Tips on Writing a Letter of Credible Coverage
When a person goes from one insurance company to another, the former insurance carrier must write the current one a letter of creditable coverage. Generally, when someone starts a new insurance policy there is a short period until any new coverage takes effect; this is to make sure that, from the new carrier’s perspective, there are no major issues, such as some existing conditions. This letter acts as a waiver and speeds up getting the current plan going.
When it comes to writing a letter of creditable coverage for another company, there are some basic things that need to be covered in the letter. The insurance company is looking for certain information, and that information needs to be in the letter. At the very least, it should include the dates of coverage as well as what kind of coverage. It should also cover any current conditions that may affect the cost of insurance, such as diabetes or cancer. In essence, any information that can affect the person’s coverage must be noted.
This information must also be as concise as possible, preferably in a bulleted list. This is not to time to waste words, and the information must be presented in a way that is easy to read. After all, the person receiving the information must be able to read it quickly and having to read through paragraphs does not lend itself to easy or quick reading. This also means that the information must be formatted for easy reading as well; too many companies use smaller type in order to save ink, which while more efficient and economical does not endear itself to the reader. A regular-sized font is advised for the sake of reading.
However, money can be saved if the person creating the document can just e-mail it. This allows the document to not only be transmitted quickly, but can also be filed on a hard drive. This also allows the document to be searched, as well as easily found. If it does need to be printed, then it can be printed where it needs to be rather than in one office and then mailed or driven over to the other office. This not only more economical, but also saves time, fuel, and stamps. A virtual document can be a real ticket to savings.
It can also help to know what the company is looking for. While some insurance carriers like as much as information as possible, others prefer just a summary of the person’s insurance and medical history. Others deal in specific medical supplies; sending over a complete history to a company that only works with prosthetics is a waste of energy. As a person’s insurance may cover more than one individual, such as with family insurance, if someone who is covered in that insurance wishes to get their own insurance, then it can help to just send over that specific person’s information.
Between knowing what information to include, such as specific information as well as the basic, formatting it correctly, using bullets, and using virtual documents, writing a letter of credible coverage can be relatively easy, making everyone’s life easier.