Assurant Ohio health insurance plans can be purchased in all areas of the state. Not only are major medical policies available, but fixed-benefit and supplemental contracts are offered, which are often not available through other carriers. Based in Wisconsin, they are publicly traded and also provide small businesses with affordable options.
One important consideration is their rates. In most parts of the state, their prices are higher than other carriers. For example, the monthly cost for comprehensive coverage (husband/wife ages 45 with two children) is $624, compared to United HealthCare’s rate of $389. Aetna’s premium is $479 and Anthem’s is $503. Assurant’s “MaxPlan” was compared to the most similar policy from the other carriers. Current costs will actually be higher for all carriers since these figures were from a few years ago.
Assurant’s HSA insurance rates are also quite high. The monthly cost for a $5700 family deductible is $408. Anthem’s rate for a $6000 deductible is only $306 and United HealthCare’s rate for a $5000 family deductible is only $326. Plan coverages are very similar. However, there are a few pockets of the state where their premiums are competitive. Usually, this would be situations when a $10,000 or $20,000 deductible is preferred.
Assurant also offers policies at reduced rates, including the “CoreMed” plan. But coverages are greatly diminished and similar plans are also available from most of Ohio’s other carriers. We don’t think this is a bad policy, but we simply feel there are better values from the other carriers. However, the CoreMed policy is one of the few contracts that can offer a $25,000 deductible which will substantially reduce the price.
An additional concern is the “complaint ratio” with the Ohio Department of Insurance. In 2007, the complaint ratio was twice as high as the other major Ohio health insurance carriers. In prior years, Assurant’s ratios were also quite high. However, recently, those figures have improved. When we examined the most recent published statistics, the ratios had come down quite a bit.
Our relationship with Assurant has always been positive and we hope that some day their rates will be competitive again. With looming changes coming in 2014 when the State Exchange is operative, it is possible that they will perhaps tweak or create a policy that is both competitively priced and popular with consumers.
For now, they continue to offer somewhat attractive temporary health care rates. The policy is solid and applications are approved within 48 hours. In fact, we recommend this plan for child health insurance coverage. Since most companies will NOT offer “children only” contracts if they are under age 19, this policy will provide some relief. Although it is very basic, it will give you a cheap alternative to covering a young dependent.
The “Fixed Benefit” plan that Assurant offers may be their most attractively priced and marketable product. If you’re looking for the deductible, you won’t find it. That’s because there is none! The policy pays you a pre-determined benefit on many expenses. Any amount above that specified benefit would be your responsibility.
For example, an ER visit might pay between $100 and $400 per visit and inpatient or outpatient surgeries will have a fixed dollar amount that is paid. When you combine these payments with the negotiated provider discount, many of your medical bills will be paid. Although the coverage is still less than a standard comprehensive policy, underwriting is much more lenient so there will be specific instances that this option should be considered.