Insurers may change which of the following on a guaranteed renewable health insurance policy
A guaranteed renewable policy guarantees that coverage and premiums will be available for a set number of years or until you reach a certain age. However, insurers can reassess their decision to renew your policy after this time and continue providing you with health care if they believe that your chronic medical conditions or other significant risk factors will make them more likely to do so.
Guaranteed renewable policies are most commonly used in the health, life, and disability insurance sectors where the health of the insured has a greater impact on the risks that the insurer is taking on. It is important to remember that under most state laws, the health of the insured cannot be a factor in setting premium rates and that insurers are not allowed to raise an individual's premiums more than once per year without notice or the consent of the insured.
In addition, many states have regulations that limit how long the insurer can exclude coverage for a preexisting condition and require that a guaranteed renewable policy refer to any preexisting condition limitations on the front page of the policy and outline of coverage.
Guaranteed renewable policies also usually have a provision that allows you to cancel your policy at any time with proper written notice from the insurer and a refund of unearned premiums. This is a great feature to have as it can be extremely frustrating to pay for insurance only to find that you are no longer insurable when it comes time to renew your policy.