A requirement that health insurers renew coverage under a health plan except for failure to pay premium, fraud or misrepresentation. HIPAA requires that all health insurance be guaranteed renewable. Minn. Stat. 62A.65 Subd. 2 provides guaranteed renewal in the individual health insurance market and Minn. Stat. 62L.03 Subd. 1 provides guaranteed renewal for the small group market.
- Browse Related Terms: Actuarial justification, Adjusted community rating, Age Rating, Annual Limit, Community rating, Guaranteed Issue, Guaranteed renewability, Guaranteed Renewal, Health Status Rating, Interstate compact, Lifetime limit, Medical Loss Ratio (MLR), Multi-state plan, Qualified health plan, Rate Review, Rating Factors, Rescission, Risk Adjustment, Small group market