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Understand options with health-insurance

In regards to the letter to the editor headlined, “President’s insurance remarks correct”, I would like to clarify several issues about our health insurance system on behalf of the local chapter of the National Association of Insurance and Financial advisors.

Individual health insurance is available to all Colorado residents with pre-existing conditions who have lived in the state for at least six months, if they cannot qualify for a medically under-written policy. Those losing coverage involuntarily from group employer plans should look to the individual market first, and then to Cover Colorado if they are unable to qualify medically for an individual policy.

Insurance companies throughout Colorado are strictly governed in regard to canceling an individual policy. The most common reason for cancellation is for non-payment of premiums. Other reasons comprise misrepresentation on the initial application, intentional fraud, or an insurance carrier leaving the state and canceling all policies issued in the state by that insurance carrier. Insurance carriers can not cancel policies because of medical issues per Colorado State Law 10-16-201.5 CRS.

Most Americans are covered under their employer’s group coverage, which permits for guaranteed acceptance. Waiting periods may apply for pre-existing conditions if the new applicant has not been continuously covered in the past 3 months. Also, the federal government’s “ERISA” group plans are subject to different regulations than individual plans solely regulated by the state of Colorado.As we all know, health insurance is a very complicated subject and I hope that the information provided above will prove helpful.

This entry was posted on Monday, May 31st, 2010 at 4:12 am and is filed under Health Insurance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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