An ever-increasing percentage of the Indian population is grappling with numerous sedentary and chronic diseases due to changing lifestyles and high stress. One of the ways in which individuals can take care of their health is to invest in health insurance online for pre-existing health conditions.
However, it is a common notion that it is difficult to purchase medical insurance for pre-existing conditions in India. Well, this is not 100% true. In fact, investing in the right insurance plan for pre-existing conditions is the way forward if you want to save yourself from overwhelming medical expenses.
Pre-Existing Health Diseases & Waiting Period
As per the IRDAI guidelines, pre-existing health diseases are those medical conditions that are diagnosed and treated within 48 months before purchasing the policy. Some pre-existing diseases are diabetes, high blood pressure, cardiovascular conditions, mental disorders, respiratory conditions, etc.
Such diseases are not explicitly covered under health insurance plans from day one. In fact, a medical policy covers pre-existing diseases, but after a certain waiting period. The waiting period is the time that must lapse till the pre-existing disease can be included in the insurance coverage.
Best Health Insurance for Pre-Existing Diseases: Factors to Consider
- Policy Premium: The premium for health insurance for existing conditions is higher than the other types of plans.
- Waiting Period:Different insurance providers may have different pre-existing disease waiting periods for their health insurance policies. It may vary across providers ranging from two to three years.
- Coverage:It is advisable to look for plans that offer extensive coverage. Opt for plans that cover diagnostic test expenses, outpatient consultations, hospital expenses, etc., as it will reduce the financial burden.
- Option to Waive/Reduce the Waiting Period:You can reduce or waive the waiting period if the insurance provider allows it. However, to do so, you may have to pay an extra premium.
- Terms and Conditions of the Policy:Understand the terms and conditions of the insurance plan carefully before opting for it. Some common terms and conditions include pre-policy medical check-ups, knowing your medical history, etc.
Effects of Pre-Existing Diseases on Health Insurance Plans
The inclusion of a pre-existing disease affects your insurance plan in many ways. Some of them are as follows:
- The Premium: The premium for pre-existing disease health insurance may be higher than the regular plan as it covers you against a pre-existing condition. The premium may be even higher if you opt for a waiver or reduction in the waiting period.
- The Waiting Period:During the waiting period, your insurance provider will not provide health coverage for pre-existing conditions. They will not cover any expenses that you incur in connection with the treatment, hospitalisation, etc., of the pre-existing disease.
- Policy Cancellation:If you fail to disclose the pre-existing condition at the time of purchasing the policy, it may be rejected.
- Requirement of Medical Check-Up:A medical check-up may be required to include your pre-existing disease under the scope of your insurer’s policy.
How to Find the Best Health Insurance for Existing Conditions
- Minimum Waiting Period: Compare and analyse the waiting period across insurers and opt for one that has the minimum waiting period. Some providers, such as TATA AIG, offer insurance for pre-existing conditions with a waiting period of 48 months, which is lower than many others.
- High Sum Insured:It is wise to opt for a higher sum insured as the chances of hospitalisation, medical treatment, etc., are higher in the case of pre-existing diseases.
- Opt for Plans with Affordable Premiums:Conduct thorough research, compare different insurance plans, and select one that has an affordable premium without compromising coverage.
- Choose Plans with Lower Sub Limits:You must consider the plans that do not place any restrictions on the coverage. Thus, it is recommended to buy critical illness insurance with lower sub-limits to ensure you get extensive protection for various diseases.
Do’s and Dont’s when Buying Health Insurance for Pre-Existing Diseases
| Do’s | Dont’s |
| Be transparent and honest about your pre-existing disease | Do not misrepresent or hide any crucial information related to your health or pre-existing condition. |
| Choose your plan wisely and pay close attention to minute details | Don’t buy an insurance plan unless you have considered all the available options. |
| Get a voluntary health check-up done as it helps to diagnose conditions early on. | Don’t buy a plan because of its low premium, as it may not offer adequate coverage and compensation. |
Conclusion
Overall, finding the best health insurance for pre-existing conditions involves having a thorough vetting process. And since most health insurance plans with PED coverage have waiting periods, it’s best to invest early so you can get coverage when you need it most.
You also need to remember that the insurer matters just as much as the policy’s coverage because opting for a good insurer will largely determine your experience as a policyholder.