Identification

• According to Patient Power, guaranteed renewable is an insurance policy feature in which the insurer agrees to renew the insurance policy at the end of term regardless of previous conditions like a terminal illness or loss of employment.
  
  

Benefits

• Guaranteed renewable health insurance gives the claimant a certain set of assurances about their coverage. The rule mandates that insurers do not have the right to refuse renewal when someone gets sick. As long as premiums are regularly paid, this type of policy has a rollover coverage.
  
  

Government Regulation

• The Health Insurance Portability and Accountability Act (HIPAA) mandates that individual health insurance plans be made guaranteed renewable and claimants cannot be dropped from coverage based on pre-existing conditions.
  
  

Insurers Offer Guaranteed Renewable

• Patient Power estimates that approximately 80 percent of people with insurance were willing to pay an increased premium to make their plans guaranteed renewable.
  
  

Increasing Premiums

• Guaranteed Renewable insurance policies are not shielded against rising premiums. The Forbes Investopedia suggests that premiums can be raised by insurers based on factors that increase the overall risk of future claims.