TIPS TO BUY HEALTH INSURANCE WITH PRE-EXISTING DISEASE

 

What is Health Insurance?

Medical insurance, 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 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 illness, high blood pressure, and more, 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:

When it comes to health insurance, the waiting period is the period of time before which the insured individual is not eligible to receive coverage benefits for some of the conditions stated in the policy, even for the duration of the policy. Pre-existing disease waiting periods often last between 2 and 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 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:

1. Avail of pre-existing coverage after 48 months.
2. Disclosure of pre-existing diseases to the insurer.
3. Every medical appointment does not constitute a pre-existing condition.
4. Choose a health plan that has a shorter waiting period for pre-existing diseases.
5. 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:  long-term side effects. 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
• 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.
• 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.

                                                    

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