Nearly every 4th person has one or the other kind of pre-existing medical condition. Apart from finding difficulty in obtaining health insurance policy in such circumstances, these people also experience other problems related to their insurance including higher insurance premiums, claim denials, refusals to renew the policy or even cancellations.
Before a health insurance company issues a policy to you, it evaluates certain details about you including your age, current health status, age and medical history; to decide how likely you may be to have the claim. This evaluation is termed as underwriting. If this information suggests that you are at a higher risk of making the claim soon, then the company will either refuse to give you coverage or at least charge you much more than normal.
Most of the health insurance companies cover only those health conditions that occurred only after the beginning of the health coverage. If you are looking for a health insurance policy and you are suffering from any pre-existing medical conditions, then it would be wise to disclose it while filling your insurance application form. If you do not do so, your future claims will be further jeopardized and the policy will probably be invalidated. Some health insurance companies may also attach ‘exclusion rider’ to their policies which completely excludes any kind of coverage for the pre-existing conditions.
If you have listed your pre-existing condition in your application form and the insurance company has still issued you coverage without exclusion rider, then the company has to begin covering your conditions after the expiry of the pre-existing waiting period of your insurance policy. This period can be maximum 2 years usually on the individual policies and the exclusion riders can be in-operation indefinitely.
While applying for a health insurance policy, make sure to be honest about answering all the questions regarding your medical conditions. If you fail to disclose any information about your medication or illness, then the insurance company will have all the rights to deny any subsequent claims and even cancel your insurance policy. In addition to that, you should understand your policy to full extent and read its wording very carefully. You should make sure that you have understood all the exclusions and limitations of your policy and if not, you should not hesitate to ask questions from your insurance agent or insurance company representative. You can also call the customer care of your insurance company and make all your doubts clear.
For more information on pre existing medical conditions and their effects on your health insurance policy, you can log on to Insurancespecialists.com