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DEDUCTIBLE IS NOT A DIRTY WORD
INSURANCE WAIVERS/RIDERS, RATE-UPS, & CAPPED COVERAGE
WHAT'S A “RIDER”? WHAT'S A “WAIVER”?
PRE-EXISTING CONDITIONS
WHAT'S
A “PRE-EXISTING CONDITION”?
EXCLUSIONS
WEIGHT, WEIGHT CHARTS AND HEALTH INSURANCE
AGE AND INSURANCE PREMIUM
UNDERWRITING
- WHAT IS IT?
TRIP OR HEALTH INSURANCE -- WHAT'S THE
DIFFERENCE?
AMERICAN PPOs & HMOs - WHAT'S THE
DIFFERENCE?
HIPAA / PORTABILITY INSURANCE
THE DIFFERENCE BETWEEN AN INSURANCE BROKERAGE & AGENCY
WHAT IS A “CERTIFICATE OF INSURANCE”
THE “PRE-EXISTING CONDITION” PROBLEM?
WHAT IS CO-INSURANCE?
UNDERWRITING
AT THE POINT OF APPLICATION
HOW DOES AN INSURANCE COMPANY DETERMINE
PREEXISTING CONDITIONS?
WHAT TO DO WHEN THE WEIGHT CHART SAYS YOU AREN’T TALL
ENOUGH?
THE “PRE-EXISTING CONDITION” PROBLEM
Many people are perplexed because health insurance companies won’t cover
pre-existing conditions. This is an area where all insurance companies are
very careful. This is one of the main reasons for medical underwriting.
Insurance companies know that if they cover all pre-existing conditions they
won’t be in business long. For example, if an applicant has a back problem
and is taking medication that costs $100 monthly, an insurance company will
lose money immediately if the monthly premium is $90. And then, even if the
applicant is not taking medication but has had major back problems, the risk
factor of a recurring problem is very great. Insurance sales people often
ask the question, “Would you insure a burning building?” Of course no one
wants to be compared to a “burning building,” but we get the picture. You
insure a burning building, you are losing money; you insure a person with
serious pre-existing conditions, you are losing money. In Arizona a couple
of years ago two bona-fide companies were not careful in their underwriting,
and had to leave the insurance business because of steep losses.
Always read carefully the pre-existing clause/exclusion in your insurance
brochure. If a company says that they will cover all of your pre-existing
conditions, beware of that company--they won’t be around long. An insurance
company cannot cover all pre-existing conditions and continue to compete
with the premiums of other companies.
So always make sure how a company is going to handle pre-existing conditions. A pre-existing condition can go back to your childhood. Be aware of that. If something happened to you 20 years ago, and it hasn’t bothered you since, it can still be classified as a pre-existing condition. Always make sure you know how a policy defines and covers pre-existing conditions.
| Need Help? Call 480/813-9100; Fax 480/813-9930; Email: info@gninsurance.com |
