Individual health insurance coverage are becoming more widely known in India these days. It can be challenging for many first-time customers, especially older individuals, to choose which policy to purchase if they already have a medical issue.
Pre-existing conditions are those that are “any condition, disease, accident, or related condition that exists or has been treated within 48 days previous to the patient acquiring a health insurance policy from the company,” according to the majority of Indian health insurance firms. Seniors with pre-existing diseases shouldn’t be deterred from purchasing health insurance because insurance firms provide plans tailored just for them.
The purchase of health insurance is necessary.
Pre-existing ailments are not always covered by medical insurance, but other illnesses are. Purchasing health insurance is crucial if you want to protect your finances in the event of a medical emergency. When looking to get a health insurance coverage, a person’s disease should not be a hindrance or cause for concern if it is not a chronic condition.
Insurance for existing conditions
When purchasing health insurance, how may a pre-existing condition be determined? The illness or injury the insurance buyer experienced more than 48 months ago must be disclosed at the time the policy is purchased. Once coverage is declared, the insurance company will decide whether to offer it, how much coverage it will offer, and how much the premium will be. The insurance provider will have the final say in this matter, and under the terms and conditions, it may also decide not to offer insurance coverage for a certain reason.
Pre-existing conditions and senior citizens:
Many firms provide group medical insurance with pre-existing conditions, which tempts workers to forgo buying individual health insurance. They can’t rely on group insurance when they retire, so this decision might not be the best one. This is an instance in which having personal health insurance is useful. There will first be a waiting period, and then the insured will continue to be covered after retirement, after the waiting time is over.
Example of a refusal of coverage
The terms and conditions are unique to each insurance company. They decide whether to provide or refuse coverage to individuals who already have it based on their criteria. For instance, it is unlikely that a person with kidney failure will receive health care. Insurance companies may make decisions regarding persons who have diabetes or high blood pressure based on the cause, degree, and nature of the disease.
Compare the Mediclaim waiting period to:
After a predetermined waiting period, individual medical insurance policies issued by Indian insurers cover pre-existing conditions. It is best to comprehend the insurers’ waiting periods when comparing the policies so that you may choose wisely afterward. Depending on the policy, the waiting period may range from 2 years to 4 years.
Why shouldn’t you change insurance companies?
When renewing their insurance, a policyholder who has pre-existing conditions should give it some thought before switching carriers. As previously stated, the waiting period can be anywhere between two and four years, and if you switch insurance, the waiting period will begin all over again with the new insurer.