Buying a health insurance on one’s own, besides the one offered by the employer, has become necessary in the modern world when unduly long working hours, unhealthy habits and excessive stress thrust a lot of diseases – and some of them are outright killers – on us. Depending on a health insurance policy that your employer might offer you, or the belief that you are fit and will continue to be so, can be dangerous.
However, while buying a health insurance policy (for yourself or for your family members), there are a few cardinal rules that you must keep in mind. One of the very fundamental rules is, never conceal a pre-existing disease.
What is pre-existing disease
The health insurance goes by a standard definition of pre-existing illness. It has been defined as a disease or condition that the policyholder had even before buying a health insurance policy. The insurance industry regulator, IRDAI (Insurance Regulatory and Development Authority of India), says that if the insured had an illness or medical condition up to 4 years before he/she bought the policy, it would be regarded as a pre-existing disease.
Health insurance: Why you shouldn’t conceal pre-existing diseases
Please note that most health insurance policies offer coverage cover pre-existing diseases after a waiting period. But this period is extremely critical for any policyholder since during this period, if the policyholder falls ill and requires hospitalisation, the insurance company will reject any claim that has been raised to treat a disease that was a pre-existing condition. Also note that plans differ in their approach to pre-existing illness and the waiting period can range between 12 months (the lowest) and 48 months (the highest).
Health insurance: Pre-existing disease list
Pre-existing diseases include all long-term health issues like high blood pressure, thyroid, diabetes, asthma, heart disease etc. The most important thing is if the insurance company comes to know about the concealment of a pre-existing disease, it can even cancel your policy outright. Treatment records in a hospital can easily give away the fact. Moreover, in extreme cases, you can also face legal consequences for your falsehood.
While a health insurance has become a necessary part of one’s financial planning, making full and proper use of it depends on prudential handling of the policy, and not concealing pre-existing diseases is one of them. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
