TIPS TO BUY HEALTH INSURANCE WITH PRE-EXISTING DISEASE

What is Health Insurance?

Health insurance is commonly referred to as Mediclaim that covers unforeseen medical expenses. It provides financial aid for the costs of surgery, hospitalization and medical treatment.

It is a type of insurance coverage that covers the medical and surgical expenses of an insured person.

What is a pre-existing illness?

Diseases or health conditions that the insured had before purchasing a health insurance policy are referred to as 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 to enrolling in insurance. All chronic medical disorders including diabetes, asthma, thyroid, high blood pressure etc., are considered pre-existing conditions.

Pre-existing diseases in a health insurance plan

All health insurance plans come with a pre-existing disease clause. Purchasing medical insurance might be challenging for those having pre-existing conditions. Understand what is a pre-existing health condition genuinely entails before knowing about the coverage restrictions for pre-existing conditions.

Pre-existing diseases waiting period

The waiting period in health insurance is a specific time period during which the insured person is not qualified to receive coverage benefits for listed pre-existing diseases in the policy and in some cases even throughout the policy term. Generally, a pre-existing disease waiting period ranges from 2 to 4 years, depending on the insuring company.

Any claim made for the treatment of a pre-existing condition will be denied by your insurance company during this time. You should wait until your waiting period is over before switching to another insurance company. By doing this, you can avoid having to re-start your waiting period from scratch and ensure that it is accrued when you switch to new insurance company.

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 medical exam before they purchasing medical insurance. The insurance company's premium will be based on the findings of the medical examination. Based on the medical examinations the insurers may refuse to sell the policy or a reduce coverage in the policy.

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:

•  Avail pre-existing coverage after 48 months.
• Disclosure of pre-existing diseases to the insurer.
• Every medical condition does not constitute as pre-existing disease.
• Choose a health plan that has a shorter waiting period for pre-existing diseases.
• Avoid the co-payment clause in cases of pre-existing diseases.

Avail 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.

      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.

      Every medical examination 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.

      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. The waiting period clause may be waived upon payment of an additional premium by some insurance companies. The waiting period is either shortened or eliminated entirely under this option.

      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

One of the most important financial tools you can buy to ensure your financial security is health insurance. It is reasonable, adaptable, and useful. It protects your savings and enables stress-free living by safeguarding you and your loved ones. Yet, the features and coverage of your insurance plan play a big part in 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. The ease of the internet makes it simple to compare several plans. 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.

                                                                  Blog Home | Visit Our Website | Insurance