We all have come across the term ‘pre-existing conditions’ while purchasing health insurance but we might not be sure about its implications. Here is all you need to know about pre-existing conditions.
If you’re wondering why the premium for your health insurance plan increased significantly after declaring your medical reports, the most common reason is usually due to pre-existing conditions.
Here are some key points to keep in mind when it comes to pre-existing Conditions.
What is a pre-existing condition?
According to definition ‘A pre-existing condition is a medical condition that exists before the insurance policy coverage comes into effect’. This basically means that a pre-existing condition refers to any health problem faced by the individual prior to seeking health insurance. Health insurance companies do a thorough check about absolutely any injury, condition or injury you’ve had to determine whether they might have to increase the premiums on your insurance plan.
All health insurance companies have their own take on ‘pre-existing conditions’ so you need to read the terms and conditions carefully while choosing a suitable plan for yourself.
Are pre-existing conditions covered in UAE?
Insurance companies cannot be denied due to pre-existing conditions by law in the United Arab Emirates although treatment for chronic and pre-existing conditions may initially be excluded for a certain waiting period as specified by the insurance company.
The waiting period can be avoided if you were previously insured. All you need to do is submit your medical documents and provide proof of your last health insurance coverage. However, if you do require treatment due to an emergency that arises due to any pre-existing conditions during this waiting period, it will be covered up to the annual aggregate limit.
Planning to buy a health insurance policy but have a pre-existing condition?
If you are planning to get covered by purchasing a specific insurance plan but do suffer from a pre-existing condition, insurance companies usually undertake certain steps to mitigate their financial risks.
Premium Loading: The insurance company will include the cover for the costs of treatment for pre-existing conditions under the policy, however, they will charge a higher premium, after factoring in the additional costs involved in the cover of the conditions.
Waiting Period: The duration of the waiting period varies among insurance companies. While basic health insurance plans usually have a 6 – month waiting period, many insurance companies offer plans that cover pre-existing conditions from day one.
Declaring your pre-existing conditions
When applying for a health insurance policy, it is essential that you declare any sort of pre-existing conditions you may have in order to get it covered by the policy. If you fail to declare any pre-existing or medical conditions, any sort of treatment related to your specific pre-existing condition will not be covered throughout the policy term.
If you do have a pre-existing condition, getting the right health insurance plan can be tricky. Since the cost for each medical insurance plan is fixed, the best way to free yourself from the hassle of applying for an insurance policy is to search for platforms online that compare medical insurance options and provide a customer service specialist that takes care of all the steps involved in purchasing the right insurance plan for you.