subject: Pre-existing Medical Conditions - Why Insurance Companies Request About Them [print this page] No matter when you ask for an insurance quote, you're invariably asked whether or not you have any pre-existing medical conditions. The reason that insurance companies ask this question is because, without knowing what kind of health you're in, they can't possibly estimate how much coverage you'll need. For insurance companies to make money, they need to make sure to set aside adequate funding to pay for the medical care that each individual needs as accurately as possible. That's why it's so imperative for you to be as correct as possible when informing a potential health insurance provider of any medical conditions that you've already been diagnosed with before acquiring a plan.
While it may be inviting to think that the insurance companies only want to know about your pre-existing medical conditions in order to have an excuse to overcharge you for coverage, the truth is that knowing your actual medical condition is crucial to their being able to estimate how much it's going to cost them to provide you with medical coverage. If they provide you with too much coverage, then you'll lose money by paying too much for more insurance than you need. But if they don't provide you with enough coverage, then they will lose money paying out on more medical care than they anticipated. If they do this for enough patients, they could potentially be bankrupted. When supplying information about pre-existing medical conditions to a potential insurance provider, it's important to be as accurate as possible when answering their questions. Let them know how much medication or how many doctor's visits your condition currently requires every year. Let them know how long ago you were diagnosed. Let them know what the doctor had to say about your condition on your last visit. The more accurate the information you provide, the more accurate your estimate will be.
And, above all, never try to conceal pre-existing medical conditions from a potential insurance provider in a misguided try to save money on medical insurance. If it's discovered that you deliberately misrepresented the state of your health to the insurance company, then you could be found convicted of insurance fraud, which could lead to hefty fines and possibly even jail time. It's not worth the risk just to save a few dollars, and insurance companies are very vigilant about researching possible fraud. Once you're ready to honestly share all of the information about your medical history and current condition, find a reputable insurance company and ask for a quote.
by: Sean L Johnson
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