Health insurance for Individuals Information

Pre-existing Health Condition is not a hindrance to Health insurance for individuals

In determination of the premiums to be paid towards the best health insurance for individuals among the information one component is your health information. Most of the insurance companies will look for a good health record of their clients before they decide providing the insurance coverage for them. If you have bad health record or some pre-existing health condition then more often than not the insurance rates will be higher.

This is also the practice in most of the states where either short term health insurance or long term health insurance coverage require you to provide your health records for the benefit of the insurance coverage to be provided. Not only your own health information is required but they might also require the health information relating to your family. Moreover the provider company may also like to obtain information from your treating physician or the pharmacy you visited last. All these steps are taken for clarifying the position of the applicant.

It does not help concealing the information. If the insurance company fails to obtain the accurate information relating to the particular client, they will become conservative in their approach. It means that the assumption would always be that the missing information is negative rather than positive. Thus the result would either be enhancing the rate of premium to be paid or reducing the overall benefits to be derived. At times it might result in the benefits coming down to the levels of self employed health insurance even.

For instance, take the case of a person who has history of high blood pressure and diabetic complaints but has controlled it with medication and he is not overweight either.  The company may be unable to determine whether he smokes or has normal cholesterol levels.  In such case the company will consider the missing information as negative and rate the person’s eligibility for insurance coverage accordingly.

The reason is that whether it is one of the group insurance plan or health insurance for individuals, once the company completes determining your health status, they will assign you a rate class. Categorization and classification of the clients by the company is one of the adopted methods for all the companies who are in the field of providing insurance coverage. They will group you with other individuals with similar health status. Unique feature of such insurance plan is that subsequently the rate of premium will be determined not basing on your individual claim but on the basis of the condition of the entire class.

You may have questions about coverage of pre-existing medical conditions and its implications on your insurance coverage. However, despite the fact that every individual insurance company can decide not to cover people with serious medical conditions, people do qualify for the insurance coverage even though many of them do not have perfect medical history. Some people wait for insurance coverage till they develop medical problem. Such cases are known as “adverse selection” and could turn out to be serious problems for the insurance companies as their capabilities for spreading risk are limited.

Summary: It is well known fact that pre-existing health conditions often become the reasons for inability of the people wishing to have insurance coverage. Good news for you is that such pre-existing condition is not a hindrance to health insurance for individuals.

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Tags: health insurance for individuals, self employed health insurance, short term health insurance

This entry was posted on Thursday, November 26th, 2009 at 7:25 am and is filed under Cheap Insurances, Health insurance, Life Insurance, Live insurance, cheap insurance. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.