Chronic conditions are health conditions that once acquired, may require medical attention for a long time, possibly for years to come. Some of the common chronic conditions include diabetes, asthma, arthritis, chronic kidney disease, and osteoporosis.
If you have been diagnosed with such a condition and already have medical insurance coverage, it can help you deal with the costs of healthcare. However, if you are looking to buy health insurance after being diagnosed with a chronic condition, you may face some issues.
Here are some of the factors that one should consider before buying health insurance plans are purchased for people with chronic diseases.
The waiting period is one of the common features of most health insurance policies. It is important to know that this phrase applies not only to policyholders with chronic diseases, but all kinds of policyholders.
So, what is waiting period in a health insurance policy?
Simply put, the waiting period is the period between buying the policy and the time when the policy benefits can be claimed by the policyholder. If you did not know this already, you may note that claiming the benefits of the policy immediately after buying it may not be possible. There may be a waiting period to the policy. The length of the waiting period depends on your policy terms, your insurance provider, and often, on the pre-existing conditions. The waiting period could be a couple of months or a couple of years.
Thus, if you have a chronic condition, take into account the waiting period. You may not be able to claim the policy benefits immediately after buying one. Thus, don’t wait to purchase a health insurance policy till you absolutely need it.
Since you may have a chronic condition while buying the policy, you may face higher premiums for the best mediclaim policy, as compared to people without any chronic conditions. *
Why is this so? First, it is possible that not all insurance providers will readily offer you a policy if you are living with a chronic condition. If they do so, they have to consider that you live with an elevated health risk. This may translate to higher chances of you having a healthcare situation.
Thus, it is possible that if you are living with a chronic condition, you may have to pay a higher premium. To ensure that the premium does not pinch your pocket, make use of a health insurance calculator. This may help you choose an appropriate plan with the right coverage, without breaking the bank. *
Many health insurance providers require prospective policyholders to undergo medical tests. This allows them to understand the state of the buyer’s health. Before you approach any insurance provider for a policy, it is best to have a clear idea of your health issues, at least existing ones. Moreover, do not try to hide anything from your insurance provider, or else your claim may get rejected in the future. *
If medical tests show that you are living with any major health issues, you might receive a higher insurance quote, or may not be offered the policy at all. Another possibility is that some policy features may be offered. *
Exclusion of chronic illness from coverage
If you are living with a serious chronic condition, it is possible that when buying the policy, the insurer may not provide coverage. Your policy will be customised to exclude your chronic condition. Only the conditions arising later, or any health issues you may need attention to after buying the policy will be covered.
Thus, if any complications arise later that are related to your chronic condition, you may find yourself without coverage for that. *
Rejection of policy
Another rare possibility is that you are denied policy coverage. If you find yourself in such a position, rest assured that there may be some other insurers who would offer health insurance, possibly with some conditions. Health insurance comparison
, i.e., comparing the options available to you can help you choose the right policy in the first place, possibly reducing the chances of being rejected coverage. *
Having to pay higher premiums can put you under financial stress. If your chronic condition is excluded from your policy coverage can do the same. Additionally, it could also somewhat defeat the purpose of getting an insurance policy in the first place.
To avoid having to face such situations, it is ideal to get a health insurance
policy early on in your life. If you get a policy before contracting a chronic condition, it is possible to get coverage for the same, without having to pay additional premiums. Even after you get diagnosed with a chronic condition, you may still be able to find a policy for yourself.
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.