Understanding Pre-Existing Conditions in Health Insurance
You are looking to the future, focusing on
your health, and deciding to invest in a good, comprehensive health insurance
plan. But then you start wondering about the asthma that you struggled with as
a child or that surgery you had a couple of years ago. How will these
pre-existing conditions affect your health insurance?
Health insurance is a cornerstone in every
financial plan that acts as a safety net in case of a medical emergency. Yet,
making sense of the ins and outs of pre-existing medical conditions is easier
said than done. This article will teach you more about pre-existing conditions
and how they affect your health insurance.
An Overview
of Pre-Existing Conditions
Simply said, a pre-existing condition is any
health issue already present before the effective date of your new health
insurance plan. This could be chronic diseases like diabetes, asthma, or heart
disease, or even things like old injuries or surgeries. These are factors that
insurers closely monitor because of the heightened likelihood of a claim
shortly after the policy goes on risk.
How Do
These Conditions Impact Health Insurance?
If you have pre-existing conditions, they will
impact your health insurance policies in the following ways:
- Waiting Period: Health insurance policies generally have a waiting
period for any pre-existing condition to prevent fraud. This is a set
period, which can be as short as three months or as long as three years or
more, depending on the insurance company. For this time period, the
policyholder is not eligible to be reimbursed for treatment regarding
pre-existing diseases. Accidental injuries will be covered during this
period. - Higher Premiums: Insurance companies may demand higher premiums due
to the policyholder’s pre-existing condition. This is a way of offsetting
the claims the policyholder will likely make. - Coverage Exclusions: Some insurance policies may have provisions
which exclude all expenses the policyholder makes over a particular
disease. Anything they might spend on their pre-existing condition will
not be eligible for reimbursement. - Medical Examination: Health insurance companies subject any
potential policyholder to detailed questioning about their health before
determining the policy terms. If the answers they receive indicate a
too-large risk, they demand a higher premium or simply refuse to provide a
policy.
How to Buy
Health Insurance When You Have Pre-Existing Conditions
If you have a pre-existing condition and are
wondering how to approach the matter of health insurance, the best advice is to
be as informed as possible. Here are some tips to guide you along the way:
- Disclose all conditions: Never lie about any aspect of your medical
history. It might lead to a denial of your claim and potentially an
investigation culminating in the cancellation of your policy. - Compare policies: Not all health insurance policies are identical,
and some insurers might be more or less accepting of pre-existing
conditions than others. Do your research before making a decision. - Read the fine print: Find out the specific terms and conditions.
Different waiting periods, exceptions, and rules are to be expected. - Consider riders: Some policies might look poorly equipped to deal
with your pre-existing condition on the surface but will also feature
optional add-on covers. Acquiring them as part of the base policy might be
a good idea.
Trust ACKO
for All Your Health Insurance Needs
Acko is a digital-first insurance company
taking an innovative approach to health insurance in India. Their idea is to
simplify insurance for people. The company can offer price-effective health
insurance plans through an online distribution model.
Are you sceptical about buying health
insurance from ACKO to cover pre-existing conditions? Here are some reasons to
convince you:
- Transparent policies: ACKO Insurance is known for its
transparency. When buying a policy, the terms and conditions about
pre-existing conditions are spelt out clearly. So you do not see any
surprises when you make a claim. - Reduced waiting periods: ACKO has been working on reducing the
waiting periods for pre-existing conditions. Traditional insurance
companies may make you wait for up to four years for some pre-existing
conditions. However, ACKO’s waiting period is typically shorter, so you
can get the health care you need when needed. In fact, you have zero
waiting period under the ACKO Platinum Health Insurance plans. - Customised plans: ACKO recognises that people are all different,
and each person’s health needs vary enormously. ACKO allows you to build a
customised plan depending on your particular requirements and the current
state of your health.
Conclusion
Pre-existing conditions are a significant
factor affecting health insurance. But they should not stop you from getting
the coverage you want. With the correct information and determination, you can
get the best medical insurance policy to keep you healthy without too much
financial pressure. You can quickly browse through ACKO’s website to check out
the best health insurance policies for pre-existing conditions.