8 WORST HEALTH INSURANCE COMPANIES IN AMERICA
To identify the worst insurance companies for consumers, researchers at the American Association for Justice (AAJ) undertook a comprehensive investigation of thousands of court documents, SEC and FBI records, state insurance department investigations and complaints, news accounts from across the country, and the testimony and depositions of former insurance agents and adjusters. Our final list includes companies across a range of different insurance fields, including homeowners and auto insurers, health insurers, life insurers, and disability insurers.
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CEO: C. James Prieur
2007 compensation $2.6 million
HQ: Indianapolis, IN
Profits: $179.9 million (2007)
Assets: $33.5 billion88
Conseco sells long-term care policies, typically to the elderly. Unfortunately, Conseco uses the deteriorating health of its policyholders to its advantage because the company knows if it waits long enough to pay out claims, its customers will die.
CEO: Angela F Braly
2007 compensation $9.1 million
HQ: Indianapolis, IN
Profits: $3.2 billion (2007)
Assets: $51.6 billion100
WellPoint has a long history of putting its bottom line ahead of the welfare of its policyholders and their health care providers. Investigations have shown that Wellpoint routinely cancels the policies of pregnant women and chronically ill patients.
CEO: Stephen J Hemsley
2007 compensation $13.2 million
HQ: Minnetonka, MN
Profits: $4.7 billion (2007)
Assets: $53.5 billion137
UnitedHealth is plagued by accusations that its greed has endangered patients. Physicians report that reimbursement rates are so low and delayed by the company that patient health is compromised. Money that should have been spent on medical treatment for policyholders has instead gone to the company’s former CEO, who faced criminal and civil charges for backdating stock options. UnitedHealth has also used its association with AARP to jack up premiums on products aimed at seniors, even though they are no better than their cheaper counterparts.
CEO: Mark S.McAndrew
2007 compensation $4.7 million
HQ: McKinney, Texas
Profits: $527.5 million (2007)
Assets: $15.2 billion157
Founded, by its own admission, as little more than a scam, Torchmark has preyed upon low-income Southerners for over 100 years. Torchmark is the holding company for a variety of subsidiaries offering low-cost burial insurance, cancer insurance, life insurance, and similar policies. The company has come under fire for a variety of transgressions, including charging minority policyholders more than whites.
ANTHEM BLUE CROSS:
This California-based company raised the premiums of 16 individual health insurance plans and three ones for small groups with double-digit percentages back in 2012. Some people had to pay a price which was some 22% higher. And this was all justified by regulators!
This provider has been known for making false claims about the benefits and costs of plans which it offers. Additionally, it is very hard for policyholders to find doctors participating in their network even in large states. You should think twice before you buy health insurance from them.
Even though this company claims to offer affordable health insurance, it actually charges some women 53% more compared to men of the same age and health condition. The higher premium does not include the extra maternity charge. This charge can sometimes be equal to the main premium price.
OXFORD HEALTH PLANS:
It is sufficient to look at this company’s health plans to understand why it has got on this list. With their Liberty Plan, you have to pay a deductible of $2,000 before you even start using the cover.
At the same time, the co-insurance payment is 20%. Contrary to its name, the Liberty Exclusive plan does not cover you for receiving medical services outside of the network of healthcare providers
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As the saying goes, “The greatest wealth is health”, but for years, many health insurance companies have been known for raising premiums uncontrollably and denying claims without caring for the people who actually suffer. But knowing these worst insurance companies will help know the best approach.