Medical Insurance and the Curious Case of Pre-Existing Conditions
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When you buy a health insurance policy, you might think that you are protected from all diseases and that every treatment is included in your medical insurance plan. However, all medical insurance plans have a pre-existing condition clause that requires the policyholder to wait a certain period of time before coverage can take effect. This clause is introduced to ensure that health insurance providers do not lose client commitment, and people do not misuse health insurance policies.
This blog examines the impact of pre-existing diseases on health insurance, key factors to consider when purchasing a plan, and how ManipalCigna addresses these concerns with dedicated solutions.
PEDs or Pre-Existing Diseases refer to medical illnesses or health issues that an individual already suffers from before applying for a health insurance plan. Some of the most common examples include high blood pressure or diabetes, as well as chronic diseases such as arthritis or thyroid disorders. The waiting period can be from 24 to 48 months, depending on the severity of the physical condition and the risk you face due to the PED.When you apply for insurance, it is the responsibility of your health insurance provider to carefully evaluate your medical history and understand the level of risk. Based on the assessment, the insurer offers the premium, coverage, and waiting periods. There is a common misconception that PEDs make you ineligible for health insurance. This is partially incorrect because you need to ensure that all the information is properly disclosed to the insurer while purchasing the insurance policy.
Here are some of the most common pre-existing conditions that can be covered in your health insurance plan:
It’s essential to note that coverage is typically extended after the completion of a waiting period, which can range from 24 to 48 months, depending on the insurer. Some policies may also permanently exclude specific diseases, so reading the fine print is crucial. The good news is that more insurers today are expanding their policies to cover lifestyle diseases, making health insurance more inclusive.
It is crucial to understand your insurance plan and explore waivers or add-ons that may reduce the waiting period. Here are some of the most important factors to consider if you are buying health insurance with pre-existing conditions:
There are several factors should be considered when purchasing health insurance with pre-existing conditions. First, your premium will be higher than usual. So, if your friend is paying a lower amount (with a clean medical history), be prepared to pay a few extra rupees when buying a health insurance plan.
Additionally, you may face longer waiting periods before the coverage takes effect. There may be a few surgeries and treatments that are not initially covered. Despite these challenges, the long-term benefit of being insured outweighs the limitations. With the right plan, you can reduce financial stress during medical emergencies.
You should be aware of the types of waiting periods associated with health insurance. Some of the most common waiting periods include:
ManipalCigna Health Insurance offers products designed to address the needs of people with pre-existing conditions. These plans offer broader coverage, customised waiting periods, and adaptable benefits for policyholders.
These plans are designed for individuals seeking comprehensive coverage that includes coverage for common pre-existing conditions. They provide affordable premiums and practical waiting period clauses, making them suitable for middle-class families managing chronic illnesses.
This plan is ideal for customers seeking comprehensive benefits and higher coverage. It encompasses a broader range of PEDs and is designed to strike a balance between affordability and premium healthcare protection.
Pre-existing conditions may add complexity to the process of buying health insurance, but they don’t have to be a barrier. By comparing plans, understanding waiting periods, and choosing insurers that are transparent and inclusive, individuals can secure effective coverage. With the right health insurance plan, pre-existing conditions can be managed without financial strain, ensuring peace of mind for you and your family.
They are identified through medical history, health check-ups, and disclosures made at the time of insurance application.
Yes, insurers usually charge higher premiums as the risk of claims increases with PEDs.
These are health issues or illnesses diagnosed before purchasing a policy, such as diabetes or hypertension.
The waiting period typically ranges from 24 to 48 months, depending on the insurer and plan chosen.
In rare cases, yes. However, most insurers now offer PED coverage with certain conditions applied.
Any condition diagnosed within 48 months prior to applying for insurance is classified as pre-existing.
Conditions like cancer or advanced cardiac issues that involve high treatment costs and risks are termed severe.
