Obtaining health insurance can be a stressful situation that many people find themselves in. Health insurance is expensive and can be difficult to even be eligible for coverage. Underwriting is the process in which insurance companies use to determine if you are eligible for health insurance and how much it will cost you.
It is important to know how the underwriting process works. Many insurance companies will ask questions related to your health, occupation, and financial situation. It is important to provide accurate and timely information about these underwriting questions. It is important to note that not all insurance companies ask the same underwriting questions. Your anxiety of getting insurance may decrease, if you have a basic understanding of what will be asked of you.
As you are beginning the process of searching for health insurance, you will need to get a list of your prescriptions that you are currently taking and those that you have taken in the past few years. It is important that you understand what medical conditions will make you ineligible for health care coverage. You can find this list of declinible conditions on each company’s web site. Each insurance company has their own way of assessing risk. Some companies will charge a higher premium for less “costly” medical conditions, such as asthma and acid reflux.
It is also important to know your most current height, weight, cholesterol and blood pressure. Higher cholesterol, blood pressure and weight does not always mean that you will be declined health insurance; however, you may be “rated up” and pay a higher premium. The above mentioned factors will be evaluated when you complete your medical or paramedical exam. These exams are often a condition to be evaluated for health insurance coverage.
The insurance company will not only review the results from your paramedical exam, but they will also review your past medical records from your physician(s). It may help to make a timeline of medical events and treating physicians to help you track your treatment and provide any anecdotal information to the insurance company underwriters.
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