Things to Consider Before Buying Health Insurance
Health Insurance: Nowadays the cost of health care is skyrocketing. The effects of COVID-19 have contributed significantly to this. Medical expenses are becoming a burden on the family budget.
Health insurance can come in handy in order that the expenses of health do not become a burden. However, there are many things to keep in mind while buying health insurance.
One should always buy health insurance cover of half of their annual earning. Also, do not forget to share all kinds of information while buying health insurance.
Many people do not mention the diseases while buying health insurance. Many people fear that disclosing diseases will lead to cancellation of insurance or higher premiums.
But experts say that it is appropriate to give details of all types of diseases.
It is Important to Disclose Diseases
Insurers are required to disclose all present and all pre-existing medical conditions. Because insurance works on the concept of “Uberimma Fides” or “utmost good faith”.
Insurers base the premium on the basis of your illness and make a complete assessment of the risk. If you hide information and it is discovered, the insurance can be cancelled.
Non-disclosure of diseases may cost you less premium but you will have to face difficulties at the time of claiming it. Hence even minor pre-existing health conditions should be disclosed while buying the insurance.
Awareness Has Increased After Covid
The time of COVID pandemic has spread more awareness about the importance of health insurance. Experts say that pre-existing disease is an important factor to declare while buying insurance.
If we tell you directly, people hide pre-existing diseases like high blood pressure while buying insurance. Diabetes is also included in these diseases. You should share information about all diseases.
What is a Pre-existing Disease
If you have undergone treatment for any disease by a doctor within two years of purchasing the health insurance policy. So it is considered as a pre-existing disease.
Insurance companies say that a pre-existing disease is a disease or health condition that you had at the time of purchasing the medical insurance policy.
Does Health Insurance Cover Pre-existing Diseases
All your pre-existing diseases are covered under health insurance, but only after a waiting period. The waiting period can range from one to four years, depending on the illness.
Can You Get Pre-existing Diseases Covered Immediately?
Some insurance companies offer the option or advice to such people to cover all their pre-existing diseases without any waiting period. But for this you have to pay extra premium.
