All About Pre-Existing Diseases & Conditions in Health Insurance

People often underestimate the importance of purchasing a comprehensive health insurance policy. They rely on savings and employer-offered insurance. However, that might not be a wise plan in today’s times when medical expenses are on the rise. Therefore, it is suggested to cover you and your loved ones with a suitable health insurance plan. But do health insurance policies cover pre-existing conditions – ones that you are already suffering? Not exactly. That is why it is suggested to buy a health insurance plan early on in life. This not only ensures you are charged a low premium but also gets you better coverage as the chances of acquiring diseases are low at a young age as compared to an ageing body. If you already have a disease and still want health insurance, this article will tell you all you need to know to do so. Read ahead to know details about health insurance and pre-existing conditions.  

Pre-existing conditions are those conditions that you already suffer from while (and in some cases before) buying an insurance policy. As the name suggests, they exist before you pay the insurance premium. If you have faced a major accident, such instances can also fall under a pre-existing condition based on the severity.

Being transparent about your health is crucial when purchasing a health insurance policy. Here's why you must disclose all pre-existing conditions upfront:

Hiding medical history can have serious repercussions in the long run. Being transparent from the start enables you to buy the right health insurance plan based on your specific needs.

Insurance is a concept where the insurance company offers financial assistance in case something unfortunate happens to the insured asset as per the terms and conditions. In this case, since the insurance companies know that a person already has a pre-existing condition, the probability of claims rises. Therefore, health insurance companies are a bit reluctant about covering pre-existing diseases. Some might cover them as per terms and conditions and charge a higher premium for it.

Choosing suitable health insurance requires transparency about your health status and diligent research on policy terms. This ensures you get adequate coverage without hassles during claims.

Having both health and life insurance is crucial for complete financial security and stability. In fact, get ACKO Life Flexi Term plan at ₹534 per month. These plans protect your family’s future and can help you save taxes of up to ₹ 54600 per annum. Meanwhile, use ACKO’s Term Insurance Calculator to compare policies and rates. Moreover, buying it early will lead to lower premiums bargains and peace of mind.

When you purchase a health insurance policy, coverage for pre-existing conditions doesn't start immediately. You have to serve defined waiting periods first before expenses related to pre-existing illnesses are covered. Here is what you should know:

Carefully go through the fine print to understand applicable waiting periods. Opt for insurers offering reduced waiting times for faster coverage of pre-existing conditions. Disclose full medical history upfront to avoid claim disputes later.

Buying health insurance for senior citizens with pre-existing diseases can be slightly tricky. That is why it is suggested to buy health insurance early on in life.

Here’s the process to buy health insurance for the elderly.

Step 1: You can buy health insurance for parents with a pre-existing illness the usual way, via online or offline.

Step 2: Most likely, the insurance company will ask for medical tests.

Step 3: Once the tests are done, the company’s underwriting team will analyse the results and let you know the status.

Step 4: The company might ask for more premium or deny the policy.

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