If you have a health condition and plan to apply for health insurance, you are not alone. Many Americans have health-related problems that insurance companies classify as pre-existing conditions. A pre-existing condition is any type of health problem that exists before you enroll in a health or life insurance plan.

Pre-existing conditions can range from mild to severe and include things like the following:

• High blood pressure
• Type 2 diabetes
• Asthma
• Lupus  
• Sleep apnea
• Pregnancy

Why Health Problems Matter to Insurance Companies

Insurance companies are businesses and must protect their bottom line, therefore, it’s in their best interests to be selective about who they provide coverage for. A person with an autoimmune condition may have a longer wait period or have to pay higher premiums to cover their expenses.

While this model may make sense for businesses, it certainly does not for people. This is why there are state and federal regulations that have stepped in and regulated this issue for most health insurance companies. Things are different for life insurance, though.  

Health Insurance Premiums No Longer Based on Pre-existing Conditions

Before 2014, an individual market health plan could deny you coverage based on a chronic health condition. Today, this isn’t the case. This is because, in 2010, the Patient Protection and Affordable Care Act eliminated the pre-existing condition requirements from health insurance plans.

In 2014, all major medical health plans could no longer take pre-existing conditions into consideration when accepting applicants. Premiums can only be based on age, zip code, tobacco use, and family size.

Life Insurance is Different – Health Problems Can Matter

Life insurance is a bit different from health insurance. Having a health problem can make it more challenging to get insurance. The best approach is to work with a trustworthy agent who can find you a number of policies that will work for your needs. Be truthful about your condition so that your agent can find the best policies. The most competitive rates are reserved for those who take the medical exam, so if you can do that, we recommend it.

The Soden Agency offers a wide range of insurance plans, including life insurance. Contact us today to discuss your insurance needs.