TIPS TO BUY HEALTH INSURANCE WITH PRE-EXISTING DISEASE
What is Health Insurance?
Medical insurance (Mediclaim), commonly referred to as health insurance, is a strategy for financial stability that covers unforeseen expenses related to care, hospitalization, and surgery. It provides financial aid to pay for surgery, hospitalization, and medical treatment costs.
It is a type of insurance coverage that covers an insured person's medical and surgical expenses.
What is a pre-existing illness?
Diseases or health conditions the insured had before purchasing a health insurance policy are pre-existing conditions. According to IRDAI, a condition is regarded as pre-existing if the insured person had a diagnosis of it up to 48 months before enrolling in insurance. All chronic medical disorders, including diabetes, asthma, thyroid illness, high blood pressure, etc. are considered pre-existing conditions.
Pre-existing diseases in a health insurance plan
Every health insurance policy has a pre-existing condition clause. Those who have pre-existing diseases may find it difficult to purchase medical insurance. Before learning about the pre-existing condition coverage constraints, determine what a pre-existing health condition actually means.
Pre-existing diseases waiting period
The waiting period in health insurance is a specific time period prior to which the insured person is not qualified to receive coverage benefits for some listed diseases in the policy, even throughout the policy term. Generally, a pre-existing disease waiting period ranges from 2 to 4 years, depending on the insurers.
Your insurance provider will reject any claims filed for the treatment of a pre-existing ailment during this time. Before transferring to a different insurance provider, you should wait until your waiting period is over. You may prevent having to restart your waiting time from scratch and guarantee that it is accrued when you switch insurers by doing this.
However, some health insurance plans offer a pre-existing disease waiting period rider. By adding this rider, you can shorten the waiting period for pre-existing conditions by paying a rider premium.
Tips to buy health insurance in case of pre-existing diseases:
Those with pre-existing conditions frequently need to get a pre-policy medical exam before they may purchase medical insurance. The premium quoted by an insurance company will be based on the findings of the medical examination. Pre-acceptance health examinations may also result in the insurer's refusal to sell the policy or a reduction in the policy's coverage.
Here is a quick glance at some of the useful tips to help you find a suitable health insurance policy even if you have a pre-existing health issue:
a) Avail of pre-existing coverage after 48 months.
b) Disclosure of pre-existing diseases to the insurer.
c) Every medical condition does not constitute a pre-existing disease.
d) Choose a health plan that has a shorter waiting period for pre-existing diseases.
e) Avoid the co-payment clause in cases of pre-existing diseases.
a) Avail of pre-existing coverage after 48 months: When you have a pre-existing medical condition, obtaining health insurance can be difficult. The most recent IRDAI guidelines, however, state that in order to determine if a patient has a pre-existing condition, health insurance providers may only look at their medical records from the previous 48 months. Hence, 48 months after your pre-existing disease was discovered or treated, you can get health insurance that covers pre-existing conditions.
b) Disclose pre-existing diseases to the insurer: It is very important to disclose all your pre-existing medical conditions to the insurer while purchasing a health insurance policy. Non-disclosure can lead to the rejection of your health insurance claim.
c) Every medical condition does not constitute a pre-existing disease: Health insurance providers will only consider pre-existing conditions that will have a long-term impact on you when determining your premiums. Short-term health issues like the flu, cough, cold, etc. are not considered pre-existing ailments as they do not have long-term side effects.
d) Choose a health insurance plan that has a shorter pre-existing disease waiting period: Claims for pre-existing diseases can be rejected by insurers depending on the duration and severity of your conditions. Hence, go for a health insurance policy with a lower waiting period. The waiting period clause may be waived upon payment of an additional premium by some insurance carriers. The waiting period is either shortened or eliminated entirely under this option.
e) Avoid the co-payment clause in cases of pre-existing diseases: During claim settlement, you will be required to contribute a portion of the total claim amount, and the insurer will cover the remaining balance. But every insurer doesn’t provide such a clause for pre-existing diseases. Hence, avoid buying health insurance with a co-payment clause.
Conclusion
1. Health insurance is one of the most crucial financial tools you may get to secure your financial stability. It is practical, adaptive, and reasonable. Protecting you and your loved ones safeguards your savings and offers stress-free life. Yet, the features of your insurance plan and coverage have a significant impact on how dependable it is.
2. Because the policies, terms, and conditions of various health insurers can differ, you should examine the many plans on the market and select the one that best suits your needs, age, financial situation, and health concerns. It is simple to compare different plans because of the internet's accessibility. Also, even if you have a pre-existing medical condition, you are still eligible for health insurance coverage. But be cautious and confirm the waiting period for pre-existing conditions with your health insurance.
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