HOW TO CHOOSE A PERFECT HEALTH INSURANCE PLAN FOR CANDIDATES WITH CHRONIC CONDITIONS

How to choose a perfect health insurance plan for candidates with chronic conditions

How to choose a perfect health insurance plan for candidates with chronic conditions

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It is not for no reason that one is advised to buy a health insurance plan as early in life as possible. The more you delay it, the higher the chance of contracting chronic ailments, which would later create issues with obtaining a health insurance policy. But does that mean all is lost, in case you do have a chronic condition? Well, it depends upon the condition

Ensure illness is covered under the plan
If you have a chronic illness, you are bound to incur costs on managing it. While buying a health insurance plan, you would want to ensure that the specific illness is covered under the plan.

Waiting Period
If at the time of buying health insurance, you disclose that you are suffering from a chronic illness, the insurance provider will impose a waiting period which is typically between 2-4 years depending on the plan before you could raise a claim for the treatment for that specific illness. During the waiting period, in case you have to incur the expenses for its treatment on your own. Hence, try to go for a policy that has the least waiting period for the specific pre-existing condition that you are suffering from.

Higher Premium
If you suffer from a pre-existing chronic illness, you are going to have to pay a higher premium for the same coverage due to a concept called premium loading. While you may fret over having to pay this higher premium, this is something that you should take in your stride. You may choose to go for a plan which minimises the impact of the premium loading, but you would not be able to avoid it completely.

Given the fact that disclosing your pre-existing chronic condition can lead to imposition of a waiting plan and having to pay a higher premium, it might be tempting to avoid disclosing it in the first place. However, that is a bad idea. The following are reasons why you should ensure that you:

Make an honest disclosure of your pre-existing chronic conditions

If you do not disclose your pre-existing conditions at the time of buying health insurance, your claims for treatment of the condition might be denied by the insurer. Of course, the insurer will in probability make you undergo a medical check-up to ascertain the state of your health.

However, there are certain conditions that the insurer relies purely on the wilful disclosure of the policy buyer to record. You should mention your medical history (example history of heart attacks, strokes, and so on even if they are not manifested at the time of buying insurance), instances of hospitalization in the past, skin disorders, major injuries, diagnosis of conditions such as hypertension or diabetes and if you are taking medications for such conditions.

Now remember that if your condition is severe, the insurance company may decide to provide you coverage while excluding the particular condition. This might seem bad, it will still help you reduce medical costs associated with related problems that might crop up in future. So in a nutshell, if you have a pre-existing condition, choose a health insurance plan which:
Covers the condition
Minimises waiting period
Minimises increase in premium due to premium loading

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