The current ongoing uncertain pandemic situation has shown us the importance of having health insurance in every household. Today's advanced lifestyle also brings in some or other kind of ailments related to health amongst the young generation who live a stressful life amidst a competitive environment.
Previously insurance companies used to step back from covering individuals who had any kind of health-related ailments. But the scenario has changed now.
Most of the insurance companies do provide health insurance for pre-existing diseases. The Pre-Existing Disease refers to a medical ailment which an insured person already undergoing at the time of purchase of a health insurance policy.
As per the definition of the Insurance Regulatory Development Authority of India (IRDAI), the pre-existing disease refers to any kind of a condition or injury or ailment or a disease which is diagnosed by the physician within 48 months before the effective date of the policy issued by the insurer or for which medical treatment or advice was received from or recommended from a physician within 48 months before the effective date of the policy issued by the insurer.
There is a certain list of things which an insurer should follow if they have a pre-existing disease for securing health insurance. Let's look at each of them.
Disclosure of Pre - Existing Diseases Clearly
If an individual is having any pre-existing disease, then the same should be disclosed clearly to the health insurers at the time of purchase of a policy. Health insurance policies are sold and purchased in good faith and hence one should not hide any information while applying for health insurance as hiding truth from the insurance company can lead to rejection of claims in future owing to false information.
If in case, if the applicant does not want their claims to be rejected in future, then it is mandatory to provide accurate details honestly to the insurers.
The term waiting period refers to the time an insured individual should wait before some or all of the insurance coverage comes into effect. Usually, all the health insurance policies cover pre-existing diseases after the completion of the waiting period.
In the case of pre-existing diseases, the waiting period varies from 1 year to 4 years of continuous coverage starting from the day on which the policy was purchased by the insurer.
Post completion of the waiting period, the insurance company will begin to cover pre-existing disease. If in case, the insurer prefers to enhance the insurance coverage, then the exclusion and the waiting period will start afresh to the additional insured amount.
Go for Policies with Shorter Waiting Periods
The waiting periods offered by different insurance companies varies and hence insurers should check each of the policies in detail and go with the ones which have shorter waiting periods. As it is crucial to go through the waiting period and policy exclusions completely before getting coverage from the health insurance plan.