Health Insurance Info

The purpose of international health insurance is to cover relocated employees and their families for conditions that occur after the policy has begun. It is therefore important to understand what is, and isn’t covered before joining.

If you have a medium or large number of employees to be covered, you might be able to benefit from something called ‘Medical History Disregarded’ which can mean that your employees don’t need to go through an underwriting process and if you’re transferring from another policy, that cover can continue uninterrupted with waiting periods for things like dental and maternity benefits waived. If you have a small number of employees to be covered however, then it’s likely that your group will need to be underwritten. Group sizes where underwriting is imposed vary between providers but generally if your group is under 10 members, then some kind of underwriting process will be required. Underwriting is the process whereby an insurance carrier examines the medical records of a prospective insured in order to decide what they can be covered for, and at what cost.

Continue reading ‘Locating The Best Medical Underwriting Option For Employees’ »

When folks get an insurance rate quote back from a health insurance company, most people don’t think too much about how the insurance company decided what kind of premium to present them and what amount of coverage to offer them. The answer to this question is medical underwriting: the medical health status information learned in the process of evaluating the health condition of an applicant. While some companies require applicants to submit blood and urine samples as well as filling out a detailed medical history, others allow you to provide your own information and will take your word for the information you’ve provided. There are two big decisions determined by medical underwriting. The first is whether to offer or decline coverage. If, in the underwriting process, the insurance company discovers that you have a pre-existing medical condition, or if they are able to diagnose you with an illness that you were previously unaware of, they may choose to deny you coverage. Ultimately, the company has free rein to decide whether to offer coverage or not, so, if you’re denied coverage by one company, all you can really do is try another insurance company that will perhaps have less rigid standards for what constitutes a bad insurance liability. The second decision determined by medical underwriting is how high or low your premium will be. If you’re found to be in excellent health and you live a healthy lifestyle, then your premium will probably be low, since you’ll be seen as a low insurance risk. But, if you are in poor health, have certain pre-existing medical conditions, or live a risky or unhealthy lifestyle, then you may be considered a high risk by the insurance company and may be offered a high premium, limited coverage, or perhaps even be denied coverage altogether. Because the medical underwriting process differs from company to company, it’s that much more important for you to get several quotes from different companies. This gives you your best advantage of finding the best rate for the insurance coverage that you want. This is particularly true if you have pre-existing medical conditions that may present an obstacle to your obtaining the coverage that you’re looking for. When shopping for medical insurance, always make sure to get at least three to five quotes from different insurance companies before making a decision. You could save a lot of money by doing this.

There are many different aspects of your health and habits that are taken into consideration when you have a health insurance policy underwritten. These factors work together to create the general risk that you life presents to the insurance company. It is not until all these factors are considered that your insurer can determine whether or not to issue your policy and what premiums to charge. Here are some of the main factors that health insurance underwriters consider when reviewing your health insurance application for approval. Your medications: The medications you take give a tremendous insight not only on the prior events of your health history, but also on what your doctor thinks might be in the future. For instance, you might not have had a heart attack yet but if your doctor has you on a cholesterol medication, then it is likely that he or she thinks you may be at risk for one in the future. That indicates to a health insurance underwriter that you could be a risky bet. Your actual health history: The events that comprise your health history give an insight not only into what your health future might hold but also in how you treat and respect yourself. For instance, Type 2 diabetes is often caused by obesity and poor eating choices. If you have Type 2 diabetes then it is unlikely that you eat well or exercise, which puts you at risk for a whole host of additional health problems. Your family history: DNA ruins a lot of things health wise. If heart disease runs in your family then you are much more likely to suffer from it eventually. The same can be said for cancer, obesity, diabetes and certain mental illnesses. Knowing that someone in your family has suffered with these issues could change how a health insurance underwriter views your application for coverage-even if you are in perfect health. Your weight and height: Your weight and height indicate how well-proportioned you are. Someone who weighs 300 pounds and is 5′3″ is much more likely to be considered obese than someone who is 6′5″ and weighs the same. Smoking status: If you are a smoker-even an occasional lighter upper-then you are putting your body at risk for cancer, lung disease, emphysema and more. This will not be looked upon favorably by the underwriters reviewing your health insurance application.