Medical Underwriting – How Policies Get Made

Medical Underwriting - How Policies Get Made

When they have an insurance rate quote back from the health insurance company, most people don’t even think a lot of about how the insurance company decided what sort of premium to supply them and what extent of coverage to make available them. The answer to this question is medical underwriting: the medical health status information gathered in the act of evaluating the health condition associated with an applicant. While some companies require applicants to submit blood and urine samples and also completing a detailed track record, others allow you to provide your own information and can take your word for that information you’ve provided.

There are two major decisions driven by medical underwriting. The first is whether to offer or deny coverage. If, inside underwriting process, the insurer discovers that you have a pre-existing problem, or if they’re able to diagnose you using a condition that you were previously not aware of, they could choose to deny you coverage. Ultimately, the company has free rein to make a decision whether to make available coverage or not, so, if you’re denied coverage by one company, all you are able go about doing is try another insurance company that will perhaps below the knob on rigid standards for which constitutes a bad insurance risk.

The second decision based on medical underwriting is the place high or low your premium is going to be. If you’re found to be in excellent health insurance and your home is cook, your premium will probably be low, since you’ll be seen as an 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 can be described as a risky with the insurance provider and might be offered an increased premium, limited coverage, or simply even be denied coverage altogether.

Because the medical underwriting process differs from business to business, it’s that much more valuable to finding several quotes from different companies. This gives you your best chance of finding the best rate for the insurance policy that you just need. This is especially true for those who have pre-existing health conditions which could present an obstacle for your acquiring the coverage that you’re looking for. When shopping for medical insurance, constantly be sure to find least 3-5 quotes from different insurance agencies before making a determination. You could save lots of money using this method.

If you need assistance in locating particular coverages in a pre-determined price, we can save you up to 50% in your medical insurance monthly premium.