Underwriting refers to the process used by insurance companies to assess the level of risk associated with insuring an individual or group and to determine the terms of coverage and premium rates. It normally involves evaluating various factors, that may include age, medical history, current health status, lifestyle habits (such as smoking or exercise habits), occupation, and pre-existing medical conditions. These practices are regulated to ensure that underwriting decisions are transparent, non-discriminatory, and based on objective criteria.
Kota's UK health insurance offered by Vitality might comprehend different types of underwriting. This is set up initially by your employer when they create the health insurance group policy. When you enrol, you'll be informed of what type of underwriting is associated with your healthcare plan. Keep reading to learn more details about each one of them.
Full Medical Underwriting
Full Medical Underwriting
You will be asked about your medical history. Based on this assessment, Vitality might need to exclude some pre-existing conditions from your cover. Yet, this will always be communicated with clarity and detail upfront, so you will always know what's covered and what's not.
Moratorium Underwriting
Moratorium Underwriting
In this case, Vitality won't require any prior assessment of your medical history. However, whenever you make a claim, you might be asked further questions and only then Vitality will confirm whether you are covered for that claim or not.
This underwriting suits people who have no previous medical history or medical conditions. Nonetheless, this type of underwriting may not suit those who do, as pre-existing medical conditions may not be covered or waiting periods to have this condition covered may apply.
Continued Personal Medical Exclusions Underwriting (CPME / Switch)
Continued Personal Medical Exclusions Underwriting (CPME / Switch)
This is only an option if you've already got a company health insurance plan with another provider than Vitality. It allows you to maintain continuity of coverage, with continued restrictions on coverage for pre-existing medical conditions or treatments.
Medical History Disregarded Underwriting
Medical History Disregarded Underwriting
This is an option if you've already got a company health insurance plan with another provider than Vitality, where you had this same underwriting method. Or, if your employer is currently uninsured and has a minimum of 20 employees to be covered.
Your pre-existing medical conditions or past medical treatments are not considered in the underwriting process. Nonetheless, this option may still have coverage limits, exclusions, or waiting periods for certain treatments, procedures, or medical conditions.