In today’s time, everyone is aware and knows about health insurance. Day by day the health insurance sector is growing and its demand is also increasing. Health insurance companies offer a variety of insurance plans, including those based on pre-existing conditions. Pre-existing disease means that you are diagnosed with a health condition 48 months before taking the health insurance policy, this is known as pre-existing disease. As we know the plan is specially designed for those who are already suffering from any injury, chronic illness, high blood pressure, asthma, or thyroid disease, which provides coverage to the policyholder helps in case of your medical emergency, and also secures your financial funds.
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Buying health Insurance is Important
Health Insurance Plan, Though some mediclaim policies do not cover pre-existing conditions there are other ailments covered. Buying health insurance is a necessity if you want to avoid financial loss during any medical emergency situation. If the ailment of the insurance seeker is not chronic then it should not be a problem to buy a health insurance policy or any cause of concern.
Pre-existing condition coverage: Health Insurance Plan
How does one determine the pre-existing condition while buying a health insurance policy? The illness or injury that the insurance customer contracted more than 48 months ago has to be declared while buying the policy. Once the declaration is made the insurance company will decide on providing the cover and the extent of coverage that can be offered and the premium cost. This decision will be at the insurance company’s discretion and could also reject giving insurance coverage on certain grounds as per the terms and conditions.
Example of rejecting giving coverage
Insurance companies have their own terms policies & conditions and provisions to insure or discard providing coverage for those who have pre-existing conditions. One example is in case a person is suffering from Heart failure this condition can be unlikely to get health coverage. For those who have diabetes and hypertension, the insurer may take a call depending on the basis and degree of severity or type of illness.
Retired people and pre-existing coverage
When a person is working for an employer and covered under group mediclaim insurance with pre-existing it can be tempting for them to avoid buying individual health insurance coverage. It may not be a wise choice because when they retire they cannot depend on the group insurance. There is a need for individual health insurance coverage. There will be some waiting period and once that comes to an end there will be continuous coverage for the insured post-retirement.
Compare the waiting period under Mediclaim
The individual mediclaim policies offered by Indian insurers do cover pre-existing conditions after a certain waiting period. While comparing the policies it is good to understand the waiting periods stipulated by the insurers and then make a wise choice. Under some policies, the waiting period can be 2 years and some could be 4 years. Some insurers cover certain ailments under Indian mediclaim insurance policies with additional premium costs.
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Why should an insured avoid switching insurers?
If the insured is suffering from pre-existing conditions they should think twice while switching the insurer when their policy comes for renewal. As stated earlier the waiting period could be 2 to 4 years and if you switch the insurer then the new insurance company will start the waiting period all over again. The lack of coverage for a prolonged period can defeat the purpose of buying mediclaim policy with pre-existing conditions if you switch insurers and hence increase the waiting period.
