Factors That Individuals With Pre-existing Conditions Need to Consider On Buying Health Insurance
Updated On Sep 25, 2023
With a tremendous rise in medical expenses and changing lifestyles, buying health insurance has become an absolute need. A health insurance plan acts like a safety net in case you are diagnosed with any kind of health problems. But, there are individuals with pre-existing conditions who might have to be careful while buying health insurance. So, read on to find out more about it.
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What are Pre-existing Conditions?
Pre-existing conditions are those health problems that an individual is already suffering before buying health insurance. In health insurance, pre-existing health problems are those that are diagnosed to the policyholder prior to 48 months of buying a health insurance plan. Some of the diseases listed as pre-existing medical conditions are diabetes, hypertension, asthama, and more. More than anything else, it is important to disclose your pre-existing conditions to the insurance company to avoid claim rejections.
Factors to Consider While Buying Health Insurance for Individuals with Pre-existing Conditions
There are a number of factors that you need to keep in mind when you are buying a health insurance plan for an individual with a pre-existing condition. Scroll through the section to more about these factors:
- First and foremost, you should check whether your insurer provides coverage for pre-existing conditions or not. This is because there are a number of insurers who do not provide this coverage.
- You should also disclose about your pre-existing condition to the insurer. This is because it will help the insurer to determine the health insurance premium based on those pre-existing medical conditions.
- You must also check the waiting period clause as the waiting period for pre-existing varies from one insurer to another. Typically, the waiting period for pre-existing medical conditions is 3 years, however, you must always check the same with your insurer.
- There are certain exclusions to pre-existing conditions. So, you need to check the same with your insurer before buying a plan for yourself.
- It is also important to note that the premium for individuals with pre-existing medical conditions is likely to pay higher premiums.
Benefits of Buying Health Insurance
There are several benefits of buying a health insurance plan such as those listed below:
- Safeguards Your Family: With family health insurance plans, you can protect your loved family members against all kinds of health emergencies. The best part about buying family health insurance plans is that they are available at very affordable premiums. In addition to family health plans, you can also buy senior citizen health plans to protect your aging parents against health problems.
- Protects Your Savings: There is no denying that whenever there is a health emergency, it drains your hard-earned savings. So, in order to protect your savings from getting exhausted, it is best to buy a health insurance plan that provides a safety net in such situations.
- Tax Benefits: As per section 80D of the Income Tax Act of 1961, the premium paid toward health insurance plan is eligible for tax deductions. It is important to note that there are greater tax savings on senior citizen health insurance plans.
- Customisable Options: You can customise your health insurance plans as per your needs. There are a number of riders available such as maternity rider, critical illness riders, and more that provide additional coverage at affordable premiums.
- Cashless Hospitalisation: Health insurance companies have tie-ups with hospitals which are referred to as network hospitals. At these network hospitals, policyholders can avail of cashless treatment. This means that policyholders need not spend anything from their pocket when they are seeking treatment at a network hospital.
- Annual Health Check-ups: Most of the health insurance plans also provide coverage for annual health check-ups. With annual checkup coverage, you can get a report of how healthy you are and accordingly take necessary precautions.
Thus, if you have any kind of pre-existing medical condition, it is best to keep your health insurance company informed. You can also visit InsuranceDekho website to get more details on health insurance plans.