What is pre-existing condition?A pre-existing condition or disease is any such medical condition or health problem that an individual suffers from, before the purchase of the health insurance. Pre-existing conditions can be as severe as cancer, diabetes, Alzheimer or relatively less severe conditions like high blood pressure, allergies, asthma etc. There is no set or standard definition of pre-existing diseases and there is a lot of ambiguity around it. Pre-existing diseases are such ailments and conditions that can have a long term or grave effects on one’s health.
Insurance for pre-existing diseasesMany believe that people with pre-existing diseases do not get health insurance, but it is a wrong notion. For people with pre-existing conditions, there remains a waiting period. During this period, the health insurance plan does not cover any costs related to the treatment, medicine or consultation fee spent on any ailment or issues pertaining to the pre-existing condition.
The cost related to the treatment of pre-existing conditions can be claimed for coverage only after the completion of the waiting period. The waiting period varies across plans and across insurance providers. For pre-existing diseases, the waiting period is usually 2-4 years. However, depending on the terms and conditions, the waiting period can be reduced by paying a higher premium.
The policyholder’s role in getting pre-existing disease coverBuying a health insurance cover with a pre-existing condition can be a tricky decision. Policyholders with pre-existing conditions need to be extra cautious to ensure that all information is accurately conveyed to the insurance provider. It is the duty of the insured (for his/her benefit) that no details about the pre-existing diseases are kept hidden from the insurance provider, and the same should be documented in the policy. Any wrong or hidden piece of information can make the claim null and void.
It is crucial for people with pre-existing diseases to convey their medical conditions with utmost precision to the insurance provider before signing the policy. One must be aware of all the terms, conditions and benefits of the policy while making sure that all the essential features are present in written form. This way, they can avail the financial cushion from their health insurance in hours of need.
Learn more about different Health Insurance Plans here.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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