Find Safe Companies in a Declining Health Insurance Market
The Health Insurance Marketplace open enrollment period started on November 1st and will last until January 31, 2017, allowing many Americans to enroll, re-enroll, or change their 2017 insurance plan. So now is the time to find a safe new health insurer, or re-evaluate your existing one, and we have the latest data on individual companies and industry trends to help you do just that. Here’s what we’re seeing:
Our Q2, 2016, analysis of over 600 health insurance companies resulted in 23 upgrades with 40 insurers being downgraded. In the prior quarter, we upgraded 23 health insurers and downgraded 44.
Overall, the number of recommended health insurers (rated B+ or higher) has dropped from 106 in Q2, 2014 to 66 in Q2, 2016, a decline of 38 percent over the last two years, indicating a weakening health insurance industry.
Although the industry may be on a decline, there are still many financially safe health insurers that can be there when you need them. Keep in mind, the 66 recommended health insurers are companies with most of their business in health insurance. There are insurers in PC and Life industries that also provide healthcare coverage.
Click here to see all recommended health insurers by state. Simply select your state, pick “Health Insurance” as the type of insurance and you will see a list of all B+ or higher rated insurers offering healthcare coverage. Or, click here to see a complete list sorted by asset size of all recommended insurance companies that write healthcare policies.
Things will surely change, once President-elect Donald Trump takes office, and goes forward with his promised healthcare reform and elimination of Obamacare. Add your insurance company to your Watchlist so we can monitor it for you and let you know if there’s a change in its rating.