In today’s day and age, health insurance is no longer an option. It has almost become one of the essentials to consider in the financial planning process. Although it is crucial, most individuals put off the buying process. The primary reason being, while you’re young and healthy, you don’t require a health insurance policy.
Health ailments come unannounced and leave you unsettled, but not when you have health insurance plans. A health insurance policy is an excellent way to mitigate the financial burden of medical emergencies. There might arise a few questions like – What should I do if I have any pre-existing diseases? Can I purchase a health insurance policy? Should I hide them for better coverage?
In this article, let us understand why it is necessary not tohide any pre-existing diseases from your insurer.
What are pre-existing diseases?
Any medical condition that you suffer from at the time of purchase of your health insurance policy is termed as a pre-existing disease.
Does my insurer cover pre-existing diseases?
Yes, the best part is you do not require to hide any pre-existing diseases to avail coverage from your insurance company. Insurance companies do include coverage for your pre-existing conditions. So whether it is an individual health insurance or family health insurance, you must disclose your pre-existing ailments. This coverage is provided subject to terms and conditions like waiting periods and premium.
How are pre-existing diseases covered under your policy?
Most insurance companies extend coverage for pre-existing diseases after a specified duration which is called the waiting period. This duration is the tenure for which the policy will be in force for other ailments except for the already existing ailment. The waiting period can range from one year to four years, depending on the severity of the disease. Once the waiting period is complete, your pre-existing illness is also included under the policy coverage.
Why is it necessary to disclose pre-existing conditions?
Health insurance is a contract between the insurance company and the applicant. Here, the applicant agrees to disclose all facts in utmost good faith. Concealment or misrepresentation of any fact that existed at the time of purchase can lead to rejection of your claim application. Your policy can be held as null and void. To avoid any unwanted rejection of your claim application, you must declare all facts honestly. Although the policy terms may specify a waiting period initially, it shall provide an insurance cover for such ailments after the completion of the tenure.
How do pre-existing diseases impact the terms of your health insurance policy?
- Any pre-existing ailment is an additional risk for your insurer. Thus, a slightly higher premium may be charged to cover this risk. However, such additional premiums are charged only at the time of buying a new policy. It is not levied in case there is a continuous renewal of your policy.
- When you wish to insure any already existing medical condition, the insurance company may subject you to a waiting period. Such waiting periods may range from one year to four years and vary for each insurance company.
- In some cases, there might be an addition to your premium along with a waiting period for coverage. It may be when the disease or illness is severe and has life-threatening consequences.
- Lastly, in some cases, the insurer may require you to undergo a medical checkup. These tests will determine the premium to be charged.
To conclude, you mustn’t hide your pre-existing medical condition from your insurance company. Timely disclosure will not only help maintain the trust of your insurer but also will ensure that your future is covered from such ailments. So whether you buy health insurance for senior citizens or family cover or an individual policy, do not forget to disclose accurate and correct information.