Read This Before You Apply For Insurance
Friday, November 7th, 2008Remember the old phrase, “What you don’t know can’t hurt you.” Or can it? Applying for life insurance can be more difficult and pricey than in years past. Insurers are now scrutinizing potential client’s medical records more than before, which means if there are mistakes in your medical records it could hit you where it hurts-your wallet.
The Institute of Medicine estimates that as many as 98,000 people die each year in hospitals from medical errors. If these errors are turning up in hospitals, you can bet they are turning up in medical records, which can result in being denied life insurance or at least paying higher insurance premiums.
“You need to make sure you know what’s in your medical records and correct any errors before you apply for insurance,” says Carolyn McClanahan a certified financial planner and former medical doctor.
Medical mistakes happen all the time; they can arise from mistyped diagnosis codes or transcription errors, even inaccurate diagnosis. “Part of the problem is that the U.S. healthcare system relies mainly on paper records, which makes it harder…spot errors.” says Joy Pritts, research associate professor at Georgetown University’s Health Policy Institute.
By having your own medical records, in an electronic format, you will be aware of any errors that need to be corrected. This is a huge dividend when it comes to applying for insurance and securing the lowest premium possible.
After all it’s your health shouldn’t you own it?