Health insurance has become a necessity in today’s day and age. With newer ailments being diagnosed each day, treating them is no ordinary task. In addition, medical bills have started to mount considering the soaring price of healthcare facilities. Thus, it is necessary to seek financial coverage for medical treatments Health insurance is the perfect way to ensure a safety net for the rising medical inflation thereby offering financial cushion for your treatment.
But what if a person already has an existing health condition? Do health insurance companies extend its coverage to such individuals? The answer is yes. However, these existing ailments are known as pre-existing diseases and its implications on the health insurance plans are significant. Pre-existing ailments are those medical conditions that a proposer of the health insurance policy is facing at the time of its application. These issues can range from blood sugars, thyroid, high blood pressure, asthma, etc.
Tips to find health insurance policy if you have pre-existing ailments
The concern surrounding pre-existing ailments is one needs to undergo medical tests before the insurer extends its coverage. Moreover, insurance companies are apprehensive when it comes to extending cover for such individuals as the probability that a claim will be made is higher as compared to an individual who has no history or medical ailments. To compensate for such increased risk, insurance companies levy a higher premium. Alternatively, a waiting period can also be levied along with such increased premium rates. Here are some tips that can help you compare health insurance plans and select the right policy:
- Read the policy terms: When buying a health insurance plan when diagnosed with pre-existing illness, it is crucial to read the policy terms thoroughly. Different insurance companies have varying terms when it comes to extending coverage for pre-existing ailments. Moreover, how the insurance company account for the medical history is also essential. Some insurance companies take into account the medical history of only a few years whereas some insurers consider the entire medical history. *
- Do not hide pre-existing diseases: The most critical step to finding a health insurance policy that suits your needs is not hiding your pre-existing illness. If diagnosed at the time of treatment, your claim application can get rejected. *
- Not all visits to the doctor are counted: When you have applying for a policy with pre-existing illness, not all visits to your doctor are counted. Only those visits that concern your existing medical condition are factored in. Thus, short-term health issues do not result in long-term effect on your insurance coverage. *
- Work around the waiting period: Since health insurance companies generally levy a waiting period if you have a pre-existing illness, you need to plan your policy purchase accordingly. This time duration varies from every insurance company and hence it is important to buy a policy early in life if suffering from a pre-existing condition. An early purchase helps you complete the stipulated waiting period and seek coverage in case the condition relapses. *
* Standard T&C Apply
These are some handy tips that can help you select a policy even when suffering from a pre-existing illness. When buying health insurance for senior citizens, you must specifically pay attention to coverage for such pre-existing diseases as elderly individuals are most prone to a health condition at the time of purchase. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.