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Things You Need to Know About Pre Insurance Medical Check-Up in Health Insurance

IndianMoney.com Research Team | Posted On Friday, November 22,2019, 05:01 PM

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Things You Need to Know About Pre Insurance Medical Check-Up in Health Insurance

 

 

Health insurance schemes are meant to provide an avenue for insurance buyers to stay prepped for future medical emergencies. These plans allow policyholders to pay medical bills without having to spend cash or money from their pockets. However, insurers recommend pre-medical check-ups and tests before issuing a policy to customers. Let’s try to examine how these pre-policy medical tests benefit us.

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Things You Need to Know About Pre Insurance Medical Check-Up in Health Insurance

Don’t Be Scared to Take Up The Test:

The pre-policy check-up is conducted by the insurance company to understand the health status of the applicant. Insurance companies specify several eligibility criteria when it comes to providing coverage to customers. Insurance coverage is decided based on your age, gender, lifestyle habits, and money input. The pre-policy check-up is generally recommended if a person has attained a particular age i.e. above 40 years or if your policy cover is above an average amount.

See Also: Upgrade Your Health Insurance

How it Benefits Us:

Since the market is flooded with a range of insurance products, insurance companies often pay for medical tests to attract customers. Pre-policy medical tests are a way insurers access the eligibility of the insured. As feared by many, medical tests do not always lead to rejection of your insurance application, rather it helps you avail adequate coverage and you have to pay only for the ailments you have.

From the perspective of the insurers, a pre-policy medical test helps them get an idea of the applicant’s health and thus they can decide accordingly. For example, smokers have to pay a higher insurance charge. Such a habit can only be identified through the medical test. Other pre-existing ailments can also be identified through this test. This way the company can safeguard their interest.

A pre-policy medical test helps the insurance company enlist your existing medical conditions as a pre-existing disease. This eases the process of claim settlement in times of medical emergency.

See Also: Health Card vs Health Insurance with OPD Coverage

What Happens After The Pre-Policy Medical Test?

Pre-policy check-ups are done to identify critical health conditions. Sometimes the test results end up baffling the applicants who were previously unaware of their health situations. Therefore, if any critical illness or lifestyle-related ailments are identified, the company will take the following steps:

Increase in health insurance premium: the insurance provider will issue health insurance but at a high premium cost. However, the insurance premium will be evaluated based on the customer’s age and the severity of the illness.

Permanent exclusion: sometimes companies provide insurance coverage with the condition that the policy will not be liable to pay for the ailments detected. This happens when the insurer believes the disease to be too risky. Due to this clause, the policyholder will no longer be able to raise claims when admitted for the specified ailment.

Rejection: sometimes the illness detected may be life-threatening or may entail a huge cost for treatment. In such cases, insurance companies may deny offering an insurance product to the applicant.

Lower Chances of Claim Refusal:

People often do not feel comfortable to take up medical tests until a grave medical situation arises. Insurance buyers are most often scared of taking medical tests as they believe it to an obstacle which may lead to rejection of their proposal application.

But with a pre-policy medical test, you are likely to be sure about your current health status. It helps you to identify the medical conditions that you might have and gives a reference point to the insurance provider. As your insurer has already listed the pre-existing condition, it negates any possibility of disputes or confusion while settlement of claims in the future.

See Also: Health Insurance for Family

Strategies That Can Be Used to Reduce Investment Risk

Strike a balance: make sure you make smart investment decisions to balance the risks associated. Take time and choose a plan that suits your requirements the best.

Thrive to divide: you may also opt to divide your investments and not solely depend on a single insurance plan. To remain on the safer side you can purchase a health card from a hospital group while paying money towards your insurance policy. Don’t just blindly go for hefty premium payments without understanding the associated risks.

Market Pace: make sure to remain up-to-date with other insurance plans available in the market. Make sure you know the new changes and schemes and update your policy accordingly. Timing is important when it comes to benefit from these policies. Do not ignore the market trends; rather stay informed to make decisions wisely.

Set a risk threshold: make investment decisions based on your risk appetite. You can either ride the risk or choose a plan to stay on the safer side. Be clear and mature when it comes to making investment decisions.

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