Insurance companies typically have a caveat of pre-existing conditions that can affect accessing insurance or affect the setting of limits on your coverage.
As you probably already know, pre-existing conditions are the ailments one has before getting an insurance plan.
Insurance companies have diverse restrictions on what does or does not qualify for insurance.
The subject is a concern for many Americans as research reveals that 50 to 120 million US non-elderly citizens have some pre-existing health condition. The statistics represent up to 50 percent of the population, raising concerns about qualifying for critical risk protection for unforeseen eventualities.
Some policyholders are unsure of the limitations of their cover, and those seeking insurance are equally perplexed by the selection criteria.
The lack of clarity about how pre-existing conditions affect the insured person’s cover results in several misconceptions and myths about getting insured. Understanding the issues around pre-existing conditions is critical to knowing the qualification for insurance coverage.
I’m sharing this guide to pre-existing conditions and insurance because I am a bestselling wellness author. I’ve sold about 2 million books sold globally.
Plus I founded a groundbreaking video course called The Anxiety Cure.
I love helping people to maintain and protect their health, happiness and overall well being.
With this in mind I wanted to share several issues about pre-existing conditions and how it relates to insurance – so you can confidently conform to legal requirements.
The essence of limiting insurance due to a pre-existing condition is that the risk is already in existence when seeking a risk protection measure. One of the principles of insurance is that there needs to be a proximate cause of which the circumstances are unknown at the time of seeking an insurance cover. A pre-existing condition is likely to lead to an insurance claim in the future.
Pre-existing conditions that would deny a person insurance have evolved. Some health conditions that led to a denial of a cover over a decade ago are no longer a limitation today. Some historical declinable ailments included – heart diseases, HIV/AIDs, Diabetes, mental disorders, obesity, epilepsy, pregnancy, etc.
Insurance companies vary in criteria for selection based on pre-existing conditions. Some companies apply strict rules and would not provide a cover, and others are flexible. Others would also provide policies, albeit with different terms and conditions, e.g., payment of a higher insurance premium. Do your research to know the requirements for different insurance companies under the same cover. You may also want to seek the advice of an insurance attorney to get the most accurate information.
Some insurance companies send prospective policyholders for medical check-ups to identify existing ailments. However, in some cases, the company relies on the principle of utmost good faith where a person requires to reveal any known medical condition they have.
Withholding information in the latter case can result in devastating consequences in case of a claim when a pre-existing condition becomes apparent. The insurance provider will most likely not pay the claim and all the policy premium paid ends up a wasted investment.
The acceptance or denial of insurance coverage is usually at the discretion of the insurance companies. However, deniability has to be within the confines of the law. Several circumstances going beyond the medical grounds can lead to insurance coverage denial. Such situations include – criminal records, age (too young or too old), previous fraudulent insurance claims, etc.
Denial of insurance policies is often associated with an individual deemed higher risk compared to the average insured person. Therefore, having pre-existing conditions is one of the reasons that contribute to a high-risk profile for a person seeking insurance. However, insurance companies must adhere to legal requirements when declining a cover to avoid breaching the law.
Federal law states that an insurance company cannot deny a person health coverage because of an existing medical condition. However, the law has exceptions that include health plans purchased on or before 10th March 2010. Insurance premiums differ in various States, depending on their profile. For example, the auto insurance premium is generally higher in Washington DC, Michigan, Louisiana, Texas, etc.
Getting information on premiums, terms and conditions of insurance companies has been made easy by existing digital platforms. You can go online and make comparisons through reputable online agencies like Select Quote and obtain bundled insurance policy rates that fit your needs. The platform makes it easy to know the average home and auto insurance costs in Texas through the generation of quotations from various insurance providers.
Ensure you check the details of each insurance company so you do not miss any condition that would be an inhibition to getting the policy. Match the costs with the service attributes to obtain the best value for your money. Some packages seem cheaper but offer limited service benefits in the long run.
If you have a pre-existing condition, do not be discouraged from seeking insurance coverage. You only need to gather information on the limitation of cover resulting from your ailment, and you could qualify for a specific type of insurance. Insurance is essential to protect you from unforeseen events capable of disrupting your life, leading to a long recovery process.
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