How many times have you heard that if you have a pre-existing illness, which is hard to handle and requires regular checkups and treatments, then you cannot buy an insurance policy? We are here to tell you that this is simply a myth.
In today’s world, health insurance has become quite a necessity. Without, you are setting yourself up for a huge financial strain that might eventually bankrupt you. With a condition like diabetes, this is highly possible. So “yes”, you can get an insurance plan, even if you have a critical illness. However, there are some rules. Understanding such comprehensive medical insurance is quite daunting and we are here to educate you about its finer points.
Before we talk about the limitations of this type of health coverage, let’s talk about what “pre-existing” disease means.
The term “pre-existing” illness refers to any health issues, which a person has been facing for quite some time. This illness was there prior to the insurance policy’s purchase. Conditions such as thyroid problems, high blood pressure, asthma, and diabetes fall under pre-existing illness.
Doesn’t it feel like that a huge worry has been lifted off your shoulders? Now that you know this and plan to buy an insurance policy even after having a pre-existing disease, here’s what to do:
Insurance Companies Don’t Like Pre-existing Diseases
Yes, it’s true. It is quite difficult for insurance companies to offer coverage to people with pre-existing diabetes. They are apprehensive because, with a pre-existing illness, chances are high that the policyholder will file a claim thus, imposing a greater financial risk. When a young and healthy person buys an insurance policy, the insurance company is content in the knowledge that there are fewer chances of the policyholder falling severely sick. On the other hand, with pre-existing illness, the insurance company needs to be prepared at all times. This is the harsh truth but even insurance companies are trying to make a profit and offering a policy to diabetics throws a kink in their future plans.
Alright, so you can buy an insurance policy even if you are a diabetic but remember those limitations we mentioned earlier, let’s start with those:
When you have a pre-existing illness and you are on the hunt for an insurance policy you have to undergo several procedures. You might be refused by the insurer or your coverage might get canceled for some unexpected reason. There’s also the possibility that you might not be entertained at all.
And you are wondering how to tackle this issue, right. Read carefully because we are about to give you some helpful tips on how you can get that insurance policy with your existing illness:
Different Policies Are Offered by Different Insurance Companies
You might be refused by some of the insurance companies but there are plenty of fishes in the sea, so to speak. Be prepared with your medical history because this will come quite in handy. If you have been successfully maintaining your health, then your medical records will show this. The past few years are crucial and if the insurance company likes what they see, they will be more accommodating.
Do Not Hide Any Illness
Let’s assume that you have neuropathy due to your diabetes. While purchasing the policy, you submit the medical history that mentions diabetes but omits the papers that talked about neuropathy. Fast forward a few months later when you are trying to seek treatment for your worsening neuropathy. You visit the physician recommended in the policy’s network but have to pay for it. Yes, you have health insurance but since you lied on the forms, the insurance company has the right to refuse your claim.
Not All Doctor Visits Count
Let’s assume that you have a common cold, cough or fever. Instead of taking the usual medicines that make you feel better, you decide to visit the doctor because you have health insurance. Well, the insurance company will not pay for this visit! The purpose of getting insurance with pre-existing diabetes is protection in the long run. The insurance policy covers only severe health issues and short-term health problems are no concern of the insurance company.
Pre-Existing Illness Coverage Takes Time
There’s a waiting period on such insurance policies. As a pre-diabetic, you will have to submit a few more documents than other policy buyers. If you make a claim during this waiting period, you will be rejected. If you already have an insurance policy, you can add coverage for pre-existing diabetes to it. Some insurance companies might refuse you and some might tell you to switch accounts. Weigh the benefits and the premiums and then make a decision.
There are two things that can happen here: let’s say that you visited the doctor during the waiting period. The doctor recommended some costly medicines and you want to add the expense to the claim. Some insurer might keep the records and reimburse you for the bills after the waiting period is over and some might refuse.
Pay Extra Premium
Some insurance companies have a 2-year waiting period and some have 4. As mentioned earlier, you can’t file a claim during the waiting period. Chances are high that you will be refused. The waiting period might be reduced depending on the severity of your health problems.
Here’s what you can do: let’s assume that the insurance policy you bought does not offer good benefits. You only purchased it because you need a health insurance policy. This insurance company refused to process your claim until the waiting period is over.
Here’s what you can do: complete the waiting period and switch to another insurance company. This way, you will not have to start anew. Another way to jump over the waiting period is to pay an extra premium. Some insurance companies offer you the benefit of passing the waiting period early by paying extra. If you are severely diabetic and have the financial backing for the extra premium, then you are better off paying it.
You can even look into co-payment, where part of the medical bill is paid by you and the rest by the insurance company.
And this is how you buy an insurance policy even after having pre-existing diabetes. Since this is a policy only a few insurance companies offer, you will have to interview a couple of carriers before making your decision. You can also visit Pawson and get a health insurance policy even with a preexisting condition, such as diabetes. The company offers various plans and numerous benefits to qualified buyers. Talk to their agent now and get yourself set up.
Digital Marketing Director