What is Preexisting condition and how it can affect my insurance claim?
It is a medical condition or diagnosis which was made prior to the starting date of an insurance. So basically, if you have any symptoms, signs or diagnosis prior to purchasing an insurance is considered pre existing. Name itself is self explanatory that anything which exists prior to something.. Pre existing conditions can really impact your eligibility to claim medical expenses from your insurer.
People know about pre existing conditions in most of the cases however they think that if they declare it while purchasing the overseas visitor or health insurance, they will have to pay extra premium. It is true to some extent as insurance companies want to cover themselves. For example, insurance company may be happy to provide a coverage to an healthy individual at X dollar amount as they know that chances of that person being sick or hospitalized are reasonably less. However, if the same person has pre existing high blood pressure and diabetes, chances of him/her getting sick and hospitalized are definitely higher. So therefore, insurance company will want to make sure that the premium is comparatively higher if the person declares that pre existing condition. It is not necessary that person with pre existing condition will fall sick or hospitalized but chances are bit higher.
Do insurance companies pay my claim if I declared the pre existing conditions upfront?
Not all insurance company provide coverage to people with pre existing conditions. However, there are some who wants to take that risk and cover you for pre existing conditions if you declare them upfront. Please read the product disclosure statement for all insurance companies and it should clearly state whether any or all pre existing conditions will be covered for a particular insurance product. Please note that it is your moral responsibility to declare any pre existing conditions while purchasing the overseas medical insurance from any company. Once you declare that, it will be up to insurance company to decide whether they have any product that will cover you for those pre existing conditions. Generally speaking, if your condition is considered to be pre-existing, your health insurer will usually put a waiting period (i.e. 12 months) before you will be covered for benefits relating to that pre existing condition.
What are some examples of pre existing conditions?
Some examples of pre existing conditions are as below. Conditions do not need to be previously diagnosed to be considered pre existing. It is possible that you or your regular doctor may not have been aware of the condition but if you had it prior to joining the insurance company, it will be classified as pre existing.
High blood pressure
History of stroke
Cancer (Treated or Untreated)
Pregnancy (Can you believe this!! People do purchase overseas insurance knowing that they are pregnant and the insurance company will find out for sure) itself is not labeled as pre existing but you still need to serve waiting period before being eligible to claim pregnancy and birth related claims.
Are pre existing conditions only relevant for overseas visitor insurance?
No, Pre existing clause is mostly applicable to all types of health insurance. In fact, if you think out of the box, it can also be applicable for car insurance. Imagine you are involved in an accident and you join the insurance company same evening hoping to get paid for your car repair??
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