Health insurance is one of the important basic needs of an individual in today's world. The environment is getting deteriorated because of the rise in pollution levels. The eating and drinking habits of people across ages are adding to the factors that impact health in the most disastrous ways.
Not every individual can afford to pay the hospital fees in times of emergencies. Various health insurance schemes have been introduced to cover these expenses. These schemes have proved to be very beneficial for policyholders, irrespective of the age and income level.
What is a pre-existing condition?
According to the University of Pittsburgh Medical Center, a pre-existing condition is a medical ailment which is already there in individual's health before he/she purchases the policy.
The pre-existing condition includes diseases such as diabetes, high blood pressure or any cardiovascular disease.
IRDAI Guidelines for the cover of pre-existing illness:
IRDAI is a government body that works towards protecting the interests of the policyholders and ensure the growth of the insurance sector.
According to IRDAI guidelines, the policyholders should submit the pre-existing disease list with the insurance company before buying a health insurance policy. If they fail to do so, they will be considered as a fraud and can be denied the claim by the insurance company in the future.
The insurance company may increase the premium rate according to the disease and its future impact.
Declaration of pre-existing illness in Utmost Good Faith
Utmost Good Faith is one of the essential principles of any insurance policy. The principle assures that both the parties to the insurance should not hide any facts/information from each other. Hence, while buying an insurance policy, the buyer should declare the pre-existing illness to the insurance company and maintain utmost good faith.
The medical history of the individual helps the company to assess that what can be the extent of emergencies in the case of any unfortunate event as the physical condition of a person predicts how strong a person's immunity against a specific illness.
Things to be kept in mind while applying for health insurance with pre-existing conditions
- The premium of the insurance may vary according to the pre-existing diseases of the individual and the age of the individual.
- All the existing health habits of the person are also considered while finalizing the insurance premium like smoking, drinking, physical activities, etc.
- The insurance company may make it compulsory to have a complete health checkup from any partnered labs before calculating the premium amount.
Coverage for pre-existing condition
Mediclaim for pre existing diseases can be made only if the insurance company is giving pre-existing disease coverage. This existing disease health insurance might include a waiting period of 2-4 years after the beginning of the policy as the company needs to ensure a period of time before the person could claim for pre-existing disease.
While buying health insurance from any company, you should keep in mind all these points and always declare any form or pre-existing illness, to get the claim from the company at the time of an emergency very easily.