Guaranteed Issue Plans — Guaranteed Issue Plans, Coverage & Quotes
Finding a short term health insurance plan can be difficult when you have a pre-existing condition. There are a surprising number of conditions that make buying temporary health insurance a struggle for individuals. These include cancer, high blood pressure, diabetes, pregnancy, heart attack and stroke. Currently having and/or having had any of these conditions can cause a vicious cycle: when one health insurance company rejects you, it leaves a black mark on your record; other non-guaranteed issue plans are then more likely to reject you as a result.
Many insurance companies will refuse to write a cheap short term health insurance policy for an individual they consider too much of a risk. After all, they hope to pay out as few claims as possible. Therefore, providing temporary health insurance coverage to somebody with a known health problem is unlikely to be profitable. If most short term health insurances plan agree to cover you, that short term health insurance coverage may exclude any treatment relating to your pre-existing conditions, severely reducing its value. How can you escape this quandary? Guaranteed issue temporary health insurance could be the answer. Laws such as HIPAA require that any conditions developed while you are insured must be covered by future health insurance plans, but even buying a guaranteed issue short term health insurance policy can help bridge a gap in your group insurance; when you are between jobs, for example.
A guaranteed issue plan is a type of short health insurance plan that is required to provide coverage for all applicants, regardless of health status or risk. By definition, group health insurance plans are guaranteed issue. Employer-sponsored plans accept almost all employees that sign up because their underwriting standards are looser–a result of the health insurance company’s ability to spread costs. You can turn to a guaranteed issue short term health insurance plan if you are unable to buy individual coverage.
Some states mandate that all of the temporary health insurance coverage sold within their limits is guaranteed-issue, but others don’t. Guaranteed issue plans are generally comprehensive short term health insurance: they cover inpatient and outpatient health care, including hospital stays and doctor visits; many also cover prescription drugs. Premiums are higher for those individuals they consider highly likely to file more costly claims, but affordable temporary health insurance that is guaranteed issue is still available nationwide. Unfortunately, many guaranteed issue temporary health insurance policies force you to wait a year before they will cover your pre-existing condition(s). Keep this in mind when comparing guaranteed issue short term health insurance plans.
Ideally, you should buy health insurance while you are still healthy to ensure coverage in case you fall ill. Instead of waiting for guaranteed issue health insurance, you can get a lower short term health insurance quote. Although guaranteed issue health plans should be considered a last resort, there are certain circumstances in which they can be helpful. For example, if you are unemployed and were either unable to afford continuing your group coverage through COBRA or saw your COBRA benefits expire, a guaranteed issue plan could work for you. Retain your coverage to avoid future problems!
Ask VitalOne about your guaranteed issue temporary health insurance options. The plans we offer work with Multiplan, America’s most extensive PPO network. This results in more affordable short term health insurance for you. Our licensed insurance agents can to answer your questions and help you choose the short term health insurance plan that’s right for you.