Insurance For Health Care And Pre-Existing Conditions
The advantages of having health insurance are numerous. It gives you peace of mind, offers you an inexpensive alternative to excessive medical expenditures, and assures you never sacrifice your health out of a lack of money. One of these is pre-existing condition coverage.
Many individuals believe that pre-existing diseases are not covered by health insurance. However, this is not true at all. For these conditions, you may be eligible for insurance reimbursement. That wasn’t always the case, though.
New Definition: What Is Pre-Existing Conditions Health Insurance
The new definition has now established itself as a game-changer. The Insurance Regulatory and Development Authority of India (IRDAI) defined a pre-existing illness as a medical condition, sickness, disease, or injury that the insured person had before purchasing a medical insurance plan in accordance with a circular issued by IRDAI on February 10, 2020. #
Cholesterol, thyroid, high blood pressure, diabetes, asthma, and high blood pressure are only a few of the most prevalent pre-existing illnesses. Before beginning to cover pre-existing conditions, the majority of health insurance companies have a waiting period that can range in length from a few months to several years. If you submit a claim for such a condition while there is a waiting period, it will not be approved.
Keep the following in mind.
- Pre-existing condition health insurance terms and conditions might vary
Depending on the health insurance policy, kind of coverage, riders, insurance firm, etc. The pre-screening procedure, waiting period, list of pre-existing conditions, etc. may vary. Most insurance companies will ask you to get a medical exam, after which you will be given a policy option.
- You should declare any pre-existing conditions before buying a health insurance policy.
Many consumers believe that declaring a pre-existing condition after buying a medical insurance plan will result in a lower premium and enable them to save more money. However, the insurance company can cancel your coverage at any moment if you are proven to have lied on purpose in your policy document. ##
- Pre-existing diseases are not always covered by health insurance
Pre-existing conditions are not always covered by health insurance coverage. You might not receive any protection from certain illnesses under some plans. As a result, you must check with the insurance provider at the time of purchase and make an informed plan choice.
- There is a waiting period for conditions that already exist.
The fundamental idea behind the waiting period is that you cannot use health insurance right away after purchasing coverage. The policyholder must wait for a predetermined period of time, which can be anything from 30 days to 4 years. The waiting period is the length of time during which the insurance provider will not pay out on a claim for a condition you already have.
A health insurance premium calculator is a tool you may use online to determine the amount of coverage required based on your needs.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply.
# Visit the official website of IRDAI for further details.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.