Selecting the right Texas group medical insurance plan for your Dallas business can be challenging and confusing if you don’t understand the variations in coverage and benefits between the plans and group health insurance quotes given by your Dallas group medical insurance broker. This post is designed to help you understand some of the terms so that you can understand the differences between group health insurance plans in Dallas.
First, what is the financial rating of your insurance company and of the carriers quoted by your Dallas group medical health insurance broker? The financial rating may be the term applied to the financial condition of the Texas group medical insurance company. These ratings are an indication of the Texas group medical insurance carrier’s ability to pay your employee’s medical health insurance claims. If you are comparing competitive Texas group medical health insurance rates between insurance carriers, keep in mind that the carrier using a low financial rating may not be as likely to possess the back office staff and systems to pay your employee’s claims promptly.
A.M. Best is the most recognized company that rates Texas insurance carriers. An A.M. Best rating of “A” is considered excellent, plus a company using a consistent rating of B+ or better should be financially strong enough to pay your Dallas company’s group health insurance claims. You should make sure any Texas group medical insurance carrier that you are considering for your company’s group health insurance in Dallas features a financial rating of “B+” or preferably “A.”
Second, what is the complaint rate of each insurance company? The Texas Department of Insurance keeps a record and reports on the amount of complaints received from Texas citizens for each insurance company licensed in Texas. A top complaint rate may be an indication that a group medical insurance company has problems that you donot require or want for your employees to experience. Make sure to ask your Dallas group medical health insurance broker what’s the complaint rate of each group medical health insurance company that’s been quoted.
Third, what PPO does the Dallas group health insurance plan utilze, and how many providers, both doctors and hospitals, are in the PPO network within five or ten miles of where your employees reside? Ensure that the most important hospitals in your area will be in the PPO network.
Fourth, ensure that the broker highlights the important coverage differences involving the Dallas group health insurance plans quoted. For example, some Texas group health insurance plans offer a lifetime maximum benefit of one million dollars, sous a lifetime maximum benefit of two million, and some a maximum lifetime maximum of ten million dollars. Some plans also have a maximum annual benefit as well.