It is one of the biggest misconceptions in the health insurance industry — that those with a pre-existing condition cannot get health insurance coverage. Another popular myth is that buying a a health insurance policy is futile if you have a pre-existing condition. Well, both these statements are untrue. Let’s find out why.
Let’s get one thing straight — common colds and flus aren’t considered pre-existing conditions. They are just minor ailments that most health insurance companies overlook when assessing your medical history. So, if you find yourself complaining of cold frequently or see yourself at the doc’s office every month due to a fever, you do not have to worry about how this would affect your health insurance coverage! A pre-existing condition refers to more serious illnesses such as heart issues, diabetes, a history of high/low blood pressure.
The answer is a resounding yes! The better health insurance companies will offer policies to those with the aforementioned illnesses and other major conditions. Although there might be certain caveats in the policy, one can still be covered by a health insurance policy.
Health insurance with pre-existing disease cover is often provided with a waiting period. This period could range from two to four years depending on the health insurance company you choose. During this period, expenses related to the pre-existing condition will not be covered by the insurance policy. However, the policy will cover the other medical expenses you incur. After the waiting period is over, the policy will cover expenses incurred on the treatment of the pre-existing condition.
Instead of waiting periods, health insurance with pre-existing disease cover can also be provided at a higher premium. This is called premium loading. As per IRDAI regulations, premium loading can only be done when the policy is purchased. No insurance company can increase the premium for conditions that occur after the policy is issued.
Never try to hide your pre-existing disease from an insurer, it could have serious consequences. At the time of making a claim, if it is found that you had a pre-existing condition at the time of purchasing the policy which was not declared, your insurance company will reject your claim. This is applicable even if the claim is made for an unrelated illness.
Health insurance coverage for pre-existing diseases can change from one person to the next. So, if you have a pre-existing condition, talking to your health insurance provider would help put things in perspective!
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