Florida Insurance Regulations – Insurance Requirements

Florida Insurance RegulationsThe Office of Insurance Regulation (OIR) ensures that insurance companies licensed to do business in Florida are financially viable, and operating within the laws. The Office serves Floridians through its responsibilities for regulation, compliance and enforcement of statutes related to the business of insurance.

Florida Insurance Regulations Explained

As an insured individual in Florida you have some rights that need to be protected. The right to receive quality insurance coverage from the private insurance provider you choose. But as with everything in life, there are always people out there trying to take advantage of certain situations. The best way to prevent mistreatment is to be educated about your options.

Florida Department of Financial Services

In the State of Florida, insurance companies are not required to provide standardized insurance policies to their customers. The coverage you receive is dependent upon the services you select at the time of initiating your policy with the company.

Under HIPAA law, you cannot be discriminated against because of a pre-existing condition as long as you meet the criteria for creditable coverage. However, the insurance company has the right to set an exclusionary period for pre-existing conditions. The state of Florida has set the period up to five years for pre-existing conditions in the state. Check with the company’s pre-existing policy before joining a plan. Being denied coverage for something you did not was pre-existing can lead to large medical bills that will be solely your responsibility.

Pre-existing conditions are not the only thing that you can be denied coverage for. Existing health problems are a factor for refusal of coverage under some plans. If you currently have any health care problems, that can be a cause for denial. However, these restrictions fall under the individual health plan system. If you seek insurance on your own, these restrictions are viable. If you receive health care coverage from an employer, you must receive full coverage under that plan. That is one way insurance laws protect you.

Another protection under the law of Florida is that once you have coverage it cannot be cancelled because of your age or the state of your health. If you got really sick and needed on-going care, your insurance provider could not drop you because you simply got to expensive to carry on their plan. Once you have coverage you cannot lose your coverage because you are sick. Your premiums may go up, but they can never be cancelled.

When looking for an individual insurance plan, make sure you review all of these issues with your prospective providers to make sure you receive the type of coverage you want.

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