Health Insurance Companies Performing Better
Health insurance carriers have been on the defensive lately, explaining how they can do a better job of managing health care expenses than the federal government, and agreeing to various reform proposals that promise to cut costs and increase the number of people with health insurance. They know that they aren’t the most popular kids on the block, and have been working to improve their public image.
I’m happy to see a recent report that indicates that health insurance companies are indeed working to be better stewards for the customers they serve – insureds and providers. In 2008, health insurance companies paid providers 5.3% faster and denied 9% fewer claims when compared with 2007. This is what the health insurance industry is in business to do: pay claims, and pay them quickly. Denying claims and delaying payments might save money in the short term, but it also generates ill will, which doesn’t bode well for long term success. In order to continue to be profitable, private health insurance companies have to prove to insureds and providers that they are helpful and worthwhile. I’m glad to see that they are making strides in this area.
The AthenaHealth report recently ranked Humana, Aetna, and Cigna at the top of a list of insurance companies, with rankings based on speed of payment, efficiency, claim denial rates, and several other factors. We have worked with Humana since our early days in the health insurance industry, and added Aetna to our lineup when they entered the individual market in Colorado a few years ago. Cigna – a major player in the large group market – entered the Colorado market with individual plans in January. It’s nice to see that the top three companies in the Athena report are all available for our clients in the individual market.
Hopefully 2009 will show more improvements in terms of how efficiently health insurance companies process and pay claims. And ultimately, we’d like to see them providing coverage for the nearly 50 millions Americans who are currently uninsured.
Leaving the insurance agents to reform themselves will never happen. They will always do the bare min to get past all the hate they have faced in 2009, and in 93 and in past years before that.It blows my mind that the Health insurance industry is saying that a public plan kills competition and they wont be able to compete. Seriously? If this public government run plan will be so bad and cost so much money and just adds ton of red tape how in gods earth can they not compete? At the moment all but 4 states in this nation have 2 companies that control over 50% of the market. Thats not competition.In some cases 2 companies own 98% 95%. Seriously?
Just letting the insurance companies get their way by stalling legislation or forcing everyone to get health care w/o making any changes to competition and gouging then this merry go round will just continue.
Im tired of this. My wife and i spend almost 40% of our income on our health insurance and copay’s.This isn’t American.
Why must my insurance be tied to a job?This doesn’t make one sense at all. What happens if im sick and i cant work? What happens to my insurance then? Even if i was able to still get paid im still not guaranteed to not go bankrupt because of deductibles and copay’s.It blows my mind that people can spend over $10,000 in premiums and copay’s a year and still not be guaranteed.
My car insurance does a better job of covering me then you do.Thats sad.
This report is disturbing and throws the “We cant compete” argument into the garbage disposal.
http://hcfan.3cdn.net/dadd15782e627e5b75_g9m6isltl.pdf