Posted by anonym - November 20th, 2008
I have been advised to obtain health insurance coverage from the
company: American Medical Security.
Would like information on this co. - Financial health, years in
business, rating, and any negative info that has been published about
them.. Also, this is a PPO.. What is the advantage of using a PPO
rather than an HMO.. Would appreciate advice if buying health coverage
through them is advisable.
ThanksHello ratan and thank you for your question.
Firstly I must emphasize that the you should seek professional advice
when seeking to purchase this type of service, and that the
information below is based on my internet research only.
American Medical Security Group was incorporated in 1990, and now has
1,601 employees with a net income of $37.6 million dollars. The
company provides good insurance, although it can be quite expensive.
There have been some negative reports regarding the company (see
below)
Contact:
American Medical Security Group, Inc
3100 AMS Boulevard
Green Bay, WI 54313
Phone: (920) 661-1111
Fax: (920) 661-2222
website: http://www.eams.com/
=================================================================
Business information:
"American Medical Security Group, Inc., incorporated in 1990"
http://yahoo.multexinvestor.com/FullDesc.aspx?target=/stocks/quickinfo/companyprofile/fulldescription&ticker=AMZ
"AMZ is a provider of medical and specialty health & life insurance
products & administrative services for small groups. It serves
customers in 32 states & the District of Columbia. For the 3 months
ended 3/31/03, revenues fell 8% to $187.6M. Net income before acc't
change rose 19% to $6.5M. Revenues reflect premium rate increases
resulting in lower new sales. Higher net income reflects lower health
loss ratio and management's efforts to control costs"
http://www.forbes.com/finance/mktguideapps/compinfo/CompanyTearsheet.jhtml?tkr=amz
"AMS surpasses 93.8% of other companies included in the Russell 3000
Index in its corporate governance practices."
"According to ISS, AMS also outperformed 83.1% of the S&P Insurance
Industry Group"
"It provided health coverage for 552,303 members as of March 31,
2003."
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=105&STORY=/www/story/06-05-2003/0001960451
"American Medical Security Group Financial Supplement"
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=105&STORY=/www/story/05-06-2003/0001941579
================================================================
Negative reporting:
American Medical Security Insurance can be costly.
If you need to purchase American Medical Security Insurance, it can be
expensive. Unlike group plans, in which the costs and risks associated
with health care are spread among many people; American Medical
Security Insurance policies are "medically underwritten" to take into
account your personal health history. Any "pre-existing" condition
such as heart disease, diabetes, and even pregnancy, can nix your
chances of acceptance or boost your premiums. Some states require
individual health insurers to offer everyone a plan, a mandate known
as "guaranteed issue."
http://petertoshlyrics.com/american_medical_security_insurance.htm
"American Medical Security Group, Inc. ( a Wisconsin company) canceled
existing health insurance coverage to Florida customers in 1998 in
order to separate healthy customers from sicker ones who posed a
bigger claims risk. The company then nearly doubled the premiums for
the sicker policyholders while imposing smaller rate increases on the
healthier customers."
http://www.aarp.org/litigation/releases/2001/addisonann.html
"AMS mired in insurance-pricing controversy.
Practices have some people paying up to $46,000 a year for health
insurance"
http://www.greenbaypressgazette.com/news/archive/local_5974266.shtml
On consumeraffairs.com there is one complaint regarding AMS:
http://www.consumeraffairs.com/insurance/american_medical_security.htm
================================================================
You also asked "What is the advantage of using a PPO rather than an
HMO"
"What is the difference between an HMO and a PPO? Which one is
better?"
"So, which is better? Of course, there isn't one right answer; the
best choice depends on your particular needs. For example, if you are
considering an HMO, it's important to make sure that your physician is
part of the HMO network (unless you are willing to see another
physician). If not, a PPO might be a better choice, because you can
still receive at least partial coverage regardless of network
affiliation."
http://www.insurance.com/profiles_insights/ask_expert/ask_question_1000_7.asp
================================================================
To summarize:
Based on my research we can say that the company is well established,
financially secure, and provides good but possibly expensive
insurance. There has been some negative reporting about the company,
but on the whole the company is sound. (I would buy insurance from
them if I could afford it :)
Thank you for your question and if you have any queries regarding my
answer do not hesitate to ask for a clarification.
Very best regards.
THX1138
Search strategy included:
comparison "American Medical Security"
://www.google.com/search?as_q=comparison&num=10&hl=en&ie=ISO-8859-1&btnG=Google+Search&as_epq=American+Medical+Security+&as_oq=&as_eq=&lr=&as_ft=i&as_filetype=&as_qdr=all&as_occt=any&as_dt=i&as_sitesearch=&safe=off
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