Wondering what health insurance companies are going to offer individual insurance on a guaranteed basis once an individual exhausts their cobra coverage?
Until 2014 it looks as if Michigan residents have one choice for guaranteed issue. BCBS of Michigan. While other companies such as Aetna, Assurant, Humana, Golden Rule, and Cigna will eventually follow suit. It is doubtful that they will do so prior to the deadline in which the law states you can no longer be denied for a pre-existing condition.
It remains to be seen if health insurance companies get creative. By creative, let’s say you cannot be denied for pre-existing condition, but you can be denied due to credit history? Or similar to auto insurance, your premium is determined by your credit history instead of you health history?
If one thing remains consistent, private companies will find a way to survive legislation…Wow, now that we are completely off track….
If you currently have COBRA health insurance, THAT DOES NOT mean you are guaranteed coverage as of 2010. You must still pass underwriting guidelines in order to get coverage. This is a common misconception.
According to recent news, the state of Michigan will be creating a Michigan High Risk Pool by the end of the year. The benefit to Michigan residents will be that those who currently do not qualify for traditional coverage will have something to fall back on. You will have more options with the high risk pool, instead of just choosing for BCBS of Michigan.
If you have questions about upcoming changes in the State of Michigan, contact one of our brokers at 888.320.5388.
Originally posted 2010-05-07 09:08:11. Republished by Blog Post Promoter
Tags: COBRA, Guaranteed Issue, Health, health insurance, individual, Insurance, Michigan, Pre-Existing Conditions
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