*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
Pre-medical tests are done prior to issuing a health insurance policy to assess the eligibility of the customer. It is easy to fall for those insurance policies which do not require you to go through medical tests. Sure, it's a value proposition but at times, it's nothing more than a marketing gimmick of the insurer. Do you really believe that a health plan that doesn't need you to go through a medical test is better than the one which needs it? No, absolutely not. The truth is quite the contrary; the insurers that ask for pre-medical tests turn out to be more customer friendly at the time of making a claim.
Even if the insurer does not ask you to go through the medical tests, it does not imply that you can withhold a pre-existing condition. Nothing can be more blunderous than withholding a fact concerning a pre-existing illness; it is plainly considered as a fraud and can straightaway lead to rejection of the claim. When there are no medical tests, you have to submit the declaration of good health in lieu of that. Once you submit it, the insurer sets your premium. Here’s why you should go through a pre-insurance medical test:
Skipping medical tests seems like a quick and easy fix. And why not, the insured saves the trouble of visiting the clinic/diagnostic centre. But a little consideration and you'll realize that you might end up paying heavily later if you focus solely on such short-sighted savings. Besides, health plans offered without any pre-requisite of medical tests cost higher than the conventional health plans.
If you happen to be a healthy individual, you have one more reason to go through the pre-medical tests. In case, you pass the medical tests with flying marks, you are surely going to get rewarded by the insurer with a certain discount on premium as you'll then be seen as a low-risk deal from their perspective.
Even if you have a pre-existing condition, you'll get to know the specific exclusions and waiting period relevant to your condition. Sure, you'll have shell out slightly higher premium, but it's all worth it. It's better to incur high premium rates and getting covered rather than saving a few bucks today and getting your coverage denied altogether at a later stage.
One more reason why is it good to go through medical tests because, at times, the prospect himself isn't aware of his health condition. In such a case, his declaration of good health will not stand good anymore. But if he chooses to go through the medical tests, the responsibility of being aware of an existing condition is transferred to the insurance company; thus he frees himself of the obligation of knowing the same.
Now the question arises if it's riskier for the insurer, why do they offer such a proposition 'no medical tests required'. Well, it is because the medical examination is by no means light on the pocket. And when the customer has to incur the medical test cost, it directly hampers customer acquisition.
At present most of the health insurance plans issue the policy without a medical test if you are aged below 45 years of age. However, for those aged above 45 years, a medical test is required. The costs of the pre-medical test have to be borne by the customer. But the good news is that the medical test cost is reimbursed post issuance of the policy. Medical tests differ from insurer to insurer and plan to plan. However, the common pre-medical tests performed are physical examination, blood test, sugar level, urine test, and ECG and cholesterol level.
To go through medical tests prior to getting insured, seems like a pain but it's not. On the contrary, the more stringent an insurer is while giving out the policy, the thicker will be the chances that your health insurance claims will be approved without any hassles. And even more so, the more transparent you are while giving your information, the easier and faster will it be to realize the claim amount.