I was reading an article today in the NY TIMES, by a gentleman named John Graham. I have never heard of this guy, but I would like to buy him a drink. HE IS PAYING ATTENTION!!! Mr. Obamba continues to say that it will be illegal for an insurance company to cancel a policyholder because they have a claim. Yes, Mr. GRAHAM, is PAYING ATTENTION. IT IS ALREADY ILLEGAL to do that. I am an insurance broker, and I sing that song on a daily basis. On of the companies, I regretfully, used to represent, that was part of their sales pitch, that you cannot be cancelled for claims because they put you in a group plan. Once I found out that they, were misleading the public, I had to leave the company.
Yes, you hear horror stories of policies being rescinded. They are for an applicant not disclosing information on the application. It happens less than one percent of the time, these are the ones you hear about, as that makes the news. What does not make the news, is the insurance company that does pay it claims, and does take care of the policy holder.
I was speaking to a client today. His wife was a breast cancer survivor. Yes, he was looking for a new carrier as his cost had gotten, what in his opinion were to much. His wife was not cancelled, and all of the bills were paid. His Carrier ANTHEM Blue Cross Blue Shield in OHIO, did take care of him and his wife.
Now sadly, no one else will insure his wife until she is five years cancer free. She has been cancer free for four years. If it were my reform bill, I would let them change carriers so long as they kept their insurance in tact.
I would have no problem for the person who never had insurance until they got sick. It would be like buying flood insurance AFTER your house flooded. But, if you had the insurance before the flood, I think you should be able to change carriers.
I also understand that insurance carriers are a business. I used to do consulting, and would not take on a client that was going to cost me money, does not make sense.
So I say to you all always be paying attention. My thanks to John Graham, whoever he is. This one is for you.
Eric Wilson is an insurance broker in Chicago. He can be reached toll free at 888-448-5370.