Got a Pre-Existing illness? 3 things to know before buying Health Insurance

Pre-existing illness in Health Insurance: Looking to buy a health Insurance but have a Pre-Existing Illness? Then you must know these 3 things before buying a plan.

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Today it is common knowledge that health insurance is quite literally a lifesaver. Buying a medical insurance policy is not only a measure of safeguarding your health, but it also gives you access to extremely useful health insurance tax benefits.

However, the time you choose to purchase health insurance is of great importance. Wondering why? Let us explain with the example of Mr Shyam.

When he was young, Mr. Shyam opted against buying a health insurance policy. He assumed that he would not need it as he was extremely fit and that he could purchase a plan when a medical emergency actually presented itself.

After a few years, Shyam was diagnosed with a mild case of diabetes and he decided to purchase a policy to handle the costs. However, to his dismay, every health insurance policy he approached refused to cover the cost of his treatment.

Why is this so?

This is because, his diabetes would be considered as a pre-existing illness and most health insurance plans do not cover the cost of such illnesses for the initial 2 to 4 years of buying the Health Insurance. This is known as “Waiting Period”.

Therefore, Mr Shyam had to wait for a couple of years before his health insurance policy started to cover the cost of his treatment.

This example shows how important it is to purchase health insurance at the right time. Doing so will keep you prepared for any and all health risks that may arise.

What is waiting period for pre-existing illnesses in health insurance?

In an ironic twist of circumstances, waiting to buy health insurance online India puts you a position of having to wait even more.

When you buy insurance for an existing illness, you must go through a waiting period before you start receiving coverage for your current medical issue.

While the exact waiting period may differ depending on the illness, the average duration is 2-4 years.

Hence, if you need to pay for any medical expenses after the waiting period, the medical insurance policy will cover you.

There’s a workaround for waiting period, where you can get your cover initiated immediately. It’s called Premium Loading.

What is Premium Loading?

When it comes to buying pre-existing illness health insurance, the phrase ‘time is money’ could not be truer.

While the conventional use of the phrase is to promote productivity, in this particular case, it is in context of the spirit of exchange.

If you want insurance for a pre-existing illness without a waiting period, you will have to pay a higher premium for it. This is known as premium loading.

Being a common practice these days, premium loading is a great alternative to a waiting period. While it means having to pay more money, it also means that you will receive insurance for a pre-existing illness, without having to wait for 2-4 years!

Moreover, it will not only cover you for medical expenses like a lengthy hospitalisation, but it will also be of great help if the illness further aggravates.

However, you should be careful when opting for premium loading instead of going through a waiting period. You should pay special attention to the total premium you would have to pay.

You shouldn’t get caught in a situation where skipping the waiting period puts you in a spot where your premium becomes so high that you cannot afford it.

One thing you should note is different health insurance companies in India have a different policy for providing insurance with pre-existing illnesses. Hence, the most important thing for you to do is to find an insurance provider that suits your requirements. Once, you have done that, buying health insurance is easy even with your pre-existing medical conditions.

Some insurance providers even offer a pre-existing illness add-on. This gives you the option to increase or reduce the waiting period for your illness. Of course, this could also increase or decrease your premium.

Hope this has been helpful, good luck and take care!

Also read our blog on Do I Really Need A Medical Insurance Plan For Vector-Borne Diseases?

The views, thoughts, and opinions expressed in the artefact above are for marketing purposes only. Before concluding the sale, please refer to policy wordings and prospectus


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