Best Health Insurance for Pre-Existing Conditions

Having a chronic condition can be hard, but the best health insurance for pre-existing conditions can help with that. These policies provide coverage and benefits which reduce out-of-pocket expenses and help cover treatments and medications.

If you are planning to Buy HealthInsurance Online, you’ll find several options tailored for specific conditions. Read on to know about the benefits of such policies and more.

Best Policies to Get for Pre-Existing Conditions

The best health insurance for pre-existing conditions is disease-specific policies. For instance, there are policies such as cardiac care and DiabetesHealth Insurance policies. If you are someone who suffers from a life-threatening condition, get critical illness policies.

Here are some features of a health insurance policy for pre-existing conditions:

1. Diabetes Care Policy

• Generally, these plans provide coverage for people with Type 1 and Type 2 diabetes.
• The entry age limits are set at a minimum of 18 for these policies.
• Diabetes care policies have premium instalment options on a half-yearly, annual, biennial and triennial basis.
• Policies like these often come with zero waiting periods.

2. Cardiac-Focussed Policy

• These policies have an entry age between 10 and 65 years.
• The tenure of this policy ranges between 1 and 3 years.
• The available sum insured options of this policy are between Rs. 3 lakh and Rs. 4 lakh.
• You can avail an outpatient coverage with a cardiac care policy.
• The minimal waiting period before the coverage starts for this policy is 90 days.

3. Critical Illness Policy

• The entry age of these policies is generally between 18 and 65 years.
• Policy premium of pre-existing condition health cover is payable on either a quarterly or half-yearly basis.
• These policies grant a wide critical illness coverage for conditions such as cancer, heart attack, stroke, etc.
• Some insurers also provide coverage for major organ transplants due to critical illness.
• The sum insured of these policies is between Rs. 5 lakh and Rs. 25 lakhs.

Waiting Periods on Pre-Existing Policies

Every health insurance policy that covers pre-existing diseases has a mandatory waiting period. Insurers do this to prevent fraudulent claims and for risk management.

Imagine if everybody just got health insurance just a few days before treatment to get coverage for their hospitalisation and treatment costs. It does not do any good to health insurance companies and to the insurer as well (they will get very high premiums).

Hence, waiting periods are set in place to bring health insurance policy offers into regulation for both the insurer and the insured.

Note: The minimum waiting period set by IRDAI for pre-existing diseases is 36 months.

What is a Buy-Back of Waiting Periods for Pre-Existing Diseases?

A buy-back is an option that you can choose. It requires you to pay an extra amount to get a buy-back add-on along with your base coverage. If you are someone who has a chronic condition or illness, this will be beneficial for you.

By getting a buy-back on your pre-existing disease waiting period, you can reduce the wait time and claim the coverage for your treatment.

Things to Know About Purchasing Health Insurance Policies for PED

Here are a few things that you need to keep in mind when purchasing the best health insurance for pre-existing conditions:

1. Terms and Conditions

The terms and conditions for different policies vary from insurer to insurer. Hence, you must read the terms and conditions carefully to understand the applicable pre-waiting policy period.

2. Disclosing PED When Purchasing Policy

It is vital to avoid a claim rejection later on. Health insurers assess your risk factors and determine premiums based on that. Hence, be honest with your insurer about your health conditions.

3. Pre-Policy Medical Screening

If you have a pre-existing disease, the insurer will ask you to get a medical check-up. This is mandatory to qualify for a health insurance policy.

4. Check Premiums

Make sure to check the premiums of your health insurance policy before purchasing it. The general rule of applicability is that the premium is higher for people who already have pre-existing conditions.

Final Words

When determining the best health insurance for pre-existing conditions, consider the policy limits, applicable terms and conditions to make a well-informed decision. Always be honest with your insurer when asked about your medical history. It can help with a hassle-free claim settlement.