Medical emergencies are inevitable, however, you can be prepared for them. By investing in a health insurance policy you can safeguard yourself and your family from unexpected high medical costs, which can be draining both emotionally and financially. With healthcare costs on the rise and medical emergencies becoming more frequent due to lifestyle changes like unhealthy eating habits, drinking alcohol, and smoking, having the right health insurance coverage is more important than ever. However, one of the areas that often creates confusion is the concept of pre-existing conditions and their implications on critical illness insurance. Let’s comprehend this better with the help of the article.
What is a Health Insurance Policy?
Medical insurance plans are a type of coverage that offers protection against unexpected high medical expenses. This includes pre-and post hospitalisation, prescription drugs, daycare treatments, diagnostic tests, and more. The best health insurance company in India mitigates your financial burden and offers you peace of mind. Additionally, not all regular insurance policies cover critical illness. Therefore, there is a specialised policy known as critical illness insurance, that covers life-threatening diseases such as cancer or heart disease.
What are Pre-existing Diseases?
Pre-existing diseases refer to any illness or medical condition that already existed before purchasing the health insurance policy. When purchasing medical insurance plans it’s extremely essential to disclose your prior medical history to your insurer. Failing to do so could result in the rejection of claims or even policy cancellation.
Let’s look at what types of pre-existing conditions are covered by insurance policies.
- Diabetes
- Asthma
- High Blood Pressure (Hypertension)
- Thyroid
- Arthritis
- Kidney Disease
- Heart Diseases
You must have heard about waiting periods in medical insurance plans. These are typically associated with pre-existing diseases. Keep reading to know more.
Understanding Waiting Periods in Insurance Policies
If you have a prior medical history, you are not allowed to make claims immediately after purchasing the policy. You need to wait for a certain period of time to claim the benefits. This duration is known as a waiting period. These periods can vary significantly between insurers and plans. Understanding waiting periods enables you to prepare for potential healthcare needs and avoid unexpected out-of-pocket expenses.
Effect of Pre-existing Conditions on Critical Illness Insurance
Critical illness insurance provides you a lump-sum amount in the event of a diagnosis of a serious illness, such as cancer, heart attack, stroke, kidney failure, or paralysis. You can use this amount for any purpose like travel expenses for treatment, or donor expenses.
Here’s how pre-existing diseases have an impact on critical disease insurance:
- Coverage Limitations: best medical insurance come with a waiting period for pre-existing diseases. Any claim raised for a pre-existing condition may be excluded during this time frame. Insurance companies can adjust their policy terms and conditions according to risks associated with your medical history, resulting in limited coverage.
- Higher Premiums: If you are someone with a pre-existing condition, there will always be a high number of chances of you raising claims in comparison with a healthy person. This is the primary reason why insurers increase the premiums.
- Difficulty in Claiming Benefits: Even if a pre-existing condition is covered by the insurance policy, establishing a link between the illness and the pre-existing condition may be difficult when filing a claim. In some cases, insurers require extensive documentation to confirm the condition’s development and role in the diagnosis of the critical illness, which can complicate or delay the process.
Wrapping Up
Pre-existing conditions can have a significant impact on critical disease insurance, from higher premiums and exclusions to limitations on coverage. While it is not impossible to obtain such insurance with a pre-existing condition, it is also essential to understand the various terms associated with such policies, including exclusions and waiting periods. If you are struggling to understand the complexities of insurance, you can seek professional assistance, which can save you time and effort.
If you’re looking for reliable critical illness coverage that understands your unique health situation, look no further than Niva Bupa. Their personalised approach to health insurance ensures that your needs are met without compromising on coverage. Niva Bupa is also one of the most trusted insurance providers in India with more than 1 crore happy customers.
Why, wait then? Visit their website or contact them today to book your plan.
