With healthcare being as expensive as it is today, purchasing a health insurance policy is no longer optional. And, if you are smart, you would insure your health with the best health insurance policy available. However, many of us deliberately make a common mistake when buying a health insurance policy. This mistake is hiding or lying about your pre-existing illnesses when filling out the application form.
It is also entirely possible for you to be new to the concept of what is health insurance, which might lead you to think that disclosing your existing medical problems will create issues and lead to policy rejection. Or, even if your policy is approved, the premium amount would be considerably higher. But what you do not understand is that not disclosing your pre-existing conditions puts your claim at risk. Hence, you should inform your insurance provider about any pre-existing diseases you might be suffering from. This helps you avoid any problems at the time of a claim.
Now, you might think that no insurance company would ideally prefer selling a health insurance policy to someone with a pre-existing illness. However, that is not the case. Many insurance companies offer coverage for pre-existing conditions with certain terms and conditions. Here is all you need to know about health insurance and pre-existing diseases:
What are pre-existing diseases?
Pre-existing diseases are illness that you are diagnosed with before buying a new health insurance policy. People these days are developing newer illnesses at a much younger age. Moreover, many people choose to buy health insurance once they develop an illness. However, any insurance company does not immediately offer coverage for an illness that you developed before buying the policy.
Do health insurance policies not cover pre-existing diseases?
Most health insurance policies cover pre-existing illnesses after a certain period of time. This period of time is known as a waiting period. The exact waiting period you might have to go through depends on the plan you buy and the illness you have. Usually, health insurance providers have waiting periods for pre-existing diseases ranging between 1 year to 4 years. During this waiting period, any medical emergency related to the pre-existing diseases you have will not be covered by the policy. On the other hand, if you keep renewing the policy every year until the waiting period is over, pre-existing diseases will be included in your coverage. This means that you will be allowed to make claims for medical emergencies arising from pre-existing conditions. * Standard T&C Apply
Why is it important to disclose pre-existing diseases?
When you purchase a health insurance policy, you sign the application form stating that everything stated in the policy is correct. Health insurance policies are almost always sold and purchased with the principle of utmost integrity. The insurance company will accept your offer based on all the information given on the application form. If you hide any information from the insurance company, it is as if you are violating the principle. If and when you file a claim and the insurance company discovers that you have not disclosed some pre-existing illness, the insurance company will consider the policy null and void and your application will be rejected. This is especially critical while buying health insurance for senior citizens.
If you want to avoid a situation where you would have to cover medical expenses yourself despite having an insurance policy, you should disclose all your conditions at the time of buying the policy. Even if you are not covered for pre-existing conditions for the first few years of your policy, you will get coverage after the end of the waiting period. It is better to wait for the coverage to become active and not risk claim rejection * Standard T&C Apply. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.