Based on how you can make a claim, there are two ways health insurance policies are designed:
If you already have a health insurance policy but want to get another one to increase coverage, make sure you disclose this fact from the start, to avoid rejection of claim from either of your insurers.
It is definitely a possibility. However, group insurance plans offered by most employers:
Every insurer has a set of underwriting guidelines which they follow to assign a ‘risk class’ to you depending on how much of a risk they face by accepting your application to be a policy holder
Full Disclosure is essential. Never lie to your insurer about any medical conditions you are aware of having, be it verbally or by any other means of communication.
If you have any other questions, leave them in comments below!
QUOTE OF THE DAY
A pre-existing medical condition should not be a deterrent for buying your family health insurance and securing their financial future. However, proper disclosure and some precautions ensure that in case if any unfortunate event, you have a smooth and hassle free experience.
Though both Individual and Group Health Insurance Plans provide similar coverage, they do differ in various aspects, such as cost and customisation.
A health insurance policy is a critical piece in the overall puzzle of a family’s personal finances. A claim free year does not mean that the money goes down the drain. These covers should be treated as pure risk covers where the return is peace of mind of having secured family’s financial position.
Health and critical illness are separate categories and each has its own place in a consumer’s insurance requirement. Here’s a simple guide to knowing how to choose between the two, or decide if you need both.
It is important to have sufficient health insurance cover in order to meet medical emergencies. It is equally important to understand the provisions of any health insurance product that you may be holding, to avoid unpleasant surprises at the time of making a claim.