TIPS TO BUY HEALTH INSURANCE WITH PRE-EXISTING DISEASE

 What Is Health Insurance?


Health insurance, also known as medical insurance, is a tool for financial security that pays for unanticipated costs associated with treatment, hospitalization, and surgery. In order to cover the costs of surgery, hospitalization, and medical care, it offers financial assistance.

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

What Is a Pre-Existing Illness?

Selecting 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:

All health insurance plans come with a pre-existing disease clause. Purchasing medical insurance might be challenging for those who have pre-existing conditions. Decide what a pre-existing health condition genuinely entails before learning about the coverage restrictions for pre-existing conditions.

Pre-Existing Diseases Waiting:

A waiting period is a period of time before which an insured individual is not eligible to receive benefits under the policy for particular diseases that are stated in the policy, even throughout the policy's term. According to the insurers, the typical waiting period for pre-existing conditions ranges from 2 to 4 years.

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 start your waiting period again from scratch and ensure that it is accrued when you transfer 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:

  • Avail of pre-existing coverage after 48 months.
  • Disclosure of pre-existing diseases to the insurer.
  • Every medical appointment does not constitute a pre-existing condition.
  • 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 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: Your contribution to the total claim amount will be requested during claim settlement, and the insurer will pay the remaining sum. Nevertheless, not all insurance companies offer this pre-existing condition clause. Thus, avoid purchasing health insurance that has a co-payment provision.

Choose a health insurance plan with a pre-existing waiting period rider: Some insurance companies will waive the waiting time restriction in exchange for an extra premium. Depending on your preference, this option either reduces the waiting period or eliminates it entirely. The insurance company will, however, forego the premium based on how serious your health is. The insurance provider might not give you this option if you have a serious condition or are in your advanced years. In order to avoid disappointment, it is best to confirm this before moving through with the purchase of health insurance.

Conclusion

The most crucial financial tool you can get to guarantee your financial stability is health insurance. It is logical, flexible, and practical. Securing you and your loved ones, it guards your savings and makes it possible to live stress-free. But, the functionality and scope of your insurance plan are key factors in its dependability.

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 several plans thanks to the accessibility of the internet. Also, even if you have a pre-existing medical condition, you are still eligible to buy health insurance. Verify the waiting period for pre-existing conditions with your health insurance, though, to be safe.

 
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