Q. I have a pre-existing condition that insurance companies are not willing to include in their coverage. Why should I have insurance if the policy does not cover what I need it for?

A. Let me ask you this. If you had an accident last month and applied for health insurance coverage today, would you expect the policy to cover last months injury?

Of course not.

Why is it any different for an illness?

Some pre-ex conditions can and will be covered by insurance. The only time a carrier will rider or exclude coverage is for ongoing or anticipated future treatment that is considered to be more costly than policy pricing can allow.

As to your closing question (why have insurance?) the answer should be obvious. One purchases insurance in advance of the need to protect one’s assets against seizure or depletion in the event of a catastrophic event. If the event is such that you can cover the cost from your cash reserves, then there is no need for insurance. But if the event is significant enough to cause a major financial setback, then you have reason to purchase insurance.