Vermont Health Insurance
Vermont has more health insurance regulations than most states. Even though you enjoy more state protection than most other Americans, it's still important to familiarize yourself with important state regulations.
Describes important Vermont health insurance policy regulations
Lists rules Vermont health insurance companies must follow
Health insurance policies are regulated by each state's own health insurance laws. Vermont health insurance companies and policyholders alike must abide by established health insurance laws.
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Vermont health insurance policy provisions
Some of the most important Vermont health insurance laws are the ones that influence the health insurance policy specifically.
First, a guaranteed renewability provision is included in every policy issued in Vermont. This provision states that, as long as premiums have been met, Vermont health insurance companies cannot deny you continued coverage.
It is lawful for a Vermont health insurance company to exclude coverage for "pre-existing conditions" for a period of up to 12 months prior to the effective on date of your policy.
The definition of a pre-existing condition varies from state to state. In Vermont, it refers to any medical condition you received treatment for or were diagnosed within the twelve months prior to the beginning of the plan.
Also, if you are switching Vermont health insurance policies and have not had any breaks in coverage, your old coverage can be used to credit the pre-existing condition period of your new Vermont health insurance plan.
Finally, Vermont health insurance policies can never include elimination riders, which permanently exclude coverage for specific medical conditions.
Regulating Vermont health insurance companies
Health insurance laws in some states regulate the cost and availability of health insurance policies. Vermont health insurance laws are strict in this area, which means Vermont health insurance companies are more regulated, which protects you, the policyholder.
For instance, you can not be denied Vermont health insurance due to your health status, age or any other factor. Also, you can not be charged higher premiums because of your health status.
Although other factors can result in your premiums increasing, thhey can not be increased more than once a year and there are limits to how much they can increase.
Vermont health insurance companies are required to offer you three insurance options - family coverage, two-person coverage and single person coverage.
Furthermore, Vermont health insurance companies that sell individual insurance cannot refuse to provide family coverage if you request it. However, you can be refused coverage if a group health insurance policy is available to you through an employer.
Although your health insurance policy can be canceled for certain reasons, Vermont health insurance laws prohibit insurance companies from terminating your policy on the grounds of illness.
More VT health insurance help
If you want more help getting a good health insurance policy, take our free health insurance internet course.
Also see the guide to Vermont small business health insurance.
To find out more about VT health insurance laws and regulations, visit the official website of the Vermont Department of Banking, Insurance, Securities, and Health Care Administration.