Do health insurance companies underwrite a new policy every year?
If so, if you get a disease or something, it will only be covered until the end of the year and be considered a pre-existing for next year when the insurance company underwrites a new policy. Is this correct? Or does the policy remain in effect for multiple years?
Thanks.
No, they underwrite you every time you apply for new coverage.
If you never try to get a different policy, and just keep the same one, they don’t re-underwrite you. It’s not at ALL like car insurance.
As soon as you’re diagnosed with it, or have the first symptoms, it’s now a preexisting condition. It doesn’t "expire" at the end of the year. The policy will remain in effect forever, as long as you keep paying the monthly premiums, and the insurance company doesn’t go out of business.
No that is not the case.
References :
No, they underwrite you every time you apply for new coverage.
If you never try to get a different policy, and just keep the same one, they don’t re-underwrite you. It’s not at ALL like car insurance.
As soon as you’re diagnosed with it, or have the first symptoms, it’s now a preexisting condition. It doesn’t "expire" at the end of the year. The policy will remain in effect forever, as long as you keep paying the monthly premiums, and the insurance company doesn’t go out of business.
References :