by HullyJacob » Wed Sep 30, 2009 05:56 am
When an insurance company says health insurance is termed, what does that mean? Is it the maximum allowable for the year has been met, or does that mean the insurance has been terminated?"
Posted: Thu Oct 01, 2009 06:54 am Post Subject:
Hi, I don't think the words 'termed' and 'terminated' are synonymous.
If it's a term health care policy, it would probably mean that it has to be renewed at the end of each term (a period for which you're paying the premium). Roddick
Posted: Tue Oct 13, 2009 07:25 am Post Subject:
Hi,
Health insurance is termed also as accident insurance, sickness insurance and medical insurance. Health insurance is purchased generally, with no assurance of renew ability and if renewable no guarantee that premium rates will not increase.
Posted: Tue Oct 13, 2009 04:22 pm Post Subject:
Health insurance is purchased generally, with no assurance of renew ability and if renewable no guarantee that premium rates will not increase.
Sorry, gotta fix this one. Every state has rules regarding renewability and premium charges for both group and individual medical expense coverage.
Every state requires that individual medical expense policies (HMOs, PPOs and Major Medical plans) be Guaranteed Renewable, normally to a minimum age such as 65. As well, I don't know of any state that will allow an insurer to single-out an insured for a premium rate increase due to medical problems. Insurers are normally allowed to increase rates ONLY on a class basis, only once per 12 months, and only upon renewal of the policy.
InsTeacher 8)
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