Healthcare has become an important topic of consideration today, due to our modern lifestyle. Hence health insurance comes in as an inevitable component of our life today and is one of the most talked about topic these days.
Importance of Health Insurance:
According to Deccan Herald dated 30th March’18, only 4% of the Indian population has health insurance. The rest either cannot avail proper medical facilities due to lack of huge amount of money or the fortunate one’s enough end up spending their hard earned fortune on medical treatment without bothering with health insurance.
Any individual having access to health insurance can get a reimbursement of the amount spent on treatment from the insurer. Also since the inclusions and exclusions within a health insurance policy are clearly specified by the insurer, it helps an individual compare and assess the kind of policy required for their health care needs.
So, a health insurance policy in your hand guarantees you lesser tension and access to better medical facilities and thus a longer and a healthier life.
What to Choose and How to Choose?
Today as stated above, having health insurance is necessary, but having a correct health policy suiting your needs is of utmost importance. Most health insurance policies do not cover pre-existing ailments or diseases. Also, diseases which are hereditary are not covered.
Hence while choosing, one should know and choose the right plan suiting to individual needs; providing maximum benefits. With the emergence of many private insurance companies, health insurance products are now better structured and simplified to make it easier for the customers.
Moreover, digitization has now opened doors to easily acquire online health insurance. One can visit a company’s website and apply for the health insurance policy of choice from the plans on offer. One can also connect online with the company’s representatives to clarify any queries that you might have before purchase.
How Soon Does A Health Insurance Policy Gets Approved?
To get access to any health insurance plans, one is required to undergo a medical examination to determine their health condition and for detection of any pre-existing ailment or inherited disease.
The assessment is done by the company from which one intends to buy health insurance, and the customer’s medical report is forwarded for approval to the medical officer, which takes approximately two days of time.
Once the assessment is approved, the individual has to wait for a certain period of time; which is prescribed to observe for any other sign of pre-existing diseases. Under this period, most of the companies offer two/more categories:
Regular Waiting Period: This is mainly for people having pre-existing illnesses. Under this period, a person has to normally wait for 1 to 4 year(s) depending upon the nature of the policy that a policyholder has.
Specific Waiting Period: Under this period, patients with certain ailments like Cataract, Sinusitis, Hernia, Tonsillitis, fistulas, and piles are observed for 2 years to consider if it should be admissible or not.
And amongst others, there is a special 90 days waiting period for newly born babies or infants to observe for any illness.
The waiting period of the health insurance policy also depends on the type of insurance and the medical history of the policyholder with respect to his or her age.
For example, a person who opts for a family health insurance, might have a shorter waiting period; or for a group health insurance policy, there won’t be any waiting period.
How to Handle Pre-Existing Illness:
Many of us suffer from pre-existing illnesses and hereditary diseases, and there is nothing one can do about it. In that regard, it would be unethical to try and hide these diseases to wrongly claim the benefits from the companies.
So, to avoid this, the best thing one can do is honestly admit about all the pre-existing illnesses. If it is not admitted and is caught later, it may lead to cancellation of the health insurance policy altogether.
If done honestly, one can get themselves insured after the waiting period and at the same time avail cover for other illnesses listed under the plan.
Cross Check and Explore Plans
If you are a person suffering from a pre-existing illness, then it is a must for you to cross check all the plans on offer, and choose the one with the least waiting period as your illness will be covered after the waiting period.
So, the lesser the waiting period, the better it is for you. Having a group health insurance along with an individual cover is also beneficial as these do not have any waiting period.
The Earlier the Better
It is always better to get your health insured at a younger age. It has been observed many times that pre-existing diseases tend to occur in older ages.
So, it is much safer for you to get your health secured when you are still young and free from diseases. Getting health insurance early can also help you get the benefits of higher coverage at a lower premium, without you having to go through a waiting period for pre-existing illnesses.
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