What primarily characterizes a guaranteed renewable health insurance policy?

A guaranteed renewable health insurance policy is primarily characterized by the stipulation that the insurer can only increase the premiums on the anniversary date, provided that the policy remains in force. This means that even if a policyholder's health changes or depending on age, the insurer cannot arbitrarily decide to cancel the coverage or increase the premiums at any time other than the predefined anniversary dates. The guaranteed renewable feature ensures that the policyholder has the right to continue the coverage, which provides a level of security and predictability regarding premium costs.

While there are protections for the policyholder, such as the insurer's inability to cancel the policy for unrelated reasons, the key distinguishing feature of guaranteed renewability lies in the structure of premium increases specifically timed to the anniversary date. This contrasts with other types of policies, which may allow for more frequent or arbitrary adjustments. The mention of benefits like those of Medicare or limitations on coverage duration do not pertain directly to the characteristics of guaranteed renewable policies.