Suppose you have a pre-existing illness but when filling out the application for health insurance, you choose not to mention some details about your symptoms because you’re concerned it might increase your premium or lead to your application being rejected. Your application gets approved, but a few months later, you get a surprising diagnosis requiring expensive treatments. Unfortunately, because you didn’t share all the information with your insurer, you might not be covered for the costs of your treatment. Let’s explore the consequences of not disclosing pre-existing medical conditions and see if there’s anything that can be done to avoid these outcomes.
What are the consequences of not declaring preexisting disease?
Firstly, if you file a claim and the health insurance provider discovers that it is for an illness you didn’t mention, they can reject it or cancel your health insurance plan. The insurer can uncover details about undisclosed health conditions while reviewing documents related to the pre-existing disease health insurance claim.
Secondly, even if the claim is for something not related to the health issues you didn’t reveal, the insurer still has the right to terminate the policy.
Thirdly, if the hidden information is about pre-existing ailments or serious illnesses that need regular treatment, you won’t get coverage under pre-existing disease health insurance. With rising healthcare costs, not having coverage for your pre-existing disease health insurance claim can lead to significant financial strain.
Remedies for not revealing health conditions when buying insurance:
Correct During Free-Look Period: If you didn’t disclose certain health details while buying an individual health insurance or any healthcare plan, you can fix this during the free-look period. This period usually lasts for 15 days after purchasing the policy, allowing you to cancel, modify, or correct any information. The insurer will adjust the policy based on the new details.
Disclose at Renewal: If the free-look period has passed, you can disclose your health condition during the policy renewal. However, the insurance provider has the right to decide whether to accept the new information, continue coverage, charge a higher premium, exclude the medical condition, or even cancel the health insurance policy.
Purchase a New Policy: You have the option to buy a new health insurance policy or switch to another provider. It’s essential to honestly declare your medical conditions while purchasing a new plan to ensure coverage under pre-existing disease health insurance.
Keep in mind that if you’ve been consistently paying premiums for 8 years and a pre-existing disease is discovered after this period, the insurance provider cannot cancel the policy.
Conclusion
When buying individual health insurance or any healthcare plan, ensure honest disclosure of your current health conditions, medical history, or any pre-existing diseases. This is crucial for obtaining coverage under pre-existing disease health insurance. Failure to declare pre-existing medical conditions not only results in claim rejection but also renders the policy null and void. To secure your finances, transparency is key, ensuring comprehensive coverage for pre-existing disease health insurance. It’s advisable to review the list of pre-existing diseases in health insurance before purchasing a policy.
