Individuals with pre-existing health issues are certainly more exposed to substantial treatment costs than others. Thus, having adequate health insurance coverage for such individuals is crucial. In this regard, they can resort to any leading insurance provider to get an insurance policy that will meet their requirements.
However, there are a few pointers that you as a prospective policy buyers should keep in mind before applying for a health insurance plan with pre-existing conditions. In this regard, a vital aspect that you need to know is that coverage benefits for pre-existing ailments only work after a pre-determined waiting period in health insurance.
Understanding pre-existing conditions and waiting periods in health insurance
When it concerns pre-existing conditions, it is essential to understand what it actually means. If you are suffering from an already existing illness before purchasing a health insurance plan, such a condition is called a pre-existing condition. This can include health issues like diabetes, cancer, asthma, hypertension, and many others.
As far as the waiting period is concerned, every health insurance plan comes with an initial waiting period of 30 days. During this period, you cannot place any claims. The initial waiting period comes into effect as soon as you purchase a health insurance policy.
However, the waiting period in health insurance might be longer for pre-existing conditions. Usually, claims under a health insurance plan for pre-existing conditions can only be made after a waiting period of 2 to 4 years. This could be a cause of concern for you, if you want to claim the benefits after a few months.
Nonetheless, keeping such concerns in mind, a few insurance companies have introduced Day 1 coverage plans. Meaning even with pre-existing health issues you get coverage from day 1 itself.
Apart from the waiting period, if you are suffering from any pre-existing illnesses, you should know a few more aspects before purchasing a health insurance policy.
Other aspects to keep in mind before buying health insurance with pre-existing conditions
Here are a few things to consider before purchasing health insurance with pre-existing health issues:
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Policies vary from insurer to insurer
Note that the terms and conditions of a health insurance policy differ from lender to lender. That said, some insurance companies, while assessing your pre-existing conditions, will consider the complete medical history. On the other hand, other insurance companies might only consider your medical history dating back to 4 or 5 years.
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Not every medical issue is a pre-existing ailment
If you are making frequent doctor appointments for minor issues, such as cough or fever, you do not have to worry. Remember that every trip to a medical professional will not count as a red flag when you apply to buy a health insurance plan. Insurance companies are only concerned about such health conditions that pose a long-term effect on your health.
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Disclose all pre-existing conditions
Disclosing all pre-existing health issues before buying a medical insurance policy is of extreme importance. If you hide any pre-existing ailment at the time of applying, the insurer can reject the insurance claim due to false information. Thus, as a policyholders you need to steer clear of such situations and always disclose all details regarding already existing health problems.
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There are provisions to reduce the waiting period
It is possible to reduce the waiting period in health insurance. For instance, a few insurance companies provide the option to get rid of the waiting period by opting for a waiting period waiver. You can obtain such a waiver by paying an extra insurance premium amount.
Nonetheless, you can visit different platforms to purchase health insurance plans featuring extensive coverage for pre-existing diseases. You can compare and find an insurance plan that will suit your needs.
To sum up, before choosing a health insurance plan for pre-existing conditions, remember to go for a policy that comes with the minimum waiting period in health insurance. In addition, keep the above-mentioned pointers in mind to find a suitable health insurance plan.
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