Health insurance is one of the most beneficial things you can do for your body. However, sometimes certain individuals find themselves unable to purchase health insurance because they do not meet the eligibility requirements of the insurance company. When this happens, the individual can seek out guaranteed acceptance medical insurance.
Guaranteed Issue Health Insurance
Whether you have been denied medical coverage because of low income or pre-existing conditions, there are still other options you may consider. The following describe several outlets you may go through to purchase guaranteed issue medical insurance.
State High Risk
Some states offer what is called a “high risk” or “risk pool” insurance plan. These plans were put in place by some states’ laws in 1976 to provide ineligible individuals with some kind of medical insurance. Unfortunately, these policies are most often offered with premiums that incur a high cost to the insured, and offer benefits that are not as expansive as those available on the open market; only about 4% of the uninsurable community ever receives help from these plans. The most influential aspect of these plans is that they allow the uninsurable community, such as diabetes and cancer patients, to change jobs and still obtain aid.
Two federal health insurance plans that have been instated by the government are Medicare and Medicaid. Medicare is a medical insurance policy that is offered to those who are over the age of 65 or who have been receiving social security benefits for at least two years. Although there are certain eligibility requirements, Medicare is rarely denied on the basis of pre-existing conditions. Instead, it is intended for the older generation, who may already have health conditions as a result of their age.
Medicaid is also intended for those who are above the age of 65 or disabled. It is, however, based on need. If you have a low income and have been denied by some insurance companies because you would be unable to afford the monthly premiums, Medicaid may be your best option. Only those who meet the income and age requirements are eligible, and pre-existing conditions are usually not taken into account when determining eligibility.
Insurance through an Employer
Most employers offer medical insurance under group plans that do not require eligibility medical exams. This means that all employees will be able to participate in the company’s group medical insurance, regardless of pre-existing medical conditions. The requirement for employers to offer an opportunity for health care to all employees is a result of the law known as HIPAA. This law was established in 1996, and stated that no one could be refused employer health care on the basis of pre-existing medical condition alone.
Keep in mind, though, that the benefits of these guaranteed medical insurance policies will not be available should you change jobs or become unemployed. Also, the health insurance company under which you are covered is at the discretion of your employer, and will change if your employer chooses to do business with another company.
Who Is It For?
The goal of insurance companies is to make money off of the premiums paid by the insured parties. The insurance company counts on the low risk status of these insured individuals. In other words, they seek to provide services for only those who exhibit a healthful background. This can make becoming insured difficult for those who already have pre-existing medical conditions. Even if an individual requires medical insurance for only a short period of time as the result of a job switch, they will almost always be deemed ineligible by short term insurance companies. Unfortunately, these individuals are the ones who need the insurance the most. They, however, are turned down after submitting applications for a standard health insurance policy.
If you have pre-existing conditions that are age, disease, or even pregnancy related, guaranteed issue health insurance may be your wisest alternative. Obtaining a policy that is guaranteed will drastically reduce your medical bills and ensure a longer, healthier life.