Are you concerned about the safety of your insurance here in Ohio? Should you be concerned? Probably. You pay (and sometimes invest) a lot of money throughout your lifetime on insurance coverage so you deserve to know where the money is going.
A $170 billion federal bailout is the only thing keeping insurance heavyweight AIG afloat. And many other companies are losing millions of dollars every quarter. Insurance companies invest heavily in the stock market and real-estate market…which have generated massive losses in the last 12 months.
But…don’t worry. Your policy is quite safe! The Ohio Life and Health Insurance Guaranty Association was created to protect policyholders, up to specific limits, against financial failure of an insurance company licensed to sell those types of policies in the state.
You can read more about this Association here.
A few additional points to consider:
· Health Maintenance Organizations (HMOs) are not included
· Policies sold by insurers not licensed to do business in Ohio are not included.
· The Guarantee Association can provide this coverage because it collects money, through assessments from insurance carriers here in the Buckeye state.
· The Ohio Department of Insurance regulates the Association.
Many consumers are worried about the impact of “The Affordable Care Act” on their personal and business health insurance policies. Although rates are expected to rise when the Ohio Healthcare Exchange is fully functioning in 2014, you can help protect yourself by staying informed and applying for the right plan.
An experienced and reliable website (like ours) will guide you through the process of evaluating, comparing and purchasing a plan, so you can be certain your coverage is with a safe carrier. There are plenty of questionable policies that have low ratings or are simply not rated at all.
When purchasing a policy, make certain the carrier is an “A” rated company and licensed to do business in Ohio. We can always research and verify the background of any company. If you have any questions regarding the safety of any company, please contact us.