Applying for health insurance is difficult when you have a pre-existing condition.
Finding a good insurance plan at a good rate can be challenging.
But don't let the challenge prematurely end your search for options on your health plan.
Yes, there are insurance companies that will decline coverage if they think the pre-existing condition is considered too large a risk.
However, other groups are willing to work with you.
Basically, there are four ways they do this: Increase your premium.
Companies will cover acceptable pre-existing conditions, but with premium rate-ups of 20 to 40 percent.
Take the example of a single male in his late twenties who buys insurance with Carrier A.
Coverage on their plan with a $1000 deductible would be $131 a month.
With a pre-existing condition his rate could go up 20 percent, putting his monthly premium at $157.
The advantage here though is that he is fully covered, regardless of the condition of his health when he applied.
Put a permanent rider on your policy.
Some companies put a permanent rider on the condition.
This means that they will cover everything but the condition.
This might not sound good to you, but consider the fact that you will be insured for everything else.
If you look at the big picture you could see that getting insurance despite your condition is in your favor.
Let's take a look at our single male who purchases health insurance with Carrier B.
The monthly premium for a $1000 deductible on this plan would be $50.
40 a month.
If he is smart he could decide to save the difference he would be paying if his condition was covered.
Put a 2 or 3 year rider on your policy.
Another option would be to put a two- or three-year rider on the insurance policy.
This means that the insurance company will not cover the pre-existing condition for the first three years of the policy.
This would be called a temporary rider.
The annual premium for such a plan with Carrier C would be $901 ($75 a month) if paid up-front.
Cap your coverage.
Finally, some plans say they will cover no pre-existing condition for the first 24 months of coverage; and then after that, cap coverage for pre-existing conditions at $5000 per year.
The annual premium for plans like this for a single male in his late twenties with a $1000 deductible would be $868 ($72 a month) if paid up-front.
Talk to an insurance broker who represents multiple insurance carriers.
He or she would explain the Exclusions Page of your policy.
This is important to know when it comes to getting health insurance for a pre-existing condition.
Finding a good insurance plan at a good rate can be challenging.
But don't let the challenge prematurely end your search for options on your health plan.
Yes, there are insurance companies that will decline coverage if they think the pre-existing condition is considered too large a risk.
However, other groups are willing to work with you.
Basically, there are four ways they do this: Increase your premium.
Companies will cover acceptable pre-existing conditions, but with premium rate-ups of 20 to 40 percent.
Take the example of a single male in his late twenties who buys insurance with Carrier A.
Coverage on their plan with a $1000 deductible would be $131 a month.
With a pre-existing condition his rate could go up 20 percent, putting his monthly premium at $157.
The advantage here though is that he is fully covered, regardless of the condition of his health when he applied.
Put a permanent rider on your policy.
Some companies put a permanent rider on the condition.
This means that they will cover everything but the condition.
This might not sound good to you, but consider the fact that you will be insured for everything else.
If you look at the big picture you could see that getting insurance despite your condition is in your favor.
Let's take a look at our single male who purchases health insurance with Carrier B.
The monthly premium for a $1000 deductible on this plan would be $50.
40 a month.
If he is smart he could decide to save the difference he would be paying if his condition was covered.
Put a 2 or 3 year rider on your policy.
Another option would be to put a two- or three-year rider on the insurance policy.
This means that the insurance company will not cover the pre-existing condition for the first three years of the policy.
This would be called a temporary rider.
The annual premium for such a plan with Carrier C would be $901 ($75 a month) if paid up-front.
Cap your coverage.
Finally, some plans say they will cover no pre-existing condition for the first 24 months of coverage; and then after that, cap coverage for pre-existing conditions at $5000 per year.
The annual premium for plans like this for a single male in his late twenties with a $1000 deductible would be $868 ($72 a month) if paid up-front.
Talk to an insurance broker who represents multiple insurance carriers.
He or she would explain the Exclusions Page of your policy.
This is important to know when it comes to getting health insurance for a pre-existing condition.