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Monday, March 14, 2016

Health Insurance for Pre-Existing Disease in India

 

Health Insurance for Pre-Existing Disease

Health insurance is most essential in today's fast paced world considering the life style diseases such as heart problems, diabetes, high blood cholesterol and others striking young generation at an very early age. Buying medical insurance at an early age has many benefits, less premium being the major one. But what if you are suffering from health problems? Should you mention this in the application when buying health insurance? And if I don't disclose, will my claim get rejected? These are common questions that come in the mind.

In such a scenario, each and every insurance company would in the very first attempt deny accepting your request for buying insurance since such diseases would later on create financial risks to the companies because treatment costs for such health problems are very high which would affect bottom line of the company. However not every company would deny but would set terms and conditions before selling insurance. Here are the conditions:

 
  • Waiting period: Insurers would put forth condition that for certain period treatment costs cannot be claimed. However once this period ends, claim can be made. Also if other problems occur during this exclusion period then this will be covered. Also be aware that waiting period differs for every company. Also if you think of switching to different insurer when the renewal time arises, then you're making a big mistake because the new company would again set condition for the waiting period.
  • Medical history check: Insurance companies consider pre-existing diseases differently. Some will thoroughly check your medical history whereas others will only get detailed information of 4-5 years. But remember that problems such as common cold, fever, coughs are not considered as pre-existing disease as they do not have long term effects on health and won't hurt profit margin of the company.
  • Pay extra premium: Some insurance companies allow providing coverage to diabetics and people suffering from hypertension by charging extra premium. But on the other hand someone who had undergone heart surgery may not be eligible. 
 

What happens when you don't disclose existing health problems?

In such cases your claim would either get rejected and you won't be paid for medical bills, hospitalization expenses and most importantly it would lead to problems in getting health insurance from other companies.

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