Companion Life Health Insurance: Good Option?

Companion Life Insurance Company has been in the business since 1971 and has consistently earned an AM Best Rating of A+ (Superior). The company offers group and voluntary insurance products, including accident and health insurance, as well as dental insurance. They provide flexible options for added protection, such as limited benefit health insurance plans, short-term medical insurance, group supplemental expense coverage, and employer group waiver plans. Companion Life also offers an online portal for policyholders to easily access benefit information. With their commitment to excellence and policyholders, Companion Life values relationships and is dedicated to meeting the needs of their clients.

Companion Life's insurance plans

Companion Life Insurance Company offers a range of insurance plans to cater to the diverse needs of individuals and businesses. Here is an overview of their insurance plans:

Accident and Health Insurance Plans

Companion Life offers a variety of accident and health insurance plans to provide flexibility and comprehensive coverage. Their plans include:

• Limited benefit health insurance plans: These plans are indemnity-structured and designed for small and large employers.
• Short-term medical insurance: This insurance provides individuals with short-term medical coverage, serving as an alternative to COBRA or an interim solution.
• Group supplemental expense coverage: This plan complements major medical insurance by covering out-of-pocket expenses such as deductibles, copays, and coinsurance.
• Employer group waiver plans: These plans offer health insurance/group coverage as a supplement to Medicare Part D, allowing employers to provide coverage for retired employees over the age of 65.

Stop Loss Insurance

Companion Life's stop loss insurance is designed for self-insured companies that want to manage the risk associated with their employees' healthcare claims. This type of insurance protects against high-payout claims and offers flexible coverage options.

Employee Benefits Packages

Companion Life recognizes the importance of competitive benefits packages in attracting and retaining top talent. They offer short-term and voluntary long-term disability plans, as well as dental, vision, and hearing services plans. Their flexible and customizable plans include:

• Critical Illness Insurance
• Group Term Life Insurance
• Long-term Disability Insurance

Group and Voluntary Insurance Products

Companion Life specializes in providing group and voluntary insurance products as companions to medical coverage. They strive to offer personalized attention and have the resources to support their clients' needs.

Pros and cons of Companion Life insurance

Companion Life Insurance Company offers a range of accident and health insurance plans, including limited benefit health insurance, short-term medical insurance, group supplemental insurance expense coverage, and employer group waiver insurance plans. Here are some pros and cons of Companion Life Insurance:

Pros:

• Flexible options: Companion Life offers flexible coverage options, such as short-term medical insurance and group supplemental insurance, to meet the diverse needs of clients and employees.
• Variety of plans: They provide a variety of accident and health insurance plans, giving individuals and businesses multiple choices to suit their specific requirements.
• Stability and resources: As a smaller company, Companion Life offers personalized attention to its clients while also having the stability and resources to provide necessary support.
• Long-standing reputation: The company has been in business since 1971 and has consistently earned high ratings from AM Best, indicating financial stability and a strong ability to meet policyholder obligations.

Cons:

• Limited availability: Companion Life's services may not be available in all locations, and their website does not provide clear details on the specific areas they serve.
• Limited online information: Their website provides an overview of their services but lacks detailed information on the costs, specific coverage limits, and other important plan details.
• Limited plan types: Companion Life primarily focuses on accident and health insurance, and may not offer as wide a range of plan types as larger insurance providers.

Companion Life's AM Best rating

Companion Life Insurance Company has earned an AM Best rating of A+ (Superior) for 22 consecutive years as of December 18, 2023. This rating is an independent opinion of the company's financial strength and ability to meet its obligations to policyholders.

AM Best Company, the world's oldest and most influential insurance rating and information source, attributes this rating to Companion Life's strong risk-adjusted capital position, stable premiums, and earnings growth. The company's diversified portfolio, which includes numerous accident and health products, also contributed to this rating.

The A+ rating is an important metric for Companion Life, demonstrating its commitment to excellence and financial stability. According to Companion Life President Phil Gardham, this recognition validates the company's strategy, successful leadership, and customer-centric approach.

With this rating, Companion Life stands as one of the leading insurance providers in the industry, offering a range of employee benefits and insurance products to meet the diverse needs of its customers.

Companion Life's online portal

Companion Life Insurance Company has been in operation since 1971 and has consistently earned an AM Best Rating of A+ (Superior) for 22 years. The company offers group and voluntary insurance products, such as accident and health insurance, as well as Companion Life dental insurance, to complement medical coverage.

The Companion Life online portal is a convenient way for policyholders to access all their policy and benefit information in one place. The portal is available 24/7 and provides easy and efficient access to benefit information. Policyholders can sign up for My Online Benefit and log in to the portal to view their policy details. The company also offers a provider portal, accessible at myonlinebenefit.com, which provides care providers with 24/7 access to tools for submitting claims, printing EOBs, and more.

Companion Life offers a range of flexible and customizable insurance plans, including critical illness insurance, group term life insurance, long-term and short-term disability insurance, and accident and health insurance plans. The accident and health insurance plans include limited benefit health insurance, short-term medical insurance, group supplemental expense coverage, and employer group waiver plans. These options provide clients and employees with a wide array of choices to suit their needs.

In addition to insurance plans, Companion Life also offers value-added non-insurance benefits such as the EPIC Hearing Services Plan (HSP) and a Vision Discount Plan. The EPIC HSP is available at no additional cost to employees enrolled in any Companion Life dental insurance plan and can be extended to family members. The Vision Discount Plan provides an EyeMed discount plan to employees enrolled in a Companion Life dental insurance plan, even if the group does not purchase funded vision insurance.

Overall, Companion Life is committed to providing excellent service and offering flexible options to meet the diverse needs of its clients and employees. The online portal is a convenient and accessible way for policyholders and providers to manage their insurance information and stay connected with Companion Life's services.

Companion Life's dental insurance

Companion Life Insurance Company has been in the insurance business since 1971. It offers group and voluntary insurance products, such as accident and health insurance, as “companions” to medical coverage. The company has earned an AM Best rating of A+ (Superior) for 22 consecutive years.

Companion Life offers a variety of accident and health insurance plans, including limited benefit health insurance plans, short-term medical insurance, group supplemental insurance expense coverage, and employer group waiver insurance plans. The company also provides short-term disability insurance and voluntary long-term disability insurance plans, as well as vision and hearing services plans.

The company's commitment to its policyholders is evident in its focus on relationships and personalized attention. It values its relationships with policyholders and is committed to providing excellent service.

Frequently asked questions