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How Risk Factors Affect Your Individual Health Insurance Plan

It is trickier and more challenging, getting individual health insurance than it is getting group insurance coverage. This is because in groups, the larger the number, the lower the risk in that, the healthy will always outweigh the ones frequenting the doctor. In the case of an individual, the risk is a bit a higher and so the insurers will away consider a number of factors that will determine on which level you are eligible or whether you are even eligible at all. These are called risk factors. We will get to understand what they are and their implications.

In a lot of states, denying an individual coverage is accepted. This is mainly due to the medical history of the individual. If the individual’s history includes a particular condition, then the health insurance companies are allowed to deny him or her any medical insurance coverage based on that fact. The individuals are deemed uninsurable by the companies due to the expenses that may be incurred to maintain their health. Such conditions include rheumatoid arthritis, cardio vascular diseases, HIV, stroke and cancer. This makes it difficult to get individual health insurance coverage. This means you will have to pay a lot more to get a high risk medical insurance coverage able to accomodate your needs. On the other hand if someone has pre-existing conditions, the health carrier may consider insuring you but opt to exclude coverage for the specific pre existing condition that you have. This exclusion is called a rider and may even be lifted at a certain agreed time in the future, according to their policy. The medical insurance carrier may also increase the premium by a certain percentage e.g. 15%.

It may come as a shocker to smokers, but health insurance companies consider you a high risk due to the likelihood of contracting lung cancer, cardio vascular diseases and other conditions. This leads to such companies having separate rates for smokers and non smokers. This is also the case when it comes to weight. Due to the risk of contracting weight-related conditions, depending on the weight to height ratio, one could be given a standard or a preferred rate or the insurer could exercise their denial of services right.

One supremely grave risk factor in the individual heath insurance coverage of a person is their age. This is because as we get older, the likelihood of health related complications increases. The result is, the older one gets, the higher the premium shoots for a health care coverage plan. It is even estimated that someone in their sixties is likely to pay around 2-4 times the premium a twenty five year old pays. This is allowed in many states.

It is beneficial to try and be health savvy especially if you can only afford individual health insurance to avoid the many difficulties associated with buying health insurance that may even lead up to denial of coverage. Get an insurer that will cater for your coverage needs and is wiling to give you workable option notwithstanding the risks involved. Enter your zip above and compare some of the insurers’ rates and even get free health quotes.