In India, these days, the awareness about an individual health insurance policy is growing. Many first-time buyers, especially older people, find it challenging to decide which policy to buy if they have a pre-existing medical disorder.
Most Indian health insurance companies define pre-existing conditions as “any condition, illness, injury or related conditions which existed or the patient has taken treatment within 48 days before purchasing the health insurance policy from the company”. Senior citizens with pre-existing conditions should not feel discouraged while buying health insurance policy since insurance companies have plans specially designed for them.
Purchasing health insurance is essential:
Though few mediclaim insurance policies do not cover pre-existing conditions, other disorders are covered. Purchasing health insurance is vital if you want to avoid financial loss during any medical emergency condition. If the insurance seeker's ailment is not chronic, it should not be an obstacle to buying a health insurance policy or any cause of concern.
Pre-existing condition coverage:
How can you determine the pre-existing condition while buying a health insurance policy? The illness or injury that the policy buyer contracted more than 48 months ago has to be mentioned while purchasing the policy. Once the declaration is made, the insurance provider will decide whether to provide cover or not, the extent of the cover that can be offered and the premium cost. This decision will be at the insurance company and could also refuse to give insurance coverage on specific grounds as per the terms and conditions.
Senior citizens and pre-existing coverage:
Many employers provide insurance facilities under group mediclaim insurance with pre-existing it can be tempting for them to avoid buying individual health insurance coverage. This may not be the wise choice because when they retire, they cannot depend on the group insurance cover. Here comes the need for personal health insurance coverage. At first, there will be some waiting period, and once the waiting period gets over, there will be continuous coverage for the insured post-retirement.
Example for rejecting coverage:
All insurance companies have their terms and conditions. According to their criteria, they decide to cover or discard giving coverage to those with pre-existing conditions. For instance, if the person is suffering from kidney failure, then under this condition, he/she is not likely to get health cover. For those suffering from diabetes or hypertension, insurers may take a call depending on the basis and degree of severity and the illness type.
Compare waiting period under Mediclaim:
The individual mediclaim policies offered by Indian insurers cover pre-existing conditions after a certain waiting period. While comparing the policies is better to understand the insurers' waiting period and then make a wise decision. The waiting period may differ according to policies, some may have 2 years, and some may have 4 years.
Why should you avoid switching insurers?
If the policyholder is suffering from pre-existing conditions, they should think twice before switching the insurance company while renewing. As stated above, the waiting period can differ from 2 to 4 years, and if you switch the insurer, then the new insurer will start the waiting period all over again.