No Waiting Period Health Insurance - What is it?

We all know what health insurance is, or at least everyone feigns they have at least some grasp of what a health insurance policy is.  Many of them share the same characteristics and seem to be built on, pretty much, the same frame.  No waiting period health insurance is basically no different minus a few caveats.

What is the same, you might ask?  Well, it will still be a PPO plan or an HSA plan.  It will still have major medical coverage and pay for emergency room visits and surgeries.  It will still have doctor visits coverage and prescription riders.  You will even still be able to add odd and ends to it like dental or vision coverage if the company offers those options.  The premium will even be comparable to another plan.  There will only be one major difference.  As long as you qualify, meaning your underwriting is clean, you will have coverage quickly with no waiting periods. some companies even offer coverage the next day.

The next question is, obviously, how do I qualify for no waiting period health insurance?  It's pretty easy.  You will want to ask your broker which companies offer it. Secondly you will want to apply for coverage. Third, your underwriting must be clean.  No surgeries or major illnesses in the last 10 years. No prescriptions except for maybe a seasonal allergy prescription.  Some companies will offer you automated underwriting when your application is clean and some will offer expedited underwriting when this happens.

As always if you have any questions please feel free to comment or email us and we will be happy to answer your questions, gratis!

10/08/2013 Update

It is important to know that now that the Affordable Care Act has taken place it is now possible to sign up for health insurance regardless of pre-existing conditions.  You can begin the sign up process today but no policies will take affect until at least January 1st, 2014.  If you need help please call or email us and we will help you.  The government website has been down intermittently for repairs.  Finally, know that you do not necessarily have to sign up on the exchange.  You may sign up for a non-grandfathered plan if you are healthy and it may actually be less expensive.