Living With Psoriasis: Life Insurance And You

Living with psoriasis can present a number of challenges, and it's important to understand how it might affect your life insurance options. Psoriasis is a common chronic skin condition that speeds up the skin cell life cycle, leading to scales and red patches. While it is generally not life-threatening, it can be linked to other health issues and impact one's quality of life. This raises questions about eligibility, premiums, and insurance providers' approach to applicants with psoriasis.

When it comes to life insurance, individuals with psoriasis can often qualify for traditional term or whole life insurance policies. However, the impact of psoriasis on premiums depends on its severity and control. Mild to moderate psoriasis that is well-managed may not significantly affect premiums, but severe cases, especially with complications like psoriatic arthritis, could lead to higher premiums. Insurance companies consider the overall health picture, including lifestyle habits, and the presence of other risk factors.

To make an informed decision, insurance providers will inquire about various aspects of your condition, including treatment, symptoms, and how it affects your daily life. They may also request access to your medical records. It's essential to be transparent during the application process to avoid issues with claims later on.

Working with an independent insurance broker who understands psoriasis and has access to multiple insurers can be beneficial. They can guide you in finding insurers with more lenient underwriting processes and help you navigate the marketplace to secure the most suitable coverage for your circumstances.

How does psoriasis affect life insurance eligibility?

Living with psoriasis can present a number of challenges, and the effects often extend beyond the skin and joints, impacting various aspects of daily life, including finances and long-term planning. When it comes to life insurance, psoriasis, as a chronic health condition, can influence both eligibility and premium rates. However, it is important to note that having psoriasis does not automatically disqualify an individual from obtaining life insurance. The impact of psoriasis on life insurance eligibility and premiums depends on several factors.

Risk Assessment

Insurance companies typically assess risk by evaluating an applicant's overall health and lifestyle. This process, known as underwriting, involves reviewing medical history, lifestyle habits, and sometimes a medical examination. The underwriter will consider the severity and control of psoriasis, as well as any associated complications or other health conditions.

Severity and Control of Psoriasis

The extent to which psoriasis affects life insurance eligibility largely depends on the severity of the condition and how well it is managed. Mild to moderate psoriasis that is well-controlled may not significantly impact eligibility or result in higher premiums. However, severe psoriasis, especially when accompanied by complications such as psoriatic arthritis, can lead to higher premiums due to the increased risk of other health issues, including cardiovascular disease.

Overall Health and Lifestyle

Insurance companies take into account an applicant's overall health and lifestyle when determining eligibility and premium rates. If an individual with psoriasis maintains a healthy lifestyle, does not smoke, and does not have other health conditions, they may still qualify for competitive rates. However, the combination of psoriasis with other risk factors, such as obesity or smoking, may result in higher premiums.

Disclosure

When applying for life insurance, it is crucial to disclose all health conditions, including psoriasis. Non-disclosure can lead to the denial of a claim or the cancellation of the policy. Insurance companies may ask specific questions about the type of psoriasis, the severity, treatment methods, and any associated health conditions.

Treatment Options

The treatment options for psoriasis can also impact life insurance eligibility and premiums. Biologics, for example, are safe and effective treatments for serious cases of psoriasis, but they can be expensive, costing $38,000 to $65,000 per year or more. Prior authorization from the insurance company may be required for coverage of biologics, and step therapy, where less expensive treatment options are tried first, may also be necessary.

In conclusion, while psoriasis can influence life insurance eligibility and premiums, each case is unique, and insurance companies have different underwriting criteria. Individuals with psoriasis should take the time to review their options, ask questions, and seek experienced insurance agents who can help them navigate the process and find the most suitable coverage for their circumstances.

What medical information do insurers want to know?

When applying for life insurance, you will be required to answer questions about your medical history and current health status. This allows insurance providers to determine the level of risk you pose and calculate your premiums accordingly. Here is a list of the type of information insurers will likely want to know:

• Medical history: Insurers will ask about any pre-existing medical conditions, mental health issues, and whether any immediate family members have suffered from serious illnesses. They may also inquire about your family's medical history, especially if certain illnesses, such as heart disease or cancer, run in your family.
• Lifestyle habits: Information about your lifestyle habits, including smoking, drinking, exercise, diet, and high-risk hobbies, is essential for insurers to assess your overall risk profile.
• Treatment and management: If you have a medical condition, such as psoriasis, insurers will want to know about your treatment plan and how well you adhere to it. This includes topical treatments, phototherapy, oral medications, biologics, or other therapies. They may also ask about the frequency of flare-ups and the effectiveness of your management strategies.
• Associated health conditions: Certain medical conditions are often linked to other health issues. For example, psoriasis has been associated with psoriatic arthritis, cardiovascular disease, diabetes, and mental health issues. Insurers will want to know if you have any co-existing conditions that could impact your risk profile.
• Impact on daily life: If your medical condition significantly affects your ability to carry out daily activities or work, insurers will consider it a higher risk factor. They may ask about any limitations or adjustments you need to make due to your health.
• Medical examinations and records: In some cases, insurers may request a medical examination or access to your medical records to verify the information provided and assess your overall health. This is particularly true if you are applying for a high-value policy or have disclosed a pre-existing condition.

