Why Can You Not Buy Health Insurance Anytime You Want?

LAS VEGAS - Sept. 20, 2023 - PRLog -- At one time, you could enroll in a health insurance plan whenever it was convenient. However, you were not guaranteed coverage for pre-existing conditions. If you did manage to get a health insurance company to sell you coverage, your pre-existing conditions could be excluded all together, or had "waiting periods" like 1 or 2 years before that pre-existing condition would be covered.

The Affordable Care Act, which was passed in 2010, required health insurance companies to provide coverage regardless of the individual's health status. Obviously, this took away a key technique that health insurance companies could control how much money they paid out.

To offset this, the ACA put specific enrollment periods in place to prevent people from only enrolling in health insurance when they were sick or needed surgery etc. It was built around the idea for everyone to have access to health insurance. Healthy people would pay regular premiums, but usually file fewer claims, which makes up for the claims from those with chronic health conditions. With no enrollment periods (and pre-existing conditions being covered), a woman could wait until her 9th month of pregnancy to retain health insurance. This stops people from taking advantage of the system. Now, if you miss the "open enrollment" period, when you go to the emergency room with any condition, the medical bills are going to be sky high.

What Is Adverse Selection?
Health insurance can be expensive, and those who are generally healthy may wonder if coverage is worth the cost. In an adverse selection scenario, someone may decide to wait until they need health insurance coverage to purchase a policy.

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Nevada Insurance Enrollment
4260 W. Craig Road suite #150-A
North Las Vegas, NV 89032
(702) 898-0554
Website: NevadaInsuranceEnrollment.com