Did you know that a Guide to Health Insurance for People with Medicare is a real publication? You can actually receive guidance for what could be one of the the most important decisions of your life. Page 26 and 27 of the Guide to Health Insurance for People with Medicare shares some wonderful tips for choosing quality coverage that is right for you and highly rated. The CMS publication specifically mentions weiss ratings as a credible source.
Why do I love Weiss ratings? As if my favorite resource mentioning it just for you is not enough... Weiss is a 3rd party that independently audits insurance companies and then shares the way they pay claims and how likely they are to continue to do so with their finances. They release SAFETY reports that are brilliant for weeding out some lower quality lower rated plans. They will only include a company on the SAFE list if the company earns at least a B+ rating from them.
Rating Definition from Weiss:
A Excellent. The company offers excellent financial security. It has maintained a conservative stance in its investment strategies, business operations and underwriting commitments. While the financial position of any company is subject to change, we believe that this company has the resources necessary to deal with severe economic conditions.
B Good. The company offers good financial security and has the resources to deal with a variety of adverse economic conditions. It comfortably exceeds the minimum levels for all of our rating criteria, and is likely to remain healthy for the near future. However, in the event of a severe recession or major financial crisis, we feel that this assessment should be reviewed to make sure that the firm is still maintaining adequate financial strength.
C Fair. The company offers fair financial security and is currently stable. But during an economic downturn or other financial pressures, we feel it may encounter difficulties in maintaining its financial stability.
F Failed. The company is deemed failed if it is either 1) under supervision of an insurance regulatory authority; 2) in the process of rehabilitation; 3) in the process of liquidation; or 4) voluntarily dissolved after disciplinary or other regulatory action by an insurance regulatory authority. + The plus sign is an indication that the company is in the upper third of the letter grade. - The minus sign is an indication that the company is in the lower third of the letter grade. You can actually purchase your own customized guide from them, y'all... www.weissmedigap.com
D Weak. The company currently demonstrates what, in our opinion, we consider to be significant weaknesses which could negatively impact policyholders. In an unfavorable economic environment, these weaknesses could be magnified.
E Very Weak. The company currently demonstrates what we consider to be significant weaknesses and has also failed some of the basic tests that we use to identify fiscal stability. Therefore, even in a favorable economic environment, it is our opinion that policyholders could incur significant risks.
www.calendly.com/mamabearmedicare lintr.ee/elliesaul mamabearmedicare.com facebook.com/mamabearmedicare instagram.com/mamabearmedicare twitter user: @Ellie Saul, Your Medicare & Retirement Mama Bear