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How to Purchase Health Insurance for pre-existing diseases (PED)

Ravi (30-years-old) lives in Surat with his parents (Father: 59 years and mother: 51 years). Ravi plans to purchase a health insurance policy for his parents as his mother has some heart issues. But to get coverage for any pre-existing disease, Ravi’s parents need to wait for some time as most insurance policies come with a PED waiting period (2-4 years). That’s why Ravi was reluctant to purchase health insurance policies for his parents. But now, Ravi must be astonished to know that during this ongoing COVID-19 pandemic, he can get coverage for PED in health insurance without serving any waiting period. This intriguing news has brought a big smile to people like Ravi.

What is PED (Pre-existing diseases) in Health Insurance?

PED full form in insurance is Pre-existing diseases. A pre-existing disease health insurance refers to the healthcare conditions that a person is suffering from before purchasing a health insurance policy. Unfortunately, most insurance companies don’t include PED in insurance plans, and thus, it is a big concern for people who are looking for this type of coverage from day one of their policies.

But because of this lethal COVID-19 pandemic, many insurers are coming up with plans that include pre-existing diseases covered from day one. Eminent insurers like Aditya Birla Health Insurance and Star Health are embracing their policy buyers with such customer-oriented plans.

Pre-existing conditions are not exclusions anymore

There is a fallacy among people that (especially those who are suffering from pre-existing diseases) they won’t get coverage under a comprehensive health insurance plan. Their coverage will only start after completing the mandatory waiting period. Some people even think that if they get coverage under a health policy plan, the extent of coverage will be inadequate. In the case of emergency hospitalization, their policy plans will not bear the entire claim amount. This is the prime reason that people are not inclined to purchase health insurance plans. If some people purchase health policies for their healthcare requirements, they usually hide their pre-existing conditions from insurers.

The truth is that all general and specialized health insurance companies welcome customers with pre-existing conditions, but after serving a mandatory waiting period. This means though you can enjoy the coverage for all other diseases from the very next day of purchasing your health policy, you need to wait for a specific time to avail of the coverage for pre-existing ailments. In most insurers, this waiting period varies from two to four years.

Insurance underwriting norms are refurbished

Since most health insurance policies don’t include coverage for pre-existing ailments from day one, this is a big anxiety for people suffering from such conditions. But now, the good news is that health insurance underwriting norms are revamped for the benefit of the customers. These days, many pre-eminent insurance companies have meticulously designed plans that cater to the specific needs of people who are suffering from pre-existing conditions.

These days, the markets are thronged with many health plans where the waiting period is minimal (30-90 days), or some offer a no-waiting period for ailments like diabetes, hypertension, and asthma. Suppose you are suffering from conditions like diabetes, hypertension, asthma, or high cholesterol level. In that case, all of these diseases come under a PED cover that starts safeguarding policy buyers immediately after purchasing the policy.

You can easily purchase these plans conveniently without any hassle. Once customers are aware of the terms and conditions of the policy, the insurance company immediately evaluates the insured policyholder’s present health conditions after getting imperative information from the customers regarding their health. Then, they used to issue the policy to the customer.

The striking changes in underwriting rules in the health insurance sector have inspired insurance companies to enhance the insurance penetration rate. Earlier, by paying a humongous premium amount, the customers can minimize their waiting period under the normal health plans to avail of the coverage. But now, by paying the same premium amount, customers can enjoy comprehensive coverage for pre-existing diseases from Day-1. Interestingly, these plans are 40% cheaper as compared to their previous variants. 

Better Insurance Penetration and Quality Coverage

People who are suffering from pre-existing diseases need to wait long periods to get adequate coverage against their conditions. People suffering from common pre-existing conditions like diabetes, hypertension, high cholesterol, and asthma are not inclined to purchase any type of health insurance plan. But the industry professionals recommend that the health insurance penetration in India can be minimized strikingly if insurance companies design some customized plans that will cover pre-existing conditions. To promote this, many prominent health insurance companies like Star Health Insurance have prudently designed plans with specific riders to lessen the waiting period.

If you have diabetes and need to take insulin frequently, it would be a tiresome endeavor to purchase a health insurance plan. But with revised customized plans, you can get a chance for health coverage for your condition. Earlier, many health insurance companies shy away from underwriting customers who are suffering from chronic conditions. But now, companies have