HM Life Insurance Company, Pennsylvania: Overview, Services, Finances, Coverages, Claims, Reviews

If you are looking for an insurance provider that specializes in protecting businesses from catastrophic health risks, you might want to consider HM Life Insurance Company.

In this blog post, we will review the company’s history, products, services, financial details, coverage options, claims process, and customer experiences.

an image illustration of HM Life Insurance Company, Pennsylvania
HM Life Insurance Company, Pennsylvania

We will also answer some frequently asked questions about the company.

HM Life Insurance Company Details

HM Insurance Group (HM) was established in 1980 as a subsidiary of Highmark Inc., one of the largest health insurers in the United States.

The company operates more than 15 regional offices throughout the country, with its headquarters located in Pittsburgh, Pennsylvania.

HM is among the top five stop loss insurance carriers nationally and a direct writer of coverage.

The company has a market share of about 10% in the stop loss market and serves more than 1,500 clients across various industries.

The company has a financial strength rating of A+ (Superior) from A.M. Best and an issuer credit rating of aa- from Standard & Poor’s.

HM Life Insurance Company Basic Information

Here is a table that summarizes some basic information about HM:

Phone Number Address Customer Service Contact Policy Details Email Address Fax Number Operating Hours
(800) 328-5433 120 5th Ave, Pittsburgh, PA, 15222 Contact Us Stop Loss Insurance, Managed Care Reinsurance info@hmig.com (412) 544-1000 Monday-Friday, 8:30 AM – 4:45 PM

HM Life Insurance Company Services & Products

HM offers two main types of insurance products: stop loss insurance and managed care reinsurance.

Stop loss insurance protects self-funded employers from the financial risks associated with high-cost medical claims.

Managed care reinsurance provides risk management solutions for health plans, providers, accountable care organizations (ACOs), and other entities involved in the delivery of health care.

Some of the services and products that HM offers include:

  • Types of insurance offered: Specific Stop Loss, Aggregate Stop Loss, Employer Stop Loss, HMO Reinsurance, Provider Excess Loss, ACO Reinsurance
  • Special packages or bundled services: Integrated Stop Loss Solutions (ISLS), which combines stop loss coverage with clinical management services and data analytics
  • International coverage: HM does not offer international coverage at this time
  • Temporary or short-term policies: HM does not offer temporary or short-term policies at this time

HM Life Insurance Company Financial Details

HM strives to provide competitive and flexible pricing for its clients.

Some of the financial details that affect the premium costs and payment options are:

  • Premium costs: The premium costs depend on various factors such as the size of the group, the type and level of coverage, the deductible amount, the coinsurance percentage, the contract period, the claim history, and the industry sector
  • Payment options: HM offers monthly or annual payment options for its clients
  • Discounts and promotional offers: HM does not offer any discounts or promotional offers at this time
  • Claim payout ratio: The claim payout ratio is the percentage of premiums that are paid out as claims. HM has a claim payout ratio of about 85%, which means that for every $100 in premiums collected, $85 are paid out as claims

HM Life Insurance Company Coverage Details

HM provides comprehensive and customized coverage options for its clients.

Some of the coverage details that affect the policy exclusions, coverage limits, and add-ons or riders are:

  • Policy exclusions: Some of the common policy exclusions are pre-existing conditions, experimental or investigational treatments, cosmetic procedures, infertility services, dental or vision services, and non-medically necessary services
  • Coverage limits: The coverage limits are the maximum amount that HM will pay for a claim or a contract year. The coverage limits vary depending on the type and level of coverage chosen by the client
  • Add-ons or riders: Some of the add-ons or riders that HM offers are aggregate accommodation, specific advance funding, terminal liability option, no new laser option, transplant carve-out option, and prescription drug carve-out option

HM Life Insurance Company Claims

HM has a streamlined and efficient claims process that ensures timely and accurate payments for its clients.

Some of the details that affect the claims process are:

  • claim process: The claim process involves submitting a claim form along with supporting documents such as bills, receipts, medical records, and explanation of benefits (EOB) to HM. The claim can be submitted online, by mail, by fax, or by email. HM will review the claim and verify the eligibility, coverage, and benefits. HM will then issue a payment or a denial letter to the client
  • Required documents for claims: The required documents for claims vary depending on the type and amount of the claim. Some of the common documents are claim form, bills, receipts, medical records, EOB, and proof of payment
  • Average claim approval time: The average claim approval time is about 10 business days from the date of receipt of the claim

HM Life Insurance Company Customer Experiences

HM has a reputation for providing excellent customer service and support to its clients.

FAQs

Q: What is the difference between stop loss insurance and managed care reinsurance?

A: Stop loss insurance protects self-funded employers from the financial risks associated with high-cost medical claims. Managed care reinsurance provides risk management solutions for health plans, providers, ACOs, and other entities involved in the delivery of health care.

Q: How do I get a quote from HM?

A: You can get a quote from HM by contacting one of their regional sales offices or filling out an online request form.

Q: How do I file a complaint or appeal with HM?

A: You can file a complaint or appeal with HM by following the instructions in your policy document or contacting their customer service department.

Q: How do I contact HM?

A: You can contact HM by phone, email, fax, mail, or online. Their contact information is available on their website.

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