Remember that honesty is crucial when providing medical information to insurers. Non-disclosure or misrepresentation of your health status may lead to a denial of your claim or cancellation of your policy.

What are the best life insurance options for those with psoriasis?

Living with psoriasis can present a number of challenges, and the effects can extend beyond the skin and joints, impacting various aspects of daily life such as finances and long-term planning. While psoriasis does not make individuals ineligible for life insurance, it can influence the premiums they pay and the eligibility criteria they need to meet. Here are some key considerations and options for individuals with psoriasis seeking life insurance:

Impact on Eligibility and Premiums

Psoriasis, as a chronic health condition, can impact life insurance eligibility and premiums. Insurance companies assess risk by evaluating an applicant's overall health and lifestyle, including medical history, lifestyle habits, and sometimes a medical examination. The severity and control of psoriasis play a significant role, with mild to moderate cases that are well-managed having less impact on premiums. However, severe psoriasis, especially with complications like psoriatic arthritis, could lead to higher premiums due to the associated increased risk of other health issues.

Tips for Finding the Best Life Insurance Rates

Individuals with psoriasis may need to put in some extra effort to find the best life insurance rates. Here are some recommendations:

• Maintain control of your condition through consistent treatment and regular healthcare visits, as insurers favor applicants who actively manage their health.
• Adopt a healthy lifestyle with regular exercise, a balanced diet, and refrain from habits like smoking, which can exacerbate psoriasis and increase risk factors for other health conditions.
• Be transparent during the application process by fully disclosing your health condition, treatment, and impact on daily life. This allows for accurate risk assessment and avoids potential claim disputes.
• Work with an independent insurance broker or agent who can help navigate the market and find companies with more favorable underwriting standards for individuals with psoriasis.
• Don't settle for the first quote—shop around and compare rates from various insurance companies, as underwriting criteria and risk tolerance vary.

Types of Life Insurance for Individuals with Psoriasis

There are several types of life insurance options for individuals with psoriasis:

• Term Life Insurance: The most basic and affordable type, providing coverage for a specific term, such as 10, 20, or 30 years. It may be suitable for individuals with mild to moderate psoriasis who are otherwise healthy.
• Permanent Life Insurance: Offers lifelong coverage with a cash value component. This may be a choice for those who want to combine a death benefit with savings or investments.
• No Medical Exam Life Insurance: Some companies offer policies without a medical examination, but these typically have higher premiums and lower coverage limits. They may be an option for those with severe psoriasis who may not qualify for other types.
• Guaranteed Issue Life Insurance: A type of permanent life insurance without a medical exam or health questionnaire. Premiums are usually higher, and the death benefit may be lower. This could be considered by those with severe psoriasis or associated health issues who have been denied coverage elsewhere.
• Group Life Insurance: If offered by your employer, this type of insurance typically doesn't require a medical exam or individual risk assessment, so psoriasis won't affect your premiums. However, the coverage amount may be lower than individual policies, and you may lose coverage if you leave the job.

In conclusion, while psoriasis may impact life insurance options, individuals with psoriasis can find suitable coverage by understanding their condition, managing it effectively, being transparent during the application process, and working with experienced insurance professionals.

How does psoriasis medication affect insurance rates?

The cost of psoriasis medication can be influenced by several factors, including the type of medication, insurance coverage, and individual circumstances. Here is an overview of how psoriasis medication costs can impact insurance rates and ways to manage these costs:

Types of Psoriasis Medication and Their Costs:

• Topical Treatments: Topical corticosteroids are generally inexpensive and come in various forms such as ointments, creams, lotions, gels, foams, and shampoos. Other topical options include vitamin D derivatives, retinoids, and calcineurin inhibitors, which can range from $5.70 to $67.99.
• Systemic Medications: These can be pricey, especially biologics, which are injectable medications that interact with the immune system. The cost of biologics can vary, with unit prices ranging from $963.01 to $1,670.35.
• Phototherapy: While natural sunlight exposure is free, in-office phototherapy sessions can cost around $65 each, and a portable unit for at-home use can cost between $3,000 and $6,000.
• Oral Medications: Oral treatments, such as retinoids and immunosuppressants like methotrexate and cyclosporine, can vary in price. For example, acitretin (a retinoid) costs $224.10 for a month's supply, while cyclosporine is around $23 for a 30-day supply.

Insurance Coverage and Costs:

• Commercial Insurance: With commercial insurance, the out-of-pocket cost for SKYRIZI, a medication for plaque psoriasis, can be as low as $20 per dose or even $0 with the Skyrizi Complete Savings Card.
• Medicare: Medicare Part D prescription coverage for SKYRIZI varies depending on deductibles and coverage gaps. The Medicare Low-Income Subsidy (LIS) program offers a lower cost of $11.20 per dosing.
• Medicaid: Medicaid provides income-based drug coverage, and eligibility criteria include income, age, and family size.
• Private Insurance: Private insurance companies are required to cover arthritis treatment, but high copays and out-of-pocket costs can still apply.

Managing Costs:

• Patient Assistance Programs (PAPs): These programs provide financial assistance based on income and can help with the costs of medications and treatments.
• Federally Qualified Health Centers: These centers can provide additional support when insurance doesn't cover all costs.
• Biosimilars: Biosimilars are cheaper versions of biologics, similar to generic drugs, and can offer financial relief.
• Comparison Shopping: Prices for medications can vary, so it's worth comparing prices online or asking your doctor or pharmacist for advice on finding the best deals.
• Appealing Insurance Decisions: If you disagree with an insurance decision, there are steps you can take to appeal and potentially secure coverage for your treatment.

What are the complications of psoriasis that insurers worry about?

Complications of Psoriasis that Insurers Worry About

When it comes to psoriasis, insurers are primarily concerned about the potential complications that may arise from the condition. While psoriasis itself is not life-threatening, it has been associated with an increased risk of developing other health issues. Insurers worry about the impact of these potential complications on the applicant's overall health and lifespan, which could result in higher premiums or even denial of coverage. Let's take a closer look at some of the specific complications that insurers may focus on:

Psoriatic Arthritis:

Insurers are particularly interested in knowing if an applicant has developed psoriatic arthritis as a complication of their psoriasis. This is because psoriatic arthritis can cause significant pain and stiffness in the joints, mainly affecting the hands and feet. It is often linked with psoriasis and can result in a red and scaly skin rash. The symptoms usually flare up and then subside, following specific patterns such as asymmetrical oligoarticular arthritis, symmetrical polyarthritis, or spondylitis. Insurers will want to know the extent to which psoriatic arthritis affects the applicant's daily life and their ability to work.

Cardiovascular Disease:

Cardiovascular disease is another serious complication that can arise from psoriasis. Individuals with psoriasis are at an increased risk of suffering from a stroke or other cardiovascular issues. This is a significant concern for insurers as it can impact the applicant's lifespan and overall health. Underwriters will consider this factor when evaluating the applicant's risk profile.

Other Autoimmune Diseases:

Psoriasis is believed to be an autoimmune disease, and it can sometimes lead to the development of other autoimmune disorders. Insurers will want to know if the applicant has been diagnosed with any other autoimmune diseases as a result of their psoriasis. This includes conditions such as Parkinson's disease, certain eye disorders, and other autoimmune diseases that may impact the applicant's overall health.

Treatment and Medication:

The treatment and medication used to manage psoriasis is also a factor that insurers consider. They will want to know the specifics of the applicant's treatment plan, including the types and dosages of medication they are taking. Certain medications, such as anti-TNFs (e.g., infliximab) or anti-disease-modifying drugs (e.g., methotrexate), may result in higher premiums due to their impact on the applicant's overall health and the potential for long-term use.

Severity and Control of Psoriasis:

The severity and control of psoriasis play a crucial role in the insurer's assessment. Mild to moderate psoriasis that is well-managed may not significantly impact premiums. However, severe and uncontrolled psoriasis, especially when accompanied by complications, could lead to higher premiums. Insurers will evaluate the percentage of body coverage, the impact on the applicant's daily life and work productivity, and the effectiveness of the treatment plan.

In conclusion, while psoriasis itself may not be a disqualifying factor for life insurance, the potential complications that can arise are what insurers worry about. By evaluating the severity, control, and associated health risks of psoriasis, insurers can make informed decisions regarding eligibility and premium rates. Each insurance company has its own underwriting criteria, and it is essential for applicants with psoriasis to shop around and work with experienced brokers to find the most suitable coverage for their unique circumstances.

Frequently asked questions