The importance of getting a comprehensive health insurance policy is often overlooked. People rely on the insurance provided by their employers or their savings. However, considering the medical inflation, there might be better choices today. As a result, it is advised that you and your family members have enough health insurance. However, when buying insurance for parents, a common concern arises. What do you do if your parents have pre-existing conditions/diseases? Can they still get insurance despite having these health problems in old age?
The answer is yes. Today, there are many health insurance options for seniors. Although the premiums are higher, you can still purchase a health insurance policy for your parents, even if they suffer from health issues. This is a thorough blog post about the relationship between pre-existing health insurance policies. Take a look!
The Relation Between Pre-Existing Diseases and Health Insurance
Pre-existing conditions generally refer to health issues you already have before purchasing insurance coverage. Depending on the severity of the medical condition, the insurance company will agree to give you the necessary coverage that you may require.
However, pre-existing diseases are highly arbitrary. Hence, insurance providers cannot classify all medical conditions as pre-existing diseases. Hence, before purchasing a health insurance policy, ensure it provides coverage for chronic/ long-term diseases to make the process easier and more favourable for both parties.
Generally, when there is a greater level of risk, insurance providers charge higher premiums. To be more precise, they bear the risk of covering pre-existing conditions like diabetes, hypertension, asthma, cardiovascular diseases, mental disorders, etc. and thus charge extra.
Although it is advised that you should get health insurance coverage right from an early age, it does not mean you cannot purchase it at the later stages of life. However, because no guarantees are involved in the latter, insurance providers typically go for higher premiums.
Why Declare Pre-Existing Diseases While Buying a Health Insurance Policy?
Insurance companies may charge additional premiums. Still, regardless of the severity of the family's health issues, it is essential to disclose the pre-existing conditions to the insurance provider.
The repercussions could be severe if you try to hide your pre-existing condition from your insurance provider and they somehow discover it later. Your access to healthcare services and financial security may be at risk if you do not disclose such information while buying the policy. Not only will it cause coverage problems, but it will also lead to claim denials. Below are five primary reasons why it is necessary to declare pre-existing conditions while buying a health insurance policy.
Risk assessment
Since pre-existing conditions may increase future medical costs, insurers must be aware of the risk they are taking when providing coverage. By disclosing pre-existing conditions, individuals allow insurers to evaluate their risk profile accordingly and set suitable premiums and coverage.
Customisation of Policies
Patients with pre-existing medical issues will need continuous care and specialised treatments. Declaring these conditions will allow people to ensure their policy covers their specific medical needs, including treating common health problems in the elderly.
Coverage Limitations
Insurance providers generally impose a waiting period or exclusion for certain pre-existing medical conditions. This means that the coverage for associated treatments may be delayed or not covered at all. Yet again, when pre-existing conditions are disclosed upfront, you can be aware of any restrictions or exclusions from your coverage and can make adjustments accordingly.
Legal Requirement
Failure to disclose any pre-existing condition may result in the policy being declared void or claims being denied in the future. By revealing the pre-existing condition, you comply with the legal obligations and ensure the validity of your insurance coverage.
Claim Processing
When filing a claim, insurers may want to review the medical history of common health problems and mental illness in the elderly to determine if the condition being treated is related to a pre-existing disease. By disclosing pre-existing conditions upfront, individuals offer transparency, clearing the claim process and minimising the risk of future disputes or claim denials.
Factors to Consider While Buying Health Insurance if You Have a Pre-Existing Disease
A few factors should be considered while buying a health insurance policy despite having a pre-existing medical condition:
If the Illness is PED
You must identify what your parents are suffering from if it is considered a pre-existing medical condition. As discussed earlier, insurance policies have a different classification of pre-existing conditions. For example, colds, fever, coughs, or allergies are not classified as pre-existing diseases. Every insurance has a particular list of PEDs that are subject to a waiting period. In other terms, PEDs like thyroid will typically have a shorter waiting period as compared to that of cancer or diabetes.
Pre-health Screening
As specified in the policy's terms and conditions, you must schedule a pre-medical examination. Health screening indicates any pre-existing medical conditions and gives the insurance company a comprehensive picture of your overall health.
Declare all the Relevant Details
Avoid keeping anything from your insurance company that could result in denying a claim or cancelling your coverage. When purchasing insurance coverage, disclose all/any pre-existing medical conditions, such as diabetes, asthma, or any other medical condition.
Pay Attention to the Waiting Period
PED-covered health insurance policies often have a four-year waiting period. Additionally, certain insurance companies have an add-on feature that can shorten the four-year PED waiting time, which may come in handy for you down the road.
Premium Amount
If the policy covers your pre-existing medical condition, check the premium amount. It may be slightly higher than expected.
Verify if Your Plan Covers PEDs
Remember that not all policies will cover the pre-existing medical issues you think might be. Hence, review the policy's inclusions and exclusions before purchasing a plan.
Care Freedom: Best Health Insurance Policy for PEDs
Care Freedom, by Care Health Insurance, is a comprehensive health insurance policy for senior citizens and individuals with pre-existing medical conditions. This product's inclusive coverage makes it exceptional, as it does not require a pre-policy medical checkup.
This means individuals, including parents suffering from diabetes, thyroid issues, autism, hypertension, anxiety, BP, high BMI, multiple health issues, and more, can access the benefits of health insurance coverage without any additional hassle.
Care Freedom, by Care, not only offers coverage for a wide range of pre-existing conditions but also provides several additional benefits. This involves:
- Automatic recharge
- Reduced PED waiting period
- No pre-policy medical checkup
- Premium reduction option
- Annual health check-ups for adult members
- Suitable for individuals having multiple health issues
- Coverage for non-medical benefits with companion/consumable benefits.
Care Freedom Plan Benefits
Care Freedom offers a comprehensive range of benefits exclusively designed to meet the specific medical needs of individuals with pre-existing conditions. The plan provides coverage for the following depending on the sum insured you choose:
- Room rent
- Inpatient hospitalisation
- Pre-hospitalisation and Post-hospitalisation
- Day care treatment
- ICU charges
- Ambulance cover
- Dialysis cover
- Domiciliary hospitalisation
- Advanced Treatments.
In Conclusion
Contrary to what most people think, purchasing a health insurance policy for parents with old age problems and pre-existing medical conditions is possible. It has become a necessity to ensure their well-being in old age. It also puts less financial strain on your pockets in times of need.
However, reading the policy documents and inclusions thoroughly before purchasing is important. This ensures you can make informed decisions while selecting the right coverage for your loved ones. By investing in a health insurance plan that covers PEDs, individuals can provide their parents with the peace of mind and security they deserve in their golden years.
>> Also Read: PED Waiting Period Waivers vs. PED Modifications
Disclaimers: All plan features, benefits, coverage, and claims underwriting are subject to policy terms and conditions. Kindly refer to the brochure, sales prospectus, and policy documents carefully.
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