Health Alliance Credit Ratings UpgradedJuly 22, 2020
AM Best upgrades credit ratings of Health Alliance Medical Plans, Inc. and Health Alliance-Midwest, Inc.
AM Best has upgraded the Financial Strength Rating and Long-Term Issuer Credit Ratings of Health Alliance Medical Plans, Inc. (HAMP) (Champaign, IL), and its wholly-owned subsidiary, Health Alliance-Midwest, Inc. (Midwest) (Champaign, IL), known collectively as Health Alliance.
- Health Alliance’s Financial Strength Rating was upgraded to A- (Excellent) from B++ (Good) with a stable outlook.
- The Long-Term Issuer Credit Ratings were upgraded to “a-” from “bbb+”.
“This recognition solidifies what we’ve known for nearly 40 years. Health Alliance offers affordable plans and exceptional customer service with the mission of delivering a healthcare solution that fits each member’s changing health needs,” Health Alliance President and Chief Executive Officer Dennis P. Hesch said.
AM Best rating services assess the creditworthiness of insurance companies. The credit ratings reflect a summary of an insurance company’s ability to pay claims, debts and other financial obligations in a timely manner.
The ratings reflect Health Alliance’s balance sheet strength as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The rating upgrades also reflect ongoing favorable operating performance.
“We’re a member’s ally in health, so we continue to add tools to help manage care like the “Hally” app which provides members quick access to their plan information, the ability to ask a question, search for providers and drugs covered under a plan, and to see what the member will pay for services like primary care, emergency room and urgent care visits in- and out-of-network,” Jana Perry, vice president, Health Alliance Strategic Products and Marketing said.
Health Alliance has diversified revenue sources through its growing product portfolio and expansion into markets outside of Illinois. Additionally, the health plan has products competitively priced in the market, enabling growth in membership.
“We put Health Alliance members and their families first in all that we do, to serve their healthcare needs,” Health Alliance Chief Operating Officer Sinéad Rice Madigan said. “This positive rating provides one more piece of information consumers need so they can make the best decision for themselves and their families.”