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Health Insurance: Healthcare costs are skyrocketing significantly. And, this is when health insurance comes in handy. The financial security of an individual is protected by having health insurance. With the ever-rising instances of diseases, health insurance today is a necessity. However, there are several things one needs to keep in mind at the time of purchasing health insurance. Experts advise people to disclose pre-existing conditions or diseases while buying a health insurance policy.
Factors individuals with pre-existing conditions should be aware of while purchasing Health Insurance
It is important to keep in mind that insurers charge higher premiums to people with pre-existing illnesses.
According to Ajay Shah, Head – Distribution, Care Health Insurance while purchasing health insurance for an individual with pre-existing medical conditions, there are a few crucial factors that one needs to keep in mind.
1)First among them is to ensure that the Health Insurance policy covers the pre-existing ailment and its contingent/related conditions.
2)Secondly, a thorough understanding of the terms and conditions of the waiting period for the ailment is necessary.
3)The policyholder should read policy documents carefully and understand if any limitations or exclusions such as co-payment, sub-limit, or deductible apply to the pre-existing disease.
4) Some policies may not cover or have limits on coverage for certain procedures or treatment of these pre–existing ailments. Being aware of these limitations helps one make informed decisions about their health security.
5) Individuals with pre-existing diseases should declare all their medical conditions in the proposal form filing or during the process of underwriting.
6) Some people may have to pay a higher premium as compared to those without such conditions. Therefore, it becomes crucial for one to carefully compare premiums and terms & conditions across different insurers & products to find the best-suited plan at an affordable price.
Awareness about these components can aid individuals in making informed choices while getting a health Insurance that not only covers their pre-existing diseases, but gives assured quality servicing at affordable prices – a truly Comprehensive Health Insurance plan, said Ajay Shah.
Disclaimer: The views and recommendations made above are those of individual analysts, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Updated: 25 Jul 2023, 01:51 PM IST
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