Your Medical History
When you apply for insurance, you’ll probably have plenty questions
for your agent. And your agent is going to have questions for you — mainly
about your medical history. Your agent is trying to paint a complete a picture of your health
for the insurance company. Here’s how it works.
The Underwriting Process
When you apply for your insurance, your application is reviewed by someone called a “medical
underwriter.” The underwriter’s job is to rate your risk. They look at
your application and your medical records. Then they decide how likely you are to need expensive
medical care. Some of the “risk factors” underwriters look at are:
- Pre-existing health conditions
Based on the amount of medical risk you have, the underwriter decides how much coverage you’re
eligible for — and what that coverage should cost. The amount of risk the insurance company
takes on by insuring you directly relates to the cost
of your policy.
Giving Your Agent The Whole Story
Some people think that giving “less-than-accurate” answers on their health application
is a good way to save money — but they’re wrong. Here’s why.
The first thing to keep in mind is that health insurance companies have access to large databases
of information. Chances are, if a doctor made note of a condition you had or a treatment you
received, the insurance companies can find out about it. Misrepresenting your medical history
could get your application rejected.
And it isn’t like a past medical condition automatically disqualifies you from having
insurance. Different companies rate risk in different ways. Some companies may want to charge
you more because of a pre-existing condition. Others may not even include that condition in
their rating.
Agents can look at your medical history and know which companies will give you the best and
most affordable policy. Many agents have professional relationships with the company underwriters,
and can quietly “shop around” before you actually apply. This will give you a sense
of what plans you qualify for, and how much you can expect to pay.
If you’re worried about paying too much every month, you might apply for a policy
with a high deductible. Insurance companies usually offer high deductible plans
with lower monthly premiums. And the difference in cost can be saved for paying the deductible
when you seek care.
Regardless of your medical history, you shouldn’t go
without health insurance. Talk to an agent to get a sense of your options. You
can get free insurance quotes now. We’ll match you with
up to 5 agents in your area. It’s safe, secure, and you have no obligation.
