Health Class and insurance rates

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PostPosted: Tue Mar 10, 2009 10:16 am   Post subject: Health Class and insurance rates  

How do the health carriers fix our rates and determine our 'health class'?


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PostPosted: Tue Mar 10, 2009 7:34 pm   Post subject: health insurance rates  

The answer to this question will vary between the company that you apply it to. As a general rule of thumb in order to qualify for health insurance you need to qualify through a process called medical underwritting. This is the process in which an underwritter investigates your medicale history to determine what health conditions you have had and currently have. The underwritter than uses this information to calculate that individuals potential health care costs in the future. Your health class and your monthly premiums will also be greatly effected by your lifestyle. If you are a smoker you pay more, if you are overwieght you pay more, and even if you have been declined for other insurance you will pay more. All of these factors are indicators of increased risk to the insurance company, to hedge against this risk the insurnace company charges you more premium to soften the blow should you have a large claim.



This is only a basic interpretation of how insurance companies determine rates and classes and is only illustrating the basic concept.

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PostPosted: Thu Mar 12, 2009 7:04 am   Post subject:   

Hi,



See, each company would determine the health class of an applicant on the basis of their own criteria. Depending on your qualifications as per their criteria, they'd arrive at your rates. It's not unnatural for a person to achieve a 'standard class' for one company while achieving a 'preferred class' with it's competitor.



When it comes to determining your health class during life insurance underwriting, factors like smoking would have a strong impact. In order to achieve a 'preferred' rate you'd need to maintain a healthy lifestyle for years. Cholesterol level, Height-weight ratio, BP level, past family health history are some of the important factors that affect your rates. You'd probably need to undergo a small medical test before your health class is actually determined.



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PostPosted: Wed Mar 18, 2009 1:21 pm   Post subject:   

Quote:
See, each company would determine the health class of an applicant on the basis of their own criteria.




Well Fatman, there are about 15-20 health rate classes with all life insurance companies.

Of these the Preferred, Preferred Best, Standard and Standard Plus are the common ones. Under these classes there are the other rate-classes which are called the table-ratings.



Everyone of us would desire to fall into the Preferred Best class. Little do we know that it's only 2% of our population that would fall within this category.



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PostPosted: Thu Mar 19, 2009 11:51 am   Post subject:   

Hi,



We'd certainly be eligible for a better rate-class if we stay healthier. By leading a healthier life we'd be paying lower premiums to our carriers. We should never forget that our carriers would definitely look into our entire family health history while determining our rate-classes.



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PostPosted: Fri Mar 20, 2009 12:39 pm   Post subject:   

I might add...you CAN change your rate class. They are not set in stone. Reduction of weight, healthier eating habits, rooting for the Pittsburgh Steelers and increased exercise can reduce your rates!



OK...The Steelers suggestion is a reach!



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PostPosted: Wed Jan 25, 2012 4:07 pm   Post subject:   

When the time comes to renew your policy, you will automatically upgraded to a better rate class if you have improved your physical health. There is no need to get worried if you get grouped into a class with a higher premium rate. You always have the option to change it by changing the way you live.

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PostPosted: Fri Feb 03, 2012 8:23 pm   Post subject: health class  

You should investigate any pre-existing condition exclusions before you switch carriers. Or, you can look into changing plans with the same insurer - exclusions may not apply in that case (but you should also check first). I have Blue Cross/Blue Shield PPO through my employer and I am very happy with them, so much so that I would continue with an individual policy if I were to leave my employer.

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PostPosted: Mon Feb 06, 2012 5:24 am   Post subject:   

Quote:
When the time comes to renew your policy, you will automatically upgraded to a better rate class if you have improved your physical health. There is no need to get worried if you get grouped into a class with a higher premium rate. You always have the option to change it by changing the way you live.


Heller . . . your lack of insurance knowledge is rather disappointing. None of what you wrote here is accurate.


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PostPosted: Mon Feb 06, 2012 11:25 am   Post subject:   

I didn't mean to say 'automatically' or 'option'...it just came out wrong. As far as I know, the insured needs to be reviewed by the insurer before he can be upgraded to a better class. Insured smokers who have applied for non-smoker status need to wait for 2 years, after which the company will test the validity of the non-smoker 'claim' before they consider upgrading the insured to a better class.



Does that sound about right? I'm sorry I messed up the last answer Embarassed

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PostPosted: Mon Apr 16, 2012 2:39 am   Post subject:   

If you're younger and have a sound health status, the better your chances of getting less expensive health insurance. If you're sick, disabled, poor, old, or injured on the otherhand, you pose a higher risk for the insurance companies so you end up having to pay more premiums.



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