Laboratory Corp. of America Employees: How Your Credit Score Influences Your Insurance Premiums

Healthcare Provider Update: Healthcare Provider for Laboratory Corporation of America Laboratory Corporation of America (LabCorp) is a prominent healthcare provider known for offering comprehensive laboratory testing and diagnostic services, supporting healthcare professionals in diagnosing and managing patient care effectively. LabCorp operates numerous patient service centers, ensuring accessibility to a wide range of tests and results for patients across the United States. Potential Healthcare Cost Increases in 2026 As we look ahead to 2026, healthcare costs are projected to see significant increases, largely driven by a combination of factors including the potential expiration of enhanced federal subsidies for ACA marketplace plans and rising medical expenses. Many states are bracing for premium hikes exceeding 60%, with out-of-pocket costs for consumers potentially soaring by over 75%, according to industry reports. This scenario paints a daunting picture for families dependent on health insurance coverage, as insurers tighten oversight and grapple with surging drug prices, hospitalization costs, and increased demand for behavioral health services. Ultimately, consumers will need to navigate these changes carefully to maintain access to affordable healthcare. Click here to learn more

As an employee of Laboratory Corp. of America you may find it interesting to know, one landmark study found that credit-based insurance scores are used by about 95 percent of all auto and home insurers in calculating the cost of insurance to individuals.

While the vast majority of insurance companies use credit-based insurance scores to help determine the price of insurance, it is banned in the states of Massachusetts, Hawaii, and California. Some states only allow it as a factor for property insurance like auto and homeowners insurance. Other states allow it to be used with any type of insurance.

Several Factors

Generally, an insurance company will use a credit-based insurance score as just one factor in its underwriting process. We'd also like to remind our Laboratory Corp. of America clients that other factors may be considered, depending on the type of insurance. For example, with auto insurance, other factors could include your zip code, the age of the drivers, the make, model and age of the car, and the number of miles you drive annually.

The use of credit scores to determine insurance rates is rooted in research that has shown individuals with lower credit scores had higher car insurance losses and higher claims payouts.

You can ask your insurance company if a credit-based insurance score was used to underwrite and rate your policy, and in which risk category you were placed.

For Laboratory Corp. of America employees who want to improve their credit-based insurance score, you should consider taking the same steps you would to improve your credit rating: make timely debt payments, clear up past disputes and keep credit card balances low.

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