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Is Guaranteed Issue Health Insurance Right For Me?
Know for certain whether you are uninsurable
The first thing you want to determine is whether you are truly uninsurable.
In some cases this can be easily determined, but in others cases it is not so easy to tell.
Underwriting might seem like an exact science, but it is really more of an art, especially with borderline cases.
If you haven't already applied for health insurance and been declined, if you or your health insurance agent thinks your situation is questionable, the thing to do is to apply for as many health insurance companies as you can at once.
Once you're declined, however, this information is submitted to what is called the Medical Information Bureau, or MIB for short.
The MIB is an organization works on behalf of insurers and stores the information that fill out when completing and application for medical insurance.
IF you are declined for health or life insurance any subsequent application will bring up this hit by any prospective insurer.
The point is that once you are declined, this is all that insurance companies may look at after the fact. Before the fact, however, they have to evaluate your case on its own merits or lack thereof.
Applying to several different health insurance companies at once greatly increases your odds of getting covered if you are borderline.
OK, I was declined for health insurance benefits, now what?
Your state's high risk pool (if there is one, and if it is taking on new applicants)
You do still have several options.
The first might be your states health insurance risk pool which offers coverage to people who have been declined for health insurance benefits through an open market insurer.
State risk pools are not aide programs, but they are subsidized by a particular state in many cases.
Often it is Blue Cross which administers the program so you generally have a good selection of providers.
Unfortunately, not all states have a high risk pool, and those that do usually impose a waiting period of several months (each state is different).
Guaranteed Issue Health Insurance
Guaranteed issue, when used in connection with health insurance means that a plan will be offered regardless of medical condition.
Group health insurance is the most common form of guaranteed issue health insurance, but some states offer guaranteed issue plans on the individual market as well.
Those who have become HIPAA eligible are also entitled to guaranteed issue plans.
It is important to keep in mind, however, that just because a plan is guaranteed issue, it doesn't mean that there aren't certain requirements that must be fulfilled before one is offered.
In the case of group health insurance, there may be waiting periods of up to 90 days, and in the case of HIPAA eligibility, often one must exhaust very costly COBRA benefits.
There is something in the U.S. called Guaranteed Issue Health Insurance, believe it or not. It certainly must be considered as one of the alternatives for those who have had difficulty getting health insurance the traditional way.
Group Insurance
If you own a business with two or more employees (it can even be one employee in some states like Arizona) you may be able to qualify for group health insurance. Group health insurance is always guaranteed issue, but you will probably have to pay a lot of money for it.
Additionally, health insurance companies are allowed to ask members of small group questions about their health in determining their the rate they charge you. If you have a poor health history, they will still offer coverge, but, again, it is likely to be quite expensive.
Keep in mind that you cannot receive health insurance if you've formed a company with this being your primary objective.
Other options for the uninsurable?
There are some other options. There are plans now sold on the health insurance market called guaranteed issue health insurance.
You may also want to look into Term Life Insurance for Diabetics
