TIPS TO BUY HEALTH INSURANCE WITH PRE-EXISTING DISEASE
What is Health Insurance?
Medical insurance also referred to as health insurance, is a financial safety net that covers unplanned expenses related to medical care, inpatient stays, and surgery. It provides financial aid to help pay for the price of medical care, hospitalizations, and surgery.
An insured person's medical and surgical costs are covered by this sort of insurance coverage.
What is a Pre-existing illness?
Prior to purchasing a health insurance policy, the insured had any pre-existing conditions. According to IRDAI, a condition is deemed pre-existing if the insured person had a diagnosis of it up to 48 months before getting insurance. All chronic illnesses such as diabetes, asthma, thyroid disease, high blood pressure, and others are included in the category of pre-existing conditions.
Pre-existing diseases in a health insurance plan:
Pre-existing illnesses are covered by every health insurance policy. If you have a pre-existing ailment, getting health insurance may be difficult. Before finding out about the pre-existing condition coverage restrictions, decide what a pre-existing health condition obviously means.
Pre-existing diseases waiting period:
The waiting period in health insurance refers to a period of time before which the insured individual is not eligible to receive benefits under the policy for specified diseases that are stated in the policy, even during the duration of the policy. According to the insurers, a pre-existing disease waiting time typically lasts between 2 and 4 years.
Your insurance provider will reject any claims filed during this time for the treatment of a pre-existing condition. Prior to changing insurance providers, you ought to wait until your waiting time is over. By doing this, you can prevent having to restart your waiting time from the beginning and guarantee that it will accrue when you switch insurers.
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 insurance company's premium 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 appointment does not constitute a pre-existing condition.
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.
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.
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 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.
Based on the severity of your condition, the insurance provider will, however, waive the premium. Also, if you have a serious condition or are in your advanced years, the insurance company might not give you this option. So, it is best to confirm this before proceeding to buy health insurance.
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.
Due to the fact that different health insurers' policies, terms, and conditions can differ, you should examine the numerous 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 to 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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