South Dakota Health Insurance

The Division of Insurance of South Dakota is the government agency that makes the rules and regulations by which insurance companies licensed to sell individual and family policies inside state lines must operate under. This agency has been set into place to provide some type of standardization and rules for insurance companies to follow in order to protect the interests of their residents.

In South Dakota you are not guaranteed coverage just because of your residency status. Policies offered are medically underwritten and anyone with pre-existing conditions can be denied coverage. Insurance companies will collect information on your past medical history from your application for insurance and from the 12 month medical history they are permitted to use to determine previous medical conditions.

The insurance company is permitted to add an exclusionary waiver to your policy if a pre-existing condition is found. This is generally what the insurance companies will do in order to be able to sell you a policy. What the waiver does is allow you to be covered under their company policy but it protects them from paying for treatment relating to any condition you had before purchasing the insurance policy. It is important that you do your research into your own medical background so that you will know of any pre-existing conditions that may cause you to be denied coverage.

If the insurance company chooses to insure you then your monthly premium will be calculated by factors such as your age, what gender you are, where you live, whether you choose to use tobacco products, your occupation, and the plan you are choosing to purchase. This monthly premium can go up or down as much as 30% of the individual market rate. The Insurance Division of South Dakota has made this regulation to keep monthly premium rates as low as possible for consumers.