Insurance could be a whirlpool of confusion for someone new to the insurance space with terms like deductible, co-payment and Bancassurance leaving one utterly stumped. After navigating the aforementioned insurance terms, it’s time to tackle ‘Pre-Existing Diseases’. This term plays a significant role in the health insurance segment as it determines your coverage and risk factors. Before commencing, let’s answer the most crucial question - What are pre-existing conditions/diseases?
Understanding Pre-Existing Conditions
Pre-existing disease (PED) is any medical condition or illness you are diagnosed with or have received treatment for before your health insurance policy begins. These diseases can range from chronic illnesses to acute health conditions. Some common examples are:
Cancer
Diabetes
Thyroid
Asthma
High blood pressure
Arthritis
Depression
Heart disease
Kidney disease
How Do Pre-Existing Conditions Affect Insurance?
Pre-existing diseases can affect your insurance greatly. When investing in a health insurance policy, the chances of a policyholder making a claim are 50-50, however, the presence of pre-existing conditions tip the scale and the risk potential. The possibility of the insured filing a claim becomes much higher due to pre-existing medical conditions. Having pre-existing conditions impacts:
Premium costs: Insurance companies often charge higher premiums for individuals with pre-existing conditions. This is because the risk of future claims is higher with a known medical issue.
Coverage limitations: Some policies may exclude coverage for treatment related to pre-existing conditions, at least for a certain period after the policy starts. This is known as the waiting period.
Policy denial: In some cases, insurers may deny coverage altogether if they consider the risk too high due to pre-existing conditions.
Factors To Consider When Buying Health Insurance For Pre-Existing Conditions
Here are some points to remember before investing in a health insurance policy for pre-existing diseases/conditions.
Terms and conditions: Be prepared to experience an advanced screening process. Most insurers would expect you to go through various medical evaluations to consider the status of your health, age and history to determine the risk.
Full disclosure: Always disclose your pre-existing conditions accurately to the insurer when applying for coverage. Non-disclosure can lead to claim rejection and policy cancellations.
Compare policies: Different insurers have varying terms regarding pre-existing conditions. Compare policies to find the best coverage for your specific needs.
Waiting period: Different insurers offer varying waiting periods so if you have a chronic ailment, it is best to invest early and begin your waiting period.
Conclusion
Pre-existing conditions and diseases can complicate your health insurance policy. However, with the right knowledge and approach, you can effectively overcome these challenges. Knowing how your pre-existing conditions impact your insurance policy helps you make smart choices. This way, you can be sure that you and your loved ones have the protection you need.
