Greeting To All Readers!
Insurance Companies provide health insurance to people and try to make their treatment costs for various illnesses an easy deal for them. However, there are many terms and conditions mentioned in the Health Insurance Policy that must be explained to every individual by the company before he buys the policy.
One of the most important conditions in Health Insurance Policy is pre-existing conditions. People are advised to do every inquiry related to the pre-existing conditions term of policies.
Well, today we will be discussing all pre-existing conditions in health insurance policies an individual must know!
What is Pre-Existing Condition In Health Insurance Policy?
If an individual looking for a health insurance policy, suffers from a medical condition before he buys the health insurance policy, such a condition is termed a pre-existing medical condition.
Knowing about this condition and terms related to this in a health insurance policy is necessary. This is primarily because when someone has a pre-existing health condition, they have a higher probability of making a claim.
That simply means the risk comes over the insurance company, and to cover this risk they simply impose higher premiums for such people
What An Individual Need To Keep In Mind?
Well, there are health insurance companies that provide health insurance policies to people with pre-existing conditions, but with certain terms and conditions. Thus, the following are the things that one must keep in their mind:
Different Insurers, Different Policies…...
Some insurance providers investigate the applicant’s medical history, while others do not consider medical history. Some insurance companies provide health insurance policies for pre-existing health conditions, while others do not.
That simply means, terms and conditions related to a health insurance policy, especially for pre-existing conditions, differ from insurer to insurer, so it is important to check with each insurer about what they have to offer.
Every Doctor’s Visit Is Not Counted……
Health insurance providers only take into consideration health ailments that have an impact on the insured in the long run. One should remember that every doctor’s visit will not be counted as a red flag, and one need not have to worry about short-term ailments.
Mention Pre-Existing Medical Conditions Always…….
While buying a health insurance policy, transparency is the key, and it is unwise to hide pre-existing medical conditions from the health insurance provider.
If it is found later that such important information was kept away from the insurance provider, they could reject the claim.
Do Not Worry, Pre-Existing Medical Conditions Are Covered
The reason most people hide their pre-existing conditions is that they are unaware that pre-existing ailments can be covered under health insurance policies after a certain period. Health insurance policies for pre-existing illnesses by including a waiting period or exclude the pre-existing ailment for a certain duration.
While other illnesses will be covered, during the waiting period, the insurance policy will not cover the cost of treatment, medicines, or doctor’s fees for the pre-existing health condition. These costs will be covered only when the waiting period is completed.
You can contact your insurer or can visit Ashutosh Securities Pvt. Ltd. for any further assistance in mutual fund investment. Keep reading our article and stay updated with the latest news about Health Insurance and Life Insurance!
For any kind of query, you can contact us at Shri Ashutosh Securities Pvt Ltd., we are here to help you in any way possible.
Happy Investing!
(Mutual Fund investments are subject to market risk Illustrations are for example only, there is no guarantee of returns. Past performance is not an indicator/guarantee to future returns).