Some people suffering from pre-existing medical conditions do not avail health insurance; believing they will not get it. This is wrong. Getting a comprehensive health insurance cover may be difficult, but not impossible. Pre-existing medical conditions refer to any health issue faced before availing a health insurance plan.
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Insurers hesitate or are reluctant to offer health insurance to people with pre-existing conditions. Why? This is because people with pre-existing conditions are more likely to fall ill. The insurers would suffer a loss.
It has been stated by the Insurance Regulatory and Development Authority (IRDAI); that insurance companies must cover pre-existing conditions. The General Insurance Council, which is a body created by the IRDA, recommends a waiting period of up to 4 years.
This guideline is followed by all health insurance companies while offering services to customers in India. The waiting period may vary across insurers. While some companies prescribe a shorter waiting period, others may impose a longer waiting period.
Pre-existing illnesses must be brought to the notice of the insurer according to the guidelines of the IRDAI, before availing a health insurance policy to avoid facing problems in the future. Non-disclosure may lead to claim rejection. Under no circumstances, must you hide the truth. Be honest and disclose current health condition. Seek the assistance of expert advisors if required.
See Also: History of Health Insurance in India
You need a health insurance plan because you can enjoy policy benefits after the completion of the prescribed waiting period. If not, you continue to bear high medical expenses.
The best time to avail health insurance is at an early age, for example during your 20s. The benefit of buying health insurance at an early age is you can pass off the waiting period when you are young and healthy.
Let’s say you have availed a health insurance policy with a waiting period of 2 years. Wait for 2 years and then switch to another insurer if required. If you switch just after a year, you lose the waiting period.
Be ready with all your medical reports. Analyze and compare various health insurance policies. Look at the key features and benefits and not just the premium. Choose the right health insurance policy and read the terms and conditions carefully. Take a close look at the inclusions and exclusions.
See Also: How to Buy Health Insurance Policy?
Health insurance companies impose the following terms and conditions while issuing health insurance plans for a pre-existing illness:
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