What guaranteed issue health insurance is and isn't...

As the name states it a type of coverage that is gauranteed to be issued regardless of the applicants current or past health status. It usually typified as a high deductible health insurance coverage.

Is there one "best" guaranteed issue policy?

As an agent with almost 20 years in the industry my answer is no. I haven't seen one yet that truly works in the insureds favor.

However since they are tailored for individuals otherwise uninsurable you atill have some level of coverage versus leaving yourself completely exposed.

No matter how much the insurance companies may try to convince someone their guaranteed issue policy is the answer the fact is they, like every other insurance company, are only allowed to state so much. What you're hearing is anther marketing spin.

Also no carrier is going to expose themselves needlessly to too much adverse risk. By this I mean the insurance company is only going to offer the bare minimums allowable by state law and even those are going to be tightly controlled.

Virtually everyone qualifies for guaranteed issue health insurance as pre-existing conditions or other health related issues which normally excludes people from major medical insurance does not apply. The only reason a person would get rejected for a guaranteed plan is due to a history of fraud or non payment of premium.

What options are available?

A guaranteed issue health insurance plan is not a major medical health insurance policy and therefore only covers certain specified aspects of health care. For instance, it is possible to buy a personal accident indemnity plan. In this policy, the insurance company will only cover the benefits related to personal accidents, such as dislocations, burns, fractures, paralysis, surgical procedures, lacerations, comas and brain concussions that have resulted from a covered accident.

This plan includes emergency room fees, follow-up treatments and hospital confinement benefits, including intensive care benefits that are a result of the covered accident. Most types of accidents are covered, but there are several exclusions as well, such as any type of accident that results while the driver is under the influence of a controlled substance or while intoxicated. Mountaineering accidents that include using ropes and/or related equipment, parachuting, or hang gliding are excluded from the policy as well as sport-related injuries for individuals that are working for a wage, including officials and coaches.

These are just a few exclusions that are in the accident policy. I highly recommend reading through the exclusions section of the insurance company’s brochure before purchasing a policy. Nothing is more maddening than finding out after the fact that your insurance doesn’t cover the accident you had last week.

You should check with insurance carrier or your local health insurance agent on the specifics of a guaranteed issue plan, but they can be a lifesaver when major medical insurance is not available.

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