ARE YOU WORRIED ABOUT PRE-EXISTING DISEASES WHILE BUYING HEALTH INSURANCE?

 

Introduction

Ailments that the insured had prior to purchasing health insurance are known as pre-existing conditions. According to IRDAI, a condition is considered pre-existing if the insured person received a diagnosis of it up to 48 months before obtaining the insurance. All chronic disorders, such as diabetes, asthma, high blood pressure, thyroid disease, and more, are regarded as pre-existing ailments.

Pre-existing diseases in a health insurance plan:

There is a pre-existing condition clause in every health insurance policy. For those who have pre-existing diseases, buying health insurance may be difficult. Prior to learning about the limitations on coverage for pre-existing conditions, determine what a pre-existing health condition actually implies.

Pre-existing diseases waiting:

In the context of health insurance, the waiting period refers to the period of time before which the insured person is not eligible to receive benefits under the policy for the listed diseases, even if the policy is still in force. According to the insurers, the waiting time for a pre-existing ailment normally lasts between two and four years. Any claims made during this time for the treatment of a pre-existing condition will be denied by your insurance company. You should wait until your waiting period is over before switching to a new insurance company. 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, a waiting time for pre-existing conditions is offered by some health insurance plans. You can reduce the waiting period for pre-existing conditions by adding this rider and paying a rider premium.

If you are worried about pre-existing diseases while buying health insurance, here are the tips to buy health insurance in case of pre-existing diseases:

Pre-policy medical exams are frequently required of those with pre-existing conditions before they are allowed to acquire medical insurance. The results of the medical examination will be used to determine the insurance company's premium. The insurer's refusal to sell the insurance or a reduction in the policy's coverage are other possible outcomes of pre-acceptance health checks.

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:

v  Avail of pre-existing coverage after 48 months.

v  Disclosure of pre-existing diseases to the insurer.

v  Every medical appointment does not constitute a pre-existing condition.

v  Choose a health plan that has a shorter waiting period for pre-existing diseases.

v  Avoid the co-payment clause in cases of pre-existing diseases. 

Avail pre-existing coverage after 48 months: Health insurance can be challenging to get if you already have a medical problem. However, according to the most recent IRDAI standards, health insurance companies are only permitted to review a patient's medical records from the past 48 months to establish whether they have a pre-existing condition. Therefore, you are eligible for pre-existing condition insurance 48 months following the diagnosis or treatment of your illness.

Disclose pre-existing diseases to the insurer: When acquiring health insurance coverage, it's crucial to let the insurer know about all of your existing medical issues. Your health insurance claim may be denied if you fail to disclose something.

Every medical appointment does not constitute a pre-existing condition: 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.

Choose a health 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.

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.

Choose a health insurance plan with a pre-existing waiting period rider: 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, depending on your preference.

Nonetheless, the insurance company will forego the premium in accordance with how serious your ailment is. Also, the insurance provider might not provide you with this choice if you have a serious illness or are in your advanced years. It is best to confirm this before moving forward with the purchase of health insurance.

Conclusion

Health insurance is one of the most crucial financial tools you can purchase to guarantee your financial security. It is practical, adaptable, and reasonable. Protecting you and your loved ones safeguards your savings and offers a stress-free life. Yet, your insurance plan's features and coverage have a significant impact on how reliable it is. You should compare the different plans available in the market and choose the one that is suitable to your individual needs, age, budget, and health issues because the rules, terms, and conditions for various health insurers can vary. Compare the various plans available in the market before buying one. Also, in the case of pre-existing disease condition, you can still obtain health insurance coverage while having a pre-existing medical condition. But be cautious and verify your health insurance's pre-existing condition waiting period.

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