Blue Cross Blue Shield, also called BCBS, is one of the largest health insurance companies in the world, and is a major employer in the United States. The company was founded in 1929, and has since grown to include 39 member companies all tied together under the BCBS partnership. BCBS is a major underwriter of health plans, and is generally considered a fair and responsive company.
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The A.M. Best Company gives BCBS a financial rating of A-, with a stable financial outlook. For BCBS, this is a relatively low rating, coming on the heels of years as an A++ company. Even with the downgrade, BCBS is a safe company to purchase a policy from or to invest in. Make sure to check the financial ratings again before you purchase, to find out whether this status has changed.
BCBS puts their customers in the forefront, and customer service is an important offering. The idea is that every customer is important and deserves rapid, intelligent responses. Before purchasing a policy, check with the Better Business Bureau in your area to find out if the company has had complaints lodged against them, and how those complaints were resolved. This will give you a good idea of what to expect from the company.
BCBS is available nationwide, through companies licensed in various states. BCBS is an association of health insurance providers, each one independently licensed. To increase company reach, BCBS is sold by dedicated agents as well as independent agents and brokers. Check with your state's department of insurance to check the licensing of Blue Cross Blue Shield in your state.
The Bottom Line
BCBS is an all-around dependable insurance company. The company lost a little financial confidence during the recent economic downturn, but is still considered a stable and safe company. Whether you are purchasing insurance or looking for a company to invest in, BCBS has a lot to offer. Remember to check the company again before purchasing a policy, to make certain you are basing your decision on current company aspects.