5 min read
There are numerous advantages of buying a health insurance policy. It provides financial security in the event of medical emergencies, provides protection, offers an affordable alternative to costly medical expenses, and, lastly, it guarantees that you do not harm your health due to lack of funds. Similar to the numerous advantages of health insurance, it also comes with specific terms and conditions, and one of them is insurance coverage for pre-existing diseases.
Sanjay Kumar runs a hardware store and lives with his wife and kids. Though he is aged 45 years, he hasn’t taken any health insurance policy so far because of his pre-existing conditions, which might cost huge premiums. Sanjay is a diabetic and suffers from high blood pressure, because of which, the premiums quoted by most top health insurers were on the higher side. Although, he could still purchase health insurance plans for pre-existing conditions even if he has a medical history. Still, Sanjay feels the premiums shall climb upwards in the future owing to his state.
It is a medical condition that exists with an individual when purchasing a health insurance policy. Medical conditions such as high blood pressure, diabetes, thyroid, asthma, depression, etc., are some of the ailments that feature in pre existing disease list. These can lead to chronic illnesses like heart diseases, asthma, and cancer, which pose a threat not only to our mental security but also to our financial health as the expenses to treat all these conditions are long-lasting. This includes the cost of medications, routine tests, diagnostics, and consultations, among others.
Earlier, it was difficult to obtain health insurance coverage for those suffering from pre-existing diseases (PED) but recently, the Insurance Regulatory and Development Authority of India (IRDAI) had revised the pre-existing illness list, thereby enabling policyholders to claim for such diseases as well after a specific waiting period.
So if you have any pre-existing disease and are looking for a pre existing disease health insurance plan, here are the essential things to keep in mind while selecting the right policy:
Health insurance is among the most important financial instruments you should look into purchasing for your financial security. It’s affordable as well as flexible and efficient. It protects your savings but, the most crucial point to bear in mind is that you must not conceal or lie about your medical history. It might look like saving some money by hiding but you might have to incur a high cost in the future when your claim is denied. Hence, buying a pre existing disease cover health insurance might be a wise decision in case you have a pre-existing health condition.
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