Guaranteed Issue Health Insurance
True to its name, the term “guaranteed issue” means that the health insurance coverage is guaranteed to be issued to applicants, regardless of their medical history, their age, their gender or any other factors that might increase their likelihood of using health services. In most states, guaranteed issue doesn’t limit what you can be charged when you enroll in a plan.
The Affordable Care Act and Guaranteed Issue Health Insurance
Prior to 2014, individual market health insurance companies determined an applicant’s eligibility largely based on their medical history. Applicants could be denied coverage, either altogether or for certain conditions, if the health insurance company decided that they were more likely to use their coverage than the average member. In other words, the individual market health insurance was not guaranteed issue.
This changed in 2014 when the majority of the Affordable Care Act’s provisions took effect. The ACA required that all individual market major medical plans be guaranteed issue, meaning that they couldn’t turn applicants away based on any factors, including pre-existing medical conditions. To ensure that people wouldn’t simply wait until they needed coverage to purchase it, enrollment was limited to a single open enrollment period. To make provision for those who had a significant life change that affected their insurance needs, such as the birth of a child or the loss of another coverage, special enrollment periods were instated.
It’s important to note that while long-term insurance that is purchased from individual market health insurance companies is guaranteed issue, short term insurance, as a general rule, is not guaranteed issue, though some may be. If you’re shopping around for short term health insurance, a Nevada Insurance Enrollment health insurance agent can help you find the best plan for your needs.
What’s Changed in 2019 For Health Insurance
Among the biggest changes that health insurance has seen in 2019 is the end of the individual Shared Responsibility Payment, which was often referred to as an individual mandate or fine. Prior to this year, every American, with few exceptions, had to either have health insurance through their employer, purchase health insurance on the Health Insurance Marketplace, or pay a fee for foregoing health insurance coverage. Beginning in 2019, there is no fee for those who choose to go without health insurance coverage.
While the individual mandate has changed, many other aspects of ACA have remained in place, including the requirement that all individual market major medical plans be guaranteed issue. If you are purchasing ACA-compliant individual health insurance, you cannot be turned away for having a pre-existing condition or any other factor that may make you a greater risk to insure.
Your Nevada Insurance Enrollment Health Insurance Agent Is Here to Help
Health insurance is a necessity; for most people, the medical bills that result from a single injury or illness could wipe out their savings and seriously jeopardize their financial future. At Nevada Insurance Enrollment, our health insurance agents are here to help you get the coverage you need, regardless of your medical history.