When you are in the market for a new individual insurance policy, it can be quite an intimidating process. There seem to be so many choices in the types of plans offered, and the amount of the premiums can vary widely from plan to plan and company to company. With all the different, yet important decisions you need to make in just choosing a policy, you may overlook one of the most crucial factors in selecting your healthcare coverage, the issuing carrier. So, how do you determine whether or not the Florida health insurance companies you are comparing have the proper credentials?
Thankfully, if you are a resident of the sunshine state, your state government has placed strict controls and regulations on health insurance industry operations. Florida health insurance companies must be licensed to do business in the state and the policies they offer must meet all state guidelines and regulations. Not only must the company be licensed, the individual agents must also be licensed with the state to sell policies to Florida residents. You can easily check the whether the agent and company you are considering is licensed by visiting the Florida Department of Financial Services website.
There are currently seven Florida health insurance companies that are authorized to sell in-state guaranteed issue policies to state residents. There are fifteen carriers that provide out of state guaranteed issue policies. Eight insurance providers are currently authorized to offer guaranteed issue policies as part of health maintenance organizations. So, there are plenty of choices when it comes to finding a carrier to meet your individual health insurance plan needs. Many of these carriers also provide access to health savings accounts as a valuable addition to their basic policies. Your licensed agent can explain which plans are eligible for this option.
As part of your credentials check of any of the number of Florida health insurance companies you are considering, you should also review their independent financial ratings. In the state of Florida, insurance carriers should be rated by either Moodys Investor Service or A.M. Best Ratings Company. It is important that the company you are considering is rated highly so that you can have peace of mind in knowing the insurance policy you sign is backed by adequate financial resources. You dont want to go through the process of obtaining health coverage only to have the company go belly up just a few months later.