Currently, the healthcare sector is experiencing substantial growth. Rising medical costs have resulted in a notable escalation in expenses. This situation can impose financial strain during medical emergencies and can be both mentally and financially exhausting. As you enter your thirties, it is especially crucial to secure comprehensive health insurance coverage, particularly if you have any pre-existing medical conditions.
This article will discuss what is health insurance, pre-existing conditions, and their effect on insurance coverage.
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What is Health Insurance?
A health insurance policy is referred to as the safety net that offers coverage against high medical expenses. This includes pre-and post-hospitalisation, diagnostic tests, surgeries, prescription drugs, room rents, and more. Such plans are extremely beneficial, especially if you have a limited source of income, as they reduce your financial burden.
There are various types of insurance plans available, including individual health insurance policies, group insurance policies, family health insurance plans, critical illness insurance, and more.
What are Pre-existing Conditions?
A pre-existing condition is any health condition you had before applying for medical insurance plans. These may include chronic illnesses such as diabetes, asthma, hypertension, or heart disease, as well as more specific conditions like cancer, arthritis, or mental health disorders. Such pre-existing conditions generally have a high risk, which is why insurance companies offer a specific insurance plan for critical illnesses, known as critical illness insurance for additional coverage.
How Do Pre-existing Conditions Affect Health Insurance Coverage in Your Thirties?
As you age, your immune system weakens, making you prone to chronic conditions. Therefore, investing in medical insurance plans is highly recommended. Ensure you purchase the plan with extensive coverage.
Here’s how pre-existing conditions can influence your health insurance coverage during this time:
- Costs: Pre-existing conditions like diabetes or heart disease involve a higher risk of life. This is the primary reason why insurers increase the premium amount in health plans. The best insurance company in India will not deny coverage for pre-existing conditions but will raise the premium according to the associated risk.
- Exclusions: Insurance companies require a waiting period for pre-existing medical conditions. This means you cannot make any claims during that time frame. According to IRDAI, the Insurance Regulatory and Development Authority of India, the waiting period for pre-existing conditions is set at 36 months.
- Limited Coverage: If you have a prior medical history, there is a high chance that the insurer will offer you limited coverage. This situation may lead to out-of-pocket costs, potentially imposing a financial strain during medical emergencies and adversely impacting your quality of life.
- Need for Specialised Coverage: If you have critical illnesses such as cancer, heart disease, or kidney disease that pose a risk to life, then you might have to purchase a specialised health insurance policy. Insurers offer critical illness insurance that covers such life-threatening diseases. This may be an additional expense for you.
How to Purchase Health Insurance Policies?
When purchasing the best health insurance in India, you must follow the steps mentioned below:
- Assess the Needs: Understanding needs and requirements is the first and foremost step. For instance, evaluate your prior medical history or the frequency of doctor consultations, and ensure your medical insurance plans cover that.
- Evaluate the Network Hospitals: Make sure your insurer offers reputed hospitals, especially in your location, and also provides cashless facilities, which can save you from high medical expenses of pre-existing conditions and ensure you receive quality treatment on time.
- Check the Insurer’s Reputation: Before purchasing the medical insurance plans, look for the Claim Settlement Ratio. This ratio indicates the successful number of claims made in a given fiscal year, thereby reflecting the insurer’s financial position in the market.
- Reviewing: Reviewing the policy is an essential step. It enables you to better understand the policy’s inclusions, exclusions, and limitations. Consider coverage for pre-existing conditions and critical illnesses.
Wrapping Up
You cannot control many things in your life; however, you can be prepared. Buying insurance policies is one of them. It requires careful consideration of coverage levels, network hospitals, premiums, and the insurer’s reputation. Health insurance is a small investment you can make in the early years of life to protect yourself from future high medical expenses.
If you are looking for the best health insurance company in India, Niva Bupa is highly recommended. They are a well-established provider in the insurance market with more than 1 crore satisfied customers. Niva Bupa offers extensive coverage with affordable premiums and 24×7 assistance.
Visit Niva Bupa’s website or contact them for more information.