Qualchoice – Is It Worth Your Money!

If you are looking for blanket coverage for your employees, QualChoice of Arkansas appears to be a prominent choice. But is it as convenient, cost-effective, and valuable as it sounds? Let’s learn in this review!

QualChoice

QualChoice – Company Background

The company claims to be the friendliest insurance company in Arkansas.

QualChoice is offering its services since 1994. As a Health Maintenance Organization (HMO), this company renders its services under the name of QCA Health Plan Inc. and QualChoice Life and Health Insurance Company, Inc (QCLHIC). The latter of the two is responsible for Preferred Provider Organization (PPO) and related insurance mechanisms and products. In 2019, Centene Corporation acquired this local insurance provider in Arkansas.

It focuses on family and individual health. If you are interested, you can avail of the policy through the individual insurance option or get it through your job.

For those employers who are concerned with the quality of services provided by QualChoice, it has given its quality accreditations and certificates on its website. The most prominent of these is its accreditation by National Committee for Quality Assurance (NCQA). This particular certificate applies both to its HMO and PPO packages.

The insurance provider takes special care while selecting the health care service providers. The policyholder – or potential investor – can be assured of the recommendations they will get thus minimizing the difficulties they face while getting treatment.

Salient Features

The best way to analyze an insurance provider is by looking at its financial history, dealings with clients, business performance, and product portfolio. Below, every one of these factors is detailed.

Financial Performance

The company has a reasonable track record of financial soundness. Established in 1994, it hasn’t been in the business for a long time to allow precise evaluation of its financial performance. Yet, when we analyze its assets and its investment policies, the picture becomes clearer.

AM Best is a financial industry watchdog that has given it comes ratings on its financial performance as well as credit history. In 2019, A.M Best downgraded its financial strength ratio (FSR) for QCA from B+ to B. At the same times, its Long-Term Issuer Credit Rating was downgraded from bb to bbb-. As we can see both downgrades are bad news.

Customer Care

Customer care makes an important factor that decides the success of a business.

The business model of QualChoice works mostly through employers who choose insurance providers on behalf of their employees. However, the ultimate beneficiaries of this network are employees and individuals.

What we get from most customer reviews is that the company is not very keen to handle its claims. The claim processing is frustrating and oftentimes futile.

Services Offered

The only plus point of this insurance company is its portfolio of services. It has focused on the area of health insurance and developed expertise around it. Within this niche of the insurance industry, QualChoice handles almost every type of healthcare issue. These not only include Medicare supplements plans but also include short-term coverage, vision, and dental plans, and life insurance.

As said earlier, most of the packages are sold as employer group plans with individual plans making just a small portion of total sales.

Wrap Up

QualChoice wins at just one aspect of a quality insurance service provider: a portfolio of services. Its other two areas have lots of room for improvement. Especially, the company has to work hard on its customer service capabilities to earn the trust of its policyholders.

Its financial performance has also downgraded in recent years. However, we can hope that this situation will improve as soon as it deteriorated.

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