Pre-Existing Medical Conditions: A Barrier to Long-Term Financial Health

Personal health insurance plans are policies purchased by individuals for themselves and/or dependents to cover expenses related to health, dental, and vision care. Even for individuals covered by a group health care plan through an employer, personal health insurance plays an important role in protecting the well-being and financial health of the policyholder by ensuring affordable coverage regardless of future health issues.

Pre-existing medical conditions are illnesses an individual has at the point in time when he or she begins to look for a personal health insurance carrier. Insurance companies limit their exposure to risk by charging individuals with pre-existing health issues elevated rates or by rejecting an application for insurance coverage altogether.

The risks of developing certain health issues such as Type II diabetes, heart disease, liver disease, arthritis, cancer, etc. increases with age. Individuals with an illness who have relied on insurance benefits provided by an employer often find themselves in a difficult situation when they look to purchase supplemental personal health insurance or move to part-time work, start their own business, or retire.

Purchasing personal health insurance before mid-life helps to negate that financial risk. With personal health insurance in place, policyholders can rest assured that their financial health won’t be at risk due to high premiums or lack of coverage. An insurance company cannot refuse to cover treatments for conditions that arise while a policyholder or dependents are covered by a policy.

While it’s impossible to predict the future, some of the financial risk associated with illness can be avoided through the purchase of personal health insurance. With the variety of plans available today, there is an accessible option available to most individuals.

Doucett Insurance protects the interests of our clients through insurance-related services.
Established in 1939 to serve Eastern Ontario, Doucett Insurance has a deep understanding of personal insurance. We collaborate closely with our clients to ensure their insurance needs are met.

Contact us today to learn how we can help secure your financial future.

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