Are there any programs available to individuals who, due to health conditions are unable to purchase health insurance?
Yes, the Illinois Comprehensive Health Insurance Plan (ICHIP) is a great resource. You may contact them by calling 1-866-851-2751. You may also visit their website, www.chip.state.il.us for additional information.
How can I be assured I am purchasing insurance from a reputable insurance company?
Great question! Insurance companies promise to make future loss payments in return for your premium payments, so it’s always important to have knowledge of an insurer's financial health when deciding how much you're willing to pay for a particular policy. For example, you might pay higher premiums for a life insurance policy that comes from an insurance company with a higher financial rating, or pay less expensive premiums for a policy from a company that is not as financially strong. To help you make your decision, private organizations called rating agencies rate the financial stability of insurance companies. Major insurance rating agencies include the A.M. Best Company, Standard & Poor's, Weiss Research, Duff and Phelps, and Moody's. Each organization has its own rating standards; as a result, the financial grades from two different rating agencies may differ. Check the financial rating of insurers from as many rating agencies as possible to determine the range of opinions of a company's financial health. We also recommend the AM Best Ratings and Analysts website for additional stability and financial strength information. These reports demonstrate the ability of an insurer to meet ongoing financial obligations to policyholders.
