What is Pre-Existing Conditions In Health Insurance

Due to the increasing medical expenses across the country, health insurance has become a necessity. It can be difficult to avail of the best healthcare if you do not have an adequate coverage. It is important to understand the health insurance terms before your investment decision. There is one term you need to understand very clearly—pre-existing condition.

A health insurance pre-existing condition is a health problem faced by an individual prior to applying for an insurance plan. It could include any health issue, which could be minor or extremely serious. A lot depends on the type of pre-existing condition an individual has. The sum insured and the premium will depend on the same. Health insurance companies are not willing to provide coverage to individuals who suffer from such conditions. This is due to the high risk associated with the same and a greater need for financial assistance, which may arise in the future. Sometimes, health insurance companies may alter the terms and conditions for applicants with pre-medical conditions and at times, they may refuse to provide a cover altogether. There is no way of predicting whether an individual will get sick or not, but individuals with a pre-medical condition have an increased chance of getting sick.

Keep the following points in mind if you are shopping for a health insurance plan with a pre-existing condition.

Never hide the condition

It is important to inform the insurance company about the pre-existing condition. If such information is hidden from the company, they could reject your claim in the future.

It is a myth that individuals with pre-medical conditions do not get a cover. Health insurance companies include a waiting period during which the cost of treatment and medical fees will not be covered by the insurance provider. It will only be covered once the waiting period ends. However, the policy will provide cover for the expenses that are incurred due to other illnesses or medical conditions.

When you approach an insurance provider with a medical condition, they might offer you a waiting period due to the condition. Many providers have a period of two years while others have for four years. You can shift to a different insurance provider after you have completed your waiting period. This is because the waiting period will not be counted when you switch to a different provider; you might have to start all over again. However, there are insurance providers that cut down on the waiting period if you pay an extra premium.

You need to keep in mind that having a pre-existing medical condition does not mean you are ineligible for a health insurance policy. You only need to be clear and straight with the insurance provider about the condition. Moreover, keep in mind that not every visit to the doctor counts, as it may be due to a normal cough or cold. Only when you visit the doctor due to the pre-existing condition, it will count.