Introduction
If one has a pre-existing medical condition, it is hard to get affordable health insurance coverage. Most insurance companies are not ready to provide coverage for pre-existing diseases right at the beginning of the policy. This is because there is a high chance that you may file against those conditions. However, with some research and understanding of how individual health insurance that covers pre-existing conditions is dealt with, getting a policy that meets your needs will not be hard.
Can You Buy an Individual Health Insurance Policy that Covers Pre-Existing Diseases?
It is possible for you to purchase an individual health insurance policy covering already-existing illnesses. There are, however, certain things you need to know. IRDAI defines a pre-existing condition as any illness or medical condition diagnosed up to 48 months before purchasing the policy. These may include chronic conditions like diabetes, asthma, and high blood pressure.
Most health insurances cover pre-existing diseases after a certain medical waiting period. It could be a two-to-four-year time, though, which might vary from insurer to insurer or from one ailment to another. In some policies, there may be an option to buy a rider to reduce this waiting period, but it is added as an extra premium.
Why You Should Disclose Your Pre-Existing Medical Condition?
It is essential to come clean regarding pre-existing conditions in the case of health insurance applications. Therefore, you must be transparent since hiding a condition later to be discovered may mean your insurance claim getting rejected. Worse still, this may lead to the cancellation of your policy on grounds of fraud. The most important thing is to eliminate the chances of a problem occurring by being upfront about your health status.
Conclusion
It is easy to find an individual health insurance policy, but it is very imperative that you get the right one that covers pre-existing conditions to manage your healthcare needs. Just be honest about your medical history, compare various policies, and consider the waiting periods and their related costs in the process. This way, you will achieve the coverage you need to protect your finances.
Remember, health insurance does demand an understanding of your choices and maximum transparency between you and your insurer to achieve the best coverage without surprises at the time of the claim.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It is not intended as a substitute for professional advice, diagnosis, or treatment. Please consult your general physician or another certified medical professional for any questions regarding a medical condition. Relying on any information provided in this blog is solely at your own risk, and ICICI Lombard is not responsible for any effects or consequences resulting from the use of the information shared.