 June 2012 ~

Illinois Health Insurance Resources

health insurance in illinois 300x211 Illinois Health InsuranceBecause there are so many health insurance companies to choose from in the state of Illinois it’s important to take the time to find a reputable one when in the market for a health plan. Selecting the right Illinois health insurance provider to deal with can often be a critical decision. Some of the things you should consider when looking for an insurance plan is if the company is licensed to do business in the state, if it’s sound financially, and if it has a history of consumer complaints.

Licensed health insurance firms are required to meet the state’s financial standards as well as comply with its insurance regulations and laws. If you happen to purchase an insurance plan from an unlicensed carrier, then the state’s Department of Insurance won’t really be able to help you out if you run into a problem. In addition, if you deal with an unlicensed Illinois health insurance company and it goes bankrupt you won’t be protected by any Illinois guaranty associations.

If you’d like more information on Illinois insurers you can get it from the Department of Insurance. They will be able to tell you if the company is properly licensed and if it is, how long it’s been licensed for. The department will also have information on how many complaints have been lodged with the insurance company in the past few years and its A.M. Best rating. These ratings are issued by private rating firms which analyze the finances of insurance companies and grade them.

illinois health care 300x185 Illinois Health InsuranceEach of the rating services will use its own unique criteria and are given purely as opinions. These ratings can let you know what private analysts think about the financial situation of specific health insurance companies. You can access this information by mail, the internet, telephone, and at some local libraries. You may also be asked to pay a fee by some of the ratings firms.

IL Health Plan Ratings

If you look for ratings information from an agency be sure to ask what criteria was used. You might also want to compare the insurer’s current rating to the previous year. Some of the top ratings companies in the nation include A.M. Best, Demotech Inc., Fitch, Moody’s, Standard and Poor’s, and the Street.

There are several ways of finding a reputable Illinois health insurance company, including asking your family and friends for references. You may also want to enlist the aid of a reliable licensed insurance agent. An independent agent or broker is one of the best sources for information on the numerous health insurance plans and providers in the state. An experienced agent/broker will be able to answer all of your questions regarding health insurance free of charge.

An agent/broker will do some comparison-shopping with you by comparing several plans and quotes from different insurance companies. They’ll be able to explain exactly what it is you’re buying and all of the terms related to the health plan. If there’s anything you don’t understand regarding the policy don’t be afraid to ask the agent/broker.

They will offer their advice and recommendations to you, but the final choice on which health plan you choose will be entirely up to you. The agent/t broker will make sure all applications you fill out are done properly. If you don’t fill it out completely and accurately insurance providers can cancel the contract.

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