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Avoiding Bad Health Insurance Companies

The easiest way to avoid purchasing a policy from a bad health insurance company is to make sure that you only purchase coverage from a health insurance company that is approved by your state’s Insurance Department.

The following Connecticut health insurance companies are on the Connecticut Insurance Department’s list of Companies with Approved Individual Health Insurance Policies:

The companies above meet the standards of the Connecticut Insurance Department. These standards cover many things including the percentage of premiums that need to paid out as claims and certain medical procedures that need to be covered.

I’ve heard horror stories from people who have called me looking for health insurance in Connecticut when those people have purchased plans from companies that are not on the approved list. Medical procedures that they expected to be covered were not. Claims were paid late.

Sometimes this resulted in bankruptcy. All because they were tricked into buying a substandard policy. In fact, some of these insurance policies weren’t insurance policies at all. Some were merely discount plans. A discount plan can reduce your costs by a certain percentage for a given medical service. Saving 20% is a good thing when you are shopping for groceries. Saving 20% on a $100,000 operation leaves you holding the bag for $80,000.

Medical insurance companies such as Anthem Blue Cross, Connecticare and Aetna meet the standards and will pay legitimate claims. The other companies on the list of approved insurance companies are also good providers of medical coverage.

Only considering medical plans that are approved by your insurance department is the first, and perhaps most important step to keep you from buying a bad insurance policy.

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