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8 years ago · by · Comments Off on Insurance Company with Disability Plans

Insurance Company with Disability Plans

Finding an insurance company with disability plans to review and compare can make a huge difference in your life. Income replacement or disability insurance plans are often overlooked, but are vital to a good financial plan.

You are much more likely to be disabled than to die during your working years. A permanent disability can wipe out your savings and from a financial standpoint be more devastating to your family than a premature death.

When you are disabled, will still need to be fed, clothed and housed. All of these cost money and can be a big drain on your finances if you do not have any money coming in.

A disability insurance policy can keep money flowing into your home. It can keep you in your home. It can keep the lights and the heat on. Disability insurance payments can even give you the money to be retrained so that you can go back to work.

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8 years ago · by · Comments Off on When Not to Get a Medical Exam

When Not to Get a Medical Exam

There is a drawback to having a medical exam just before switching health care policies. You may be better off from an insurance perspective if you delay an exam until you have the new policy in place. Of course, you will need to weigh this risk against any risks to your health.  However, any new findings may be viewed as pre existing conditions and may prevent or delay your purchase of a new policy.

If you are considering buying a new medical insurance policy or are being forced to make a change due to circumstances, you may be tempted to get as much medical work done as you can under your old policy. This can make a lot of sense especially if you have already met the deductible on your current policy. You should probably get any work done on any conditions that you are already aware of before you apply for a new policy. If those conditions are resolved before you apply, you may actually get a lower rate or be more likely to qualify for the policy.

The problem comes when new health conditions are discovered just before you apply for a new policy. If it is a major condition, it can keep you from qualifying for an underwritten health insurance policy. If it is a minor condition it may not matter. However if it is somewhere in the middle, the new insurance company may want to wait until they know that the condition is stable before they will approve you for a policy.

The way that most insurance contracts are written, a pre-existing medical condition is one that you were aware of prior to the effective date of your policy. This means that a medical condition that you may have today will probably NOT be considered a pre-existing condition unless you have or have had symptoms that would cause a reasonable person to seek medical advice or you have had a medical professional tell you that you have that condition.

Should you get an exam just before buying a new health insurance policy and a new medical condition is discovered, it will probably be considered a pre-existing condition. This can mean that your new coverage will cost more. It can mean that your new coverage will not cover that condition. It can mean that you don’t qualify for a health insurance policy until the condition is resolved. It can mean that you are denied coverage and can never get coverage from a private insurer.

Even with a pre-existing condition you may or may not have options available to you from a government-based insurance policy. However, these plans are usually either expensive and/or very limited in benefits and/or require that you have a very limited income.

Waiting an extra month or so to have your exam performed after the new policy is in place is more advisable from an insurance underwriting perspective. However, this may not be the best medical advice.

On the one hand, getting medical care a month earlier could mean that an intervention saves your life. On the other hand if a condition is discovered, you may not be able to pay for your treatment if you don’t have the option of renewing your existing coverage. You may be denied any new coverage you may not be able to afford the long term treatment that saves your life.

This post is written from an insurance agent’s perspective. Delaying a medical exam can be risky from a health perspective. You will have to weigh the risks involved.  If decide to of play it safe from an insurance perspective and in so doing take a risk from a medical perspective.

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