#AD
We may look sound and healthy, but health emergencies do not give prior notice. We are witnessing a rise both in health risks and medical inflation. One hefty medical bill is enough to drain your savings. As a solution, Health Insurance provides necessary financial support in times of medical need thus, in turn, keeping your finances safe from hefty medical bills.
Staying prepared for medical emergencies will eventually help to lead a worry-free life. Therefore, opting for a Health Insurance policy is a crucial decision. It is equally important to know the policy’s terms and conditions because the common worry that many people face after buying a Health Insurance policy is the dispute related to claim settlements.
Health Insurance offers numerous benefits and coverage. The coverage for Pre-existing disease(PED) is one among them. Before buying a Health Insurance policy, check the terms and conditions that come with it. Many people often choose different types of medical insurance policies such as Individual Health Insurance or Family Health Insurance plans by comparing their features on a surface level. But there are many more features that can affect the overall coverage, claims and premium. PED coverage is one such feature.
A majority of people assume that Health Insurance policies do not cover pre-existing diseases. In reality, Health Insurance policies do cover PEDs, but with a required condition that the PEDs should be disclosed at the time of policy purchase. Health Insurance defines pre-existing diseases as ailments or health conditions that are diagnosed before buying a Health Insurance policy.
Here are a few tips that help to understand the pre-existing disease (PED) coverage in Health Insurance policies.
Check for the Coverage
Primarily check if the opted Health Insurance policy provides coverage for pre-existing diseases and the terms and conditions associated with it. Because not all Health Insurance plans provide coverage for the same. Thus, confirmation about the PED coverage is important. Reach out to the Insurance company in case of any doubt and clarification regarding the coverage before purchasing the policy. It is advisable to opt for a Health Insurance policy that includes PED coverage, as it can be helpful at needful times.
Do not skip the Waiting Period
Most medical insurance plans do not cover pre-existing diseases from day one. PED coverage in Health Insurance always tags with a waiting period. The insurer will set a waiting period which ranges between 12 and 48 months and the coverage is policy specific. The waiting period is the duration until the completion of which the insured has to wait to raise a claim for PEDs. The insurer becomes liable to pay the claim amount for PED only after the completion of the waiting period.
Look for Waiver
Waiver entitles the insured to reduce or entirely skip the waiting period in exchange for a premium. If you feel that the waiting period offered by the opted Health Insurance policy is long or there is a sudden need for PED coverage, then opting for a waiver will save the day. Before buying Health Insurance, look for the waiver option and its terms and conditions. In that regard, Star Health’s Star Comprehensive Insurance Policy entitles the policyholders to reduce the PED waiting period from 36 months to 12 months at an affordable premium.
Disclosure of the Information
The common mistake people make is not disclosing the PED to the insurer before purchasing the policy. Failing to disclose the PED or providing misleading information will lead to disputes and claim rejection. If the insured fails to disclose the pre-existing disease or conditions, the insurance company has the right to reject the claim for non-disclosed information. Resting behind assuming that PEDs can be disclosed even after the policy purchase might also cause trouble and lead to claim rejection. The right time to provide the PED information is before the purchase of the policy.
PED can affect the Premium
Pre-existing diseases can affect the Health Insurance premium. People with PEDs are subjected to pay a high premium compared to the ones who do not have any medical condition. In the health insurance sector, premium loading for diseases like diabetes, heart disease, etc., is common. Also, the premium amount differs according to risk, age, opted policy, etc. Hiding the information to lower the premium will not bring any good as it can only lead to claim rejection.
The terms and conditions of the PED waiting period are policy specific. As numerous Health Insurance plans are available in the market, compare and pick the best one. Make sure that your Health Insurance policy offers comprehensive coverage so you can have a hassle-free claim settlement. To make it right from your end, ensure to disclose the pre-existing conditions to the insurer to be worry-free.
