Every health insurance policy has a pre-existing condition clause. Additionally, purchasing health insurance covering pre existing conditions might be challenging. Therefore, be aware of what a pre-existing health condition genuinely entails before learning about the coverage restrictions.
A pre-existing illness is defined as an illness or medical condition that the insured had before acquiring health insurance is referred to as a pre-existing condition. According to IRDAI, a condition is considered pre-existing if the insured had it diagnosed up to 48 months prior to purchasing the insurance. All chronic health concerns, including high blood pressure, thyroid problems, diabetes, asthma, etc., are considered pre-existing conditions.
Waiting period for pre-existing conditions
Pre-existing disease waiting periods often last between two and four years. All health plans do not have the same waiting period for pre-existing conditions. While some health insurance plans offer a two-year waiting period for diseases, other health insurance plans may cover the same disease after a four-year wait. It is advised that you change to a new insurance company only when your waiting period is over. By doing this, you can avoid having to restart your waiting period when you transfer insurers and ensure that it is accrued.
However, some health insurance plans come with a rider that shortens the PED waiting time. By adding an additional premium payment to this rider, you can shorten the waiting period for pre-existing conditions.
Why are pre-existing conditions unfavorable to Health Insurance Companies?
It’s because those who already have a pre-existing condition are more likely than others to file a claim. Because of the increased financial risk this places on the health insurance companies, they refrain from providing medical insurance to persons who already have pre-existing conditions.
Advice on purchasing health insurance if you have a condition already
People 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.
If you have a pre-existing condition, the following helpful advice can still help you discover the best health insurance plan:
- After 48 months, pre-existing disease coverage can be accessed
Having a pre-existing ailment can make it difficult to obtain health insurance. The most recent IRDAI standards, however, only allow health insurance firms to look at the past 48 months of medical history when determining whether a patient has a pre-existing condition. As a result, 48 months after your pre-existing ailment was discovered or treated, you can get the benefits of health insurance that covers pre-existing conditions. #
- Don’t cover up a pre-existing condition
Avoid concealing any pre-existing medical conditions from your insurance provider when you are purchasing the policy. This is crucial because the insurer may deny your health insurance claim if your pre-existing condition is disclosed at the time of treatment.
- Every doctor’s appointment does not constitute a pre-existing condition.
Companies that provide health insurance will only evaluate pre-existing conditions if they would have a long-term impact on your health. Therefore, do not worry if you frequently get the flu, a cough, a cold, or a fever.
- Select a medical plan with a shorter PED waiting period.
There is a pre-existing sickness waiting period that prevents you from making a claim for a predetermined amount of time, regardless of whether you purchase an individual health plan or a family health insurance plan.
To sum it up
Therefore, you are still eligible for health insurance coverage even if you have a pre-existing condition. Just be sure to verify your health insurance’s pre-existing disease waiting period.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
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