| Health History |
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Everyone has a health history - colds, surgeries, hospital stays, your birth, you name it. But, most people shopping for health insurance do not have any idea the point at which their medical history becomes a pre-existing condition. Will your recent surgery cause the insurance company to modify it's insurance offer? Should I have the surgery now before I terminate COBRA and apply for Individual coverage, or should I wait? Trying to accurately predict how an underwriter will treat an application is very difficult. But, an educated recommendation can pay huge dividends in both the premiums you pay and the coverage you're offered. An important item to note on this subject is that no two insurance companies underwrite the same way. For example, one insurance company will offer preferred rates following a recent surgery if you are no longer under care, while another company will deny coverage until 6 months after the surgery is complete, regardless of the outcome of the surgery. Another example, an insurance company will increase your rate by 50% if you take a brand name drug and apply for a copay plan, however, they will not make any adjustments if you apply for an H.S.A. plan. How do you determine your strategy? All Colorado health insurance companies distribute their underwriting guidelines to health brokers. These guidelines explain how they will underwrite a wide variety of medical conditions. Clearly explaining your medical conditions to your broker will help them narrow the list of insurance companies to those that provide the most favorable underwriting outcomes. Do you know that one Colorado health carrier automatically increases your applied for premium by 15% if you have a valid motorcycle license, while another company, equal in size and scope, does not have a question on their application that asks about your motorcycle usage? The same is true for rock climbing and other extreme activities. What if you've been denied coverage, are pregnant or are trying to become pregnant? Colorado offers a safety net called CoverColorado for folks who've been denied coverage for previous existing health conditions (this includes pregnancy). Also, programs such as the Childrens' Health Plan (CHP+) provides low cost health insurance for kids under 18, and for pregnant women. If you are planning to grow your family, you have maternity rider options from commercial carriers that will help offset the cost of the pregnancy. Finally, sole proprietors are eligible for "Business Group of One" coverage in Colorado (open during qualifying event periods). These plans are guaranteed to be issued, regardless of the applicant(s) health history. Please contact us today if you are concerned about your eligibility as it relates to a pre-existing medical condition. We'll make sure that you are given accurate information about all of your eligible the health insurance programs.
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