As we grow old, the chances of developing a disease or a medical condition become more real. You may have seen somebody in your family suffering from pre-existing diseases like diabetes, hypertension, etc. If yes, then you do have a fair idea of how frequent visits to the doctor and medicines burn a hole in their pocket. But with health insurance, you can save yourself from these bills.
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Do you have an existing illness or medical history?
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Some plans are available only after a certain time
Most regular health insurance plans provide coverage for pre-existing diseases
For the unversed, pre-existing diseases refer to those diseases or medical conditions from which the insured was suffering at the time of buying the health insurance policy
If you have a health policy, your insurance company will pay for the medical expenses incurred on the treatment of your pre-existing diseases. However, the coverage is not available from day 1 under most plans.
Your health insurance provider will pay for the treatment of your pre-existing diseases after a waiting period of 2 to 4 years. Unless the PED waiting period is over, any claim relating to your pre-existing disease will be rejected by your insurer. Although, there are a couple few plans that cover pre-existing diseases from day 1 of the policy.
Moreover, insurance companies also charge a higher premium to people suffering from pre-existing diseases. This is because such people are most likely to raise a claim and thus, are a bigger liability for the insurance company.
As a result, a lot of people hide their pre-existing diseases from the insurance company at the time of buying the health plan.
But that is not advisable at all.
Not disclosing your pre-existing disease is a common mistake that a lot of people make while buying a health insurance policy.
Why is that???
Well! A health insurance policy is issued based on the information provided to the insurance company in the proposal form filled out by the applicant. Whatever you write in your proposal form is considered truthful and is accepted by the insurance company in good faith. If you have a pre-existing disease, you are expected to disclose it honestly in the proposal form
But if you hide your pre-existing diseases in this proposal form, it will a breach of trust. So if the insurance company learns about your pre-existing diseases in future, the policy will become null & void and the insurer will have the right to reject your health insurance claim. This would imply that you paid the premium amount for nothing.
That’s not all.
In some cases, you may also have to face legal consequences for providing false information and fraud. So if you want to avoid such hassles, disclosing your pre-existing diseases is the best way forward.
Pre-existing diseases are an ugly truth that nobody wants to hear but it reiterates why health insurance is a must for all. However, don’t make the mistake of hiding your pre-existing diseases from your health insurer if you do not want your future claims to be rejected. Make sure to provide your personal details and medical history truthfully to enjoy coverage for pre-existing diseases even if it is available after a waiting period.
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