Photo Credit: woodleywonderworks via Compfight
I read an article the other day that mentioned something I haven’t thought much about – insurance companies will do one of three things if they find out to have sleep apnea:
- decline to cover you altogether
- jack up your rates because of the increased risk (double, triple or quadruple your rate!)
- reduce your rates if you are treating the apnea – you might be considered in a lower risk pool
I guess there’s a fourth. If you have a claim, and they determine that you have sleep apnea, they may deny the claim. Not telling anyone you have it isn’t a legitimate defense.
The bottom line is that if you suspect sleep apnea, investigate it thoroughly. If the apnea is confirmed, treat it! It benefits your health today, the length of your life, and your pocketbook…
I’ve always said that the “prime directive” for insurance companies, no matter where they are, is to “pay only as the last possible option”.
Life Insurance companies are getting a lot of bad press at the moment in the UK. Check the small print. Better still ask a friend or another family member to check it with you. Insurance companies can wriggle through the eye of a needle to get out of paying out a claim. Talk to a financial advisor you then have the protection of the FSA who over see them in the UK.