United Services Automobile Association or USAA is a large insurance and financial management organization that serves both present and past military personnel and their families. The institution was first started to provide car insurance and was once just for military services’ officers.
However today, active National Guard, officers, officer candidates and reserve enlisted personnel officers are eligible. In fact, once a member, you remain once even after leaving the military services. Even spouses and children can fully participate in the plan.
The services USAA offers today includes life insurance, banking, financial planning, property and casualty insurance, discounts, investment management and brokerage and discounts offered by alliances and selected companies. While the insurance products and discounts require membership qualification, anyone can use the bank and brokerage or buy mutual funds.
USAA Health Insurance Company boasts of flexible options and rates with a choice of long and short term premiums for individual customers and their families. There are various plans available like Medical, Disability, Medicare Supplement and Long and Short Term Care insurance. The company also offers maternity packages for pregnant mothers.
The USAA health insurance package is highly appreciated, which is proven through the many reviews and feedbacks available online. While low cost, financial stability and exceptional service are the advantages of this company, the fact that you require some military connection for insurance is its disadvantage.
A.M. Best Co. has confirmed ‘aaa’ ICRs and ‘A++’ (Superior) FSRs or financial strength ratings for USAA, including its health subsidiaries. These affirmations reflect USAA’s strong operating results and the entire range of financial products and services it offers to military and ex-military personnel and their dependents.
It is USAA’s low cost structure, efficient use of technology; high customer retention and great customer service that have helped the company gain an advantage in the personal lines sector. All this has helped USAA build a sizeable position in the market with more than $130 billion in assets.