Guaranteed issue
Guaranteed issue
Guaranteed issue (pronunciation: gahr-an-teed ish-oo) is a term used in the health insurance industry to describe policies that must be issued to any applicant regardless of their health status, age, gender, or other factors that might predict their use of health services.
Etymology
The term "guaranteed issue" originates from the English words "guarantee" and "issue". "Guarantee" is derived from the Old French guarantir, meaning to protect or ensure, while "issue" comes from the Latin exire, meaning to go out or to be published. In the context of health insurance, "guaranteed issue" refers to the insurer's obligation to issue a policy to any applicant, regardless of their health status or other risk factors.
Related Terms
- Pre-existing condition: A health condition that existed before someone's health benefits went into effect.
- Underwriting: The process by which an insurance company evaluates an applicant's risk and determines whether to offer them a policy.
- Risk pool: A group of individuals whose medical costs are combined to calculate premiums.
- Community rating: A rule that prevents health insurers from varying premiums within a geographic area based on age, gender, health status or other factors.
- Health Insurance Portability and Accountability Act (HIPAA): A federal law that, among other things, guarantees access to health insurance for small groups and individuals with pre-existing conditions.
See also
References
External links
- Medical encyclopedia article on Guaranteed issue
- Wikipedia's article - Guaranteed issue
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