What will a major medical issue do to my insurance premiums?

Question

My doctor and I have been discussing a medication for a chronic illness that I have that will cost $20,000 a year. I have an individual insurance plan because the place I work is small and doesn't have a group plan. What will this do to my premiums?

Answer 1

Your rates will not go up because of the medication. Individual policies are not allowed to increase the premium unless they do it equally for everyone on the plan in your area. However, if you are taking an expensive medication you will not be able to get another individual policy so make sure to do everything by the letter, pay your bill on time and never let your policy lapse because you'll never get it back.

Answer 2

I did not understand your " What will this do to my premiums?" part.

     Any way God Bless you. Take care and Get Well Soon.