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Ref. No. KLI/22-23/E-BB/492
Insurers can decline claims and even cancel the policy in case they find out that you have not disclose your pre-existing conditions at the time of buying the health insurance policy.
When you think of securing your family’s future, the first thing that may probably come to your mind is health. Therefore, buying a health insurance policy should be your priority. This will ensure that the insurance provider will cover any health expenses that may arise in the future.
When filling out the health insurance application, you must provide the relevant details honestly, especially about the pre-existing diseases. Providing accurate and truthful information in this regard is of paramount importance. The success of an insurance claim later will depend on how honest you were when filling out this section.
Many people tend to lie about their health because they fear that their insurance application may be rejected or the premiums may be too high. But, such practice is unwise, and it could lead to claim rejection when you need your health insurance the most.
Let us take a closer look at pre-existing conditions and why you must disclose them when buying health insurance.
What are Pre-Existing Conditions?
Any illness or disease that you’re already suffering from when you buy health insurance is termed a pre-existing disease. It can be any disease like diabetes, high blood pressure, heart ailments etc.
How Do Pre-existing Diseases Affect Your Health Insurance Policy?
Most health insurance providers cover pre-existing diseases as well, but only after a specified waiting period. A waiting period can vary between one year to four years, during which claim for any health issues related to pre-existing diseases won’t be approved.
For example, suppose your health insurance covers medical costs related to diabetes after a waiting period of 2 years. In that case, it will not pay for your diabetes-related expenses for two years from the start of the policy. Once your waiting period is over, you can file a claim and the insurance provider may approve the same after verifying without any hassles.
Why Should You Disclose Pre-Existing Diseases?
When you fill a health insurance application form, you provide information to the insurance provider and sign it at the end, saying that all the information that you provided is accurate to the best of your knowledge. The health insurance provider assesses your file and charts out a health insurance plan.
Your health coverage, premium, and all the terms of your health plan are based on your furnished information. If the insurer finds that you had omitted or lied about pre-existing conditions in your form during the claim process, your policy may effectively be null and void. Your entire policy was based on the information you provided, and if that information is false, the insurer has every right to reject your claim.
Hence, you must always disclose your pre-existing conditions when buying a policy. Yes, you’ll face the waiting period, and yes, your premiums may be slightly higher, but in the long run, after the waiting period, you can at least claim your health plan when the need arises and get it approved.
Thus, hiding or omitting details about your pre-existing conditions is not an option when buying health insurance. You may feel it can help you reduce your premium, but you may face a major hurdle in the long run when you need the insurer to settle your hospital bills.
Ref. No. KLI/22-23/E-BB/2435