This will kill insurance companies all by itself(pre-existing condition immunity).
That means that if you get diagnosed with a terminal illness, you can still buy an insurance policy after you get the news.
This health care law must have a stake driven through its heart. If any trace of it remains, it can still go into effect and kill the economy.
Perhaps this is true, but it would NOT necessarily kill the insurance company. In fact, I have a life insurance policy that includes a provision very similar to this. One of the benefits I have with this policy is that I am permitted during the course of my life to increase my coverage by pre-set amounts periodically -- regardless of my medical condition at any given time.
Of course, I do pay a higher annual premium for this kind of life insurance policy. But the insurance company is very comfortable with this arrangement.
From what I have been receiving from my health insurance carriers you will not be able to buy a health insurance policy at any time. ie. get diagnosed with a terminal illness and then be able to go out and buy a policy.
No one knows the exact details but just like Medicare part D for instance you only have certain times to sign up and if you miss those times you have to wait for the next enrollment period and you are also penalized $$ for not signing up when you should have.
Hipaa group plans also have waiting periods for pre-ex if you miss the intitial enrollment period.
I suspect the individual plans will be the same way.
Having to cover pre-existing conditions won’t kill insurance companies. It just means the premiums for people who are not sick will go sky high to pay for the sick.
I am surprised that people haven’t figured this out yet.