Great-West Health Care provides service to two million members enrolled in its health plan, and 401 (k) benefits to another 449,000. It has 90 locations across the country and employs 6,200 people. Its 2017 revenues were $2.6 billion and its assets totaled $37.1 billion. Those numbers indicate an extremely healthy business that appears to be managed well.
Great-West offers a full range of health care plans, life and disability insurance, annuities and retirement savings plan and services. The healthcare sector includes Preferred Provider Organizations and HMO plans, COBRA services, health care management services and physician, hospital and preferred pharmacy networks. Other benefits are group dental and vision plans, and flexible benefit plans. The financial services sector offers retirement services such as employer- sponsored retirement savings plans and services, defined contribution plans, enrollment and education services for employer-sponsored plans as well as administration and record keeping services.
The company maintains a website called My Great West which allows plan participants to register and sign up for a myriad of services. A member can use the site to find a doctor in the network of facilities and medical professionals, view current and past claims, view benefits information, request or print ID cards, access planning tools and ask questions directly to the company. This website also provides secure e-mail for each member of a family insured at Great-West.
An offshoot of the Great-West standard health care plan is the Great-West Healthcare/Healthyroads Complementary Alternative Care Plan. This plan offers alternative treatments such as chiropractic care, acupuncture, massage therapy and dietetic services.
Great-West has had long-term success by maintaining focus on customer needs, and attention to detail. This has resulted in appropriate products, claims-paying ability and operating performance.
One of the best vehicles to measure a health care plan is the rating it receives from nationally recognized rating agencies. The ratings represent the financial strength of a company and its ability to meet ongoing obligations to its members.
A.M. Best Company, Inc. gives Great-West a superior rating, Fitch Ratings provides a rating of very strong, Moody’s Investors Services rates Great-West as excellent, and Standard and Poor’s Rating Service judge the company as very strong.
These ratings indicate that Great-West is performing excellent service to its members and maintaining a strong asset base.
There is a myriad of health care providers from which to choose. It makes sense to investigate a company, find out about its asset base, the way in which it operates, and how ratings companies compare it to other plans. Great-West appears to take pride in the strength of its portfolio and adherence to sound investment principles, while maintaining long-term relationships with its members. This company appears to be one worth investigating when health care or financial planning benefits are needed and a company that deserves to have “great” in its corporate name.