Kentucky Policy Restrictions
Guaranteed Renewal
Guaranteed renewal means that an insurance company can not
cancel a policy because of an individuals health condition
or age. They must renew a policy if an individual request
it. An insurance company does have the right to cancel a policy
for other reasons. Review your contract and be aware of these
terms to prevent cancellation.
Exclusion Period
An exclusion period is when an insurance company excludes
a pre-existing coverage from a policy. This means that an
insured individual will not be compensated for any treatment
related the excluded condition until the exclusion period
is complete.
Kentucky Insurance Company Restrictions
Regulated Costs
Some states place regulations on the insurance premiums. Kentucky
state insurance laws do not regulate the cost of a premium.
This means insurance companies in Kentucky can charge what
they feel is reasonable for their coverage.
Premiums are usually based on industry standards,
the age of an individual, or existing health conditions.
Controlled Insurance
If an insurance company is controlled they usually have set
premiums as determined by the state. Kentucky insurance companies
are not controlled. They can deny coverage to any individual
or charge more for coverage due to existing conditions.
Insurance companies inc Kentucky can also increase
their premiums because an individuals age or health status
changes.
Temporary Coverage
Temporary coverage is health insurance that is intended to
provide individuals with a temporary solution for health coverage.
These plans usually have a fixed timeline and is not guaranteed
renewable