New Misunderstanding That No One Can Be Turned Down for Insurance?

By Ulla-Undine Merritt (Dee) National Producer Number (NPN) 8853366

Turned Down for InsuranceYes it is true that if you apply for “Health Insurance” during open enrollment November 1, 2015 – January 31, 2016, or if you have a special election period you CAN’T be denied health insurance if you are legal resident (see for guidelines) in the United States of America.  There are penalties if you do not have health insurance and/or your health plan does not meet the essential benefits for individuals that are not on Medicare or under 100% of the poverty limits.

The following however “DO” require you to be medically insurable.  Disability Insurance which is used to cover your wages if you cannot work due to medical conditions. You have to meet medical and financial insurable rating standards.  Life Insurance costs less the younger and healthier you are and you can be turned down based on your health.  Long Term Care Insurance again should be purchased while you are younger but most companies require you to be 40 years of age or older and also have an age maximum.  This maximum issue age has been changing as we are living longer and the insurance companies gain more data on life expectancy, health and the cost of care.  Travel Insurance, most people don’t know that their health insurance does not cover them outside of the US and that includes cruises.  Original Medicare DOES NOT COVER you outside of the US.  Most of the plans that do cover you outside of the US only cover medical emergencies.

What do all of these plans have in common? They are all a very important part of your long term strategic plan that everyone should have in place and the sooner the better.  So the sooner you lock-in your benefit the less it will cost most likely.  We don’t get younger that’s a given, as we get older costs increase and as medical conditions occur the cost of newly purchased insurance increases. When we purchase these early in life we lock-in our current age and health.  The old saying you don’t know what you don’t know, so true.  Many people once they understand what they are buying actually see the need; everything is expensive if you don’t perceive it to have a value.  Example:  If it costs you 1 penny for a piece of gum and you don’t like gum, there is no value no matter how low the cost.  A  Long Term Care policy that cost $300 a month seems to be a lot of money right?  Now if you needed the policy because you became disabled, and that policy paid  $200 a day for 5 years I would say that is a great deal of value wouldn’t you?  Now these are not actual costs because it depends on the individual, and until underwriting and contracts are completed there are no exact costs.

Speaking to a local professional that can do a complete need analysis is important.  You need to look at the whole picture, what you need and what you can afford. Why a local professional?  One good reason is so that when you buy something you can go back to them if you have questions.  It’s hard to dispute something with an 800 number and you can’t reach the person that sold it to you.  Also most likely it doesn’t cost you any less if you do all the work, research and go direct with the carrier vs. having someone you can discuss all of your needs and make an assessment on your total needs.

This month is Arthritis Awareness Month, Better Hearing and Speech Month, Melanoma/Skin Cancer Detection and Preven¬tion Month, Mental Health Month, & Crohns Awareness Month.  What do they all have in common?  They can affect your insurability to purchase new insurance now and in the future.  Prevention is the key to a healthy life, but eating the right foods, exercise and live a proactive healthy lifestyle has made a difference not only in the longevity of life but the “quality of life”.  Don’t ever think it’s not worth it, it’s too late; again you don’t know what you don’t know.  If you don’t give it your best effort, ask questions, get second opinions.  Remember you know your body if it doesn’t feel right speak-up and get answers.  Not only is it your right but you are expected to ask and you should.  If you don’t trust the doctor, simply move on, there are a lot of others out there.

Too many times people assume, don’t assume ask a professional most of the time your first consultation is at no charge.

To learn more schedule an appointment contact:
Logical Insurance Solutions
Dee Merritt

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