Health Net Life Insurance Company: History, Founder, Contacts, Partnership, Financial Details, Services, Claims, and Reviews

Health Net Life Insurance Company is a provider of group term life and accidental death and dismemberment (AD&D) insurance. Its parent company, Health Net, LLC, specializes in health insurance and services in California.

In this segment, we delve into the company’s origins, founder, contact particulars, financial insights, range of services, and product offerings.

Health Net Life Insurance Company
Health Net Life Insurance Company | photo courtesy | Lindedln

 

We also shed light on the claims process, customer base, and the company’s ratings.

History of Health Net Life Insurance Company

Health Net Life Insurance was founded in 1977 as a subsidiary of Health Net of California, Inc., which was founded in 1975 as a not-for-profit health maintenance organization (HMO).

Net of California is one of the state’s pioneers in managed care, providing comprehensive healthcare services to individuals and groups.

Health Net of California changed its name to Health Net, Inc. and became a for-profit company in 1992.

The Health Net Life Insurance Company received a California life insurance product sales license in 1993.

In 2016, Centene Corporation, a Fortune 25 healthcare services provider, acquired HealthNet Co., Ltd.

Health Net Life Insurance Company is a subsidiary of Health Net, LLC, now part of Centene Corporation.

Founder of Health Net Life Insurance Company

Roger F. Greaves, the CEO and creator of Health Net, Inc., is also the founder of Health Net Life Insurance Company.

Greaves is a visionary leader dedicated to revolutionizing the Californian and global healthcare systems.

After working as a hospital administrator for a while, he went on to lead Foundation Health Corporation, one of the biggest HMOs in the country, as president and CEO.

In 1975, he established Health Net of California intending to offer all Californians access to high-quality, reasonably priced healthcare.

To offer life insurance to companies and employees, he also formed HealthNet Life Insurance Company in 1977.

Greaves, who left Health Net in 2000, passed away in 2018 at the age of 82.

Contact information for Health Net Life Insurance Company

The contact information for Health Net Life Insurance Company is as follows:

The Partners and Affiliates of Health Net Life Insurance Company

Health Net of California is part of the Centene Corporation, which has a network of subsidiaries and affiliates that provide healthcare services across the nation.

Some of the major partners and affiliates of Health Net Life Insurance Company are:

  • Centene Management Company, LLC, is the parent company of Health Net of California and provides administrative and management services to its subsidiaries.
  • Group Reinsurance®: The reinsurance provider for Group Life and AD&D benefits underwritten by Health Net Life Insurance Company
  • The Hartford Financial Services Group, Inc. is a provider of group disability insurance products that can be added to any Health Net medical plan.
  • CVS Caremark: The pharmacy benefit manager for Health Net that offers prescription drug coverage and discounts to members
  • Teladoc is the telehealth provider for Health Net that offers 24/7 access to board-certified doctors via phone or video.
  • MHN is the behavioral health subsidiary of Health Net that offers mental health and substance abuse services to members.

Financial Details of Health Net Life Insurance Company

Health Net of California is a financially stable and solvent company that has a strong capital position and liquidity.

According to the latest financial statements filed with the California Department of Insurance for the year ended December 31, 2020, the financial details of Health Net of California are:

Financial Indicator Amount
Total Assets $104,411,000
Total Liabilities $28,498,000
Capital and Surplus $75,913,000
Premium Income $40,867,000
Investment Income $2,604,000
Claims Incurred $26,738,000
Operating Expenses $11,783,000
Net Income $4,950,000

 

Services and Products of Health Net Life Insurance Company

Health Net of California offers group term life and AD&D insurance products that can be added to any Health Net medical plan.

These products are designed to provide financial protection and peace of mind to employers and employees in case of death or injury.

The features and benefits of these products are:

Claims Process and Headquarters of Health Net Life Insurance Company

Filing a claim with Health Net Life Insurance is easy.

Choose from our convenient options, including online, phone, fax, or mail.

You’ll need to submit a completed claim form, a copy of the death certificate, and proof of your identity and relationship to the insured.

Our dedicated claims department will diligently review your case and aim to process it within 30 days.

Upon approval, we’ll issue your payment via check or direct deposit.

For flexible fund access, contact Health Net Life Insurance Co. HQ at P.O. Box 9103, Van Nuys, CA 91409-9103.

Their knowledgeable staff will assist with inquiries and guide you through the claims process.

Customer Experience of Health Net Life Insurance Company

Health Net of California strives to provide a positive and satisfying customer experience to its clients and members.

The company offers various tools and resources to help customers manage their benefits and access their services.

Some of the customer experience features of Health Net of California are:

  • Online Account: A secure and user-friendly portal that allows customers to access their digital ID card, choose or change their doctor, review their benefits, pay their bills, view their claims, and more.
  • Customer Service: A dedicated and responsive team of representatives that are available to answer questions and resolve issues by phone, email, or chat
  • Wellness Programs: A variety of programs and incentives that encourage customers to improve their health and well-being, such as health coaching, wellness rewards, fitness discounts, health education, and more
  • Mobile App: A convenient and easy-to-use app that allows customers to access their online account, find a doctor, check their symptoms, get health tips, and more.

Ratings of Health Net Life Insurance Company

Health Net of California has received positive ratings from various rating agencies and organizations that evaluate its financial strength, performance, quality, and customer satisfaction.

Some of the ratings of Health Net of California are:

Rating Agency Rating Description
A.M. Best A- (Excellent) The fourth-highest rating out of 16 categories indicates a strong ability to meet its ongoing obligations to policyholders
Better Business Bureau A+ (Highest) The highest rating out of 13 categories indicates a high level of trustworthiness and customer service
National Committee for Quality Assurance Accredited A status that indicates compliance with rigorous standards for quality improvement and consumer protection

 

Conclusion

Health Net of California is a reliable and reputable insurance company based in California.

It offers group term life and AD&D insurance products to both employers and employees.

The company is a member of the Centene Corporation, a leading healthcare enterprise in the US.

Health Net of California is renowned for its innovative and excellent healthcare solutions and services.

The company has a robust financial position and performance. It provides various features and benefits to its customers, enhancing their experience and satisfaction.

Moreover, the company has received positive ratings from reputable rating agencies and organizations.

These ratings attest to the company’s credibility and quality.

In summary, Health Net of California is a trustworthy provider of life insurance services.

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