Claims Processor Salary
Claims Processors in the United States can expect to earn an average of $14.94 per hour. While geography and experience level impact pay for this group, the specific employer is the most influential factor. Medical benefits are awarded to most, and a strong majority earn dental coverage. Most workers in this position report moderate levels of job satisfaction. Respondents to the PayScale salary survey provided the data for this report.
Job Description for Claims Processor
Claims processors - also called claims adjustors - are responsible for accurately and efficiently entering and processing claims for their organization. Claims processors generally work in the insurance industry and they work for many types of companies (such as those specializing in health insurance, automobile insurance, and/or home insurance). These claims may be received via the computer, on paper, or over the phone; processed claims create approvals (which send payment) or denials. Claims processors may be required to answer phone calls from policyholders related to claims, and they must be able to answer such calls quickly and accurately. They typically work in an office setting during normal business hours. If they answer phone calls, claims processors may be required to work on weekends and evenings. This position may be part time or full time, and some companies allow claims processors to work from home. Claims processors generally work seated at a computer workstation for extended periods of time.Read More...
Claims processors are usually required to have at least a high school diploma or equivalent, and some employers may require a postsecondary degree. Once hired, claims processors are often required to take additional classes to become proficient within their area of insurance and the policies of their industry. Claims processors must be familiar with basic computer use and claims processing software. They must pay excellent attention to detail and have the ability to multitask under deadline. These professionals must have outstanding customer service and communication skills.
Claims Processor Tasks
- Approve claim payments.
- Process flexible spending account claims of any type for multiple welfare plans according to established rules and guidelines.
- Determine proper payees for benefits in order to discharge company’s liabilities.
- Coordinate claims with Medicare and other group insurance carriers.
- Audit other team member’s claims as needed.
Claims Processor Job Listings
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Popular Employer Salaries for Claims Processor
State Farm Insurance Company, Allstate Insurance Company, Blue Cross and Blue Shield of South Carolina, Inc. (BCBSSC), WellPoint, Inc., and Allstate are leaders in the field that employ a large number of Claims Processors. State Farm Insurance Company offers the largest salaries in town ($45K on average), but the considerable range in workers' salaries creates a rather varied pay scale that stretches from $30K to $65K. Other leaders in compensation levels are Allstate Insurance Company at $35K, Cigna Corporation at $33K, and UnitedHealth Group, where Claims Processors annually earn $33K.
Employees at Allstate, WellPoint, Inc., and UnitedHealth Group can also expect below-average earnings of $29K, $30K, and $33K.
Popular Skills for Claims Processor
Claims Processors generally report applying a varied skill set to their work. Most notably, skills in Insurance, Medical Coding, Customer Service, and Claim Handling are correlated to pay that is above average. Skills that are correlated to lower pay, on the other hand, include Data Entry, Data Processing, and Billing. Most people who know Claim Handling also know Billing and Medical Coding.
Pay by Experience Level for Claims Processor
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For many Claims Processors, extensive experience does not lead to significantly more money. Relatively untried employees who have less than five years' experience make $31K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $34K. After working for 10 to 20 years, Claims Processors make a median salary of $36K. In the end, more experience does seem to mean larger paychecks; seasoned Claims Processors with more than 20 years of experience earn a predictably higher median salary of $40K.