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Buying a business to get insurance
Apr 24, 2008

My partner and I are looking at buying an existing business. The current owner is required to provide health insurance to qualified employees under state law but the coverage currently provided would not be cost effective for someone with HIV+ people (high co-pay on meds costing $300 or more). We have contacted another insurance company and health care provider but in order to find out what the cost of monthly premiums will be, the insurance company requires us to divulge our health information, the name and location of the business being contemplated, (which violates the non disclosure agreement between the Seller and the Buyers) and asks other personal questions that seem to be prejudicial at the least. The insurance company claims to "establish rates" based on "each and every new group coverage application" and has no "set rate" for age, sex, etc. My question is how can I find out what coverage will cost without breaching medical or other sensitive information? Is there a limit as to what an insurance company can charge under some law?

Response from Ms. Franzoi

I am sorry but I don't think you have any options here. You have the non-disclosure agreement which prohibits you from disclosing this data to the prospective insurer and the insurance company has its underwriting guidelines. Would the Seller be willing to get quotes for you?

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