Can I get health insurance if I have a pre-existing illness?
An apple a day keeps the doctor away and illnesses at bay. It’s an age-old phrase that points to the importance of a good diet in keeping healthy and fit. However, despite your best efforts, illnesses can still strike, either due to old age or genetics. This is where a health insurance policy can be extremely helpful. It will help you cover all the medical expenses of your illness and ensure the road to recovery is void of any financial bumps.
Therefore, if you do not already have a plan, you must get one today – even if you are currently in the pink of your health. This is because getting a medical insurance policy is affordable & hassle-free when you are young. On the other hand, as you get older, the chances of picking up a long-term medical condition such as diabetes, heart disease, high/low blood pressure is higher.
If you do suffer from such an illness in the future, getting health insurance coverage can become difficult. You will be labelled as having a ‘pre-existing illness’. While getting a health insurance will still be possible with a pre-existing illness, you might have to jump through a few hoops before you are provided with a plan. This article will highlight some of the potential terms and conditions that could be applied to your policy if you suffer from a pre-existing medical condition when buying the plan.
- You might have to endure waiting periods up to 4 years.
Can you get health insurance with a pre-existing illness? Yes, but the plan will not immediately cover the expenses of your illness. Your plan might have a waiting period before any expenses related to your illness is covered. Usually, this waiting period is between 2 and 4 years, depending on the type of illness, the severity of the condition, etc. Only once you have negated the specified waiting period will your plan cover any medical expenses arising from the same.
- Premium loading.
Another way to get a health insurance policy despite having a pre-existing illness is to opt for premium loading. You can opt to pay a higher premium in order to get coverage for your pre-existing illness. This ensures your plan covers your medical condition from day 1 of your policy tenure, but at a significantly higher cost.
Remember; never hide your pre-existing illness.
In order to escape waiting periods and premium loading, some individuals hide their pre-existing illness from the insurance provider when buying the plan. However, if you need to make a claim for your illness and the insurance provider discovers that you’ve not disclosed your condition, not only will your claim be denied, but your policy could also be cancelled. Therefore, always remember to disclose all your information when buying a plan as it is better to be safe than sorry.
Hope this article has been informative and helpful for you. Good luck and all the best, take care!