MANAGING YOUR INSURANCE - RENEWED POLICIES

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This page contains dozens of short articles that will help you quickly understand international insurance. For example, terminology, purchasing details and managing your insurance coverage are topics that are all covered within these articles. Choose an Article From the Topics Below

RENEWED POLICIES MORE EXPENSIVE THAN NEW POLICIES!

Many who have had an insurance policy become upset when they see that the premium they are paying at renewal is more than they would pay if they reapplied for the same policy. Why is that so? Here is one reason: If 100 people, ages 20-29, buy the “Select Health” plan of ABC Company in 2001, this is considered a “Book of Business.” The insurance company then monitors this “Book of Business” to make sure there is no loss--that is the premiums received at least equal claims. If claims are greater than premiums received, then the company raises the rates to compensate. So in a given year the renewal rates on this “Book of Business” could increase while the standard rates for the “Select Health” plan stay the same. Of course, and generally every year or two, the new rates for the plan will be increased too.

So, is it good to switch plans? Sometimes! But if you are on a plan that will not cover pre-existing conditions before you have been on the plan for 24 months, if you switch plans you will have no coverage for pre-existing conditions for another 24 months. Also, some companies will not permit you to cancel an old policy and re-purchase. But if you feel you will save money, you always have the option of switching companies. Another reason to be careful would be due to pre-existing conditions. If one company accepted you without a rider on a pre-existing, that does not mean the next company will. If you have pre-existing conditions covered, it might be good to stay where you are.

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