Underwriting
The process of underwriting starts with information listed on the application, it is important that you do not withold any information. Then additional information is gathered from the MIB, (medical information bureau) where doctors and medical facilities report treatment that was admisistered, and also the equivalant for prescriptions “Medcor” that tracks drugs that were prescriped. If conflicting information is obtained from the applicaiton and these services, or if a medical condition needs to be investigated then medical records will be obtained from the physicians and facilities.
If an application has no underwriting issues it can be issued in just a few days. If medical records are needed doctors offices sometimes do not respond quickly which can delay the coverage.
Denial
This is when the application has been rejected because of to many health conditions, and or prescriptions. The insurance company believes the cost of insuring the person is to great.
Limits Placed On Health Coverage
Exclusions This is a medical condition that the insurance company will never cover as stated in the policy. Insurance carriers either exclued items or just deny coverage. You have the option to accept
Waviers and Riders
The terms are similar in meaning and like that of an exclusion these are specified items that are listed which are not covered for a period of time that can range from one the five years. At the end of the specified period the wavier or rider may just end or you may be required to produce medical records for the insurance carrier to determine if they are willing to remove such waiver or rider at that time.
Previous Conditions Must now Be Accepted
In 1997, the government created the Health Insurance Portability and Accountability Act (HIPAA), which allows you to obtain a guarranteed health plan that will cover any medical conditions that you have without any waiting period for preexisting medical conditions when you come off a group health plan and have exhausted your .
Pre-existing Periods
Some insurance companies will give youcredit against a pre-existing time period for being previously insured. Pre-existing time periods are usually one year for any previous treatment, although some companies may only look back five or ten years. It obtain this you must have maintained your prior coverage and applied within 63 days of it lapsing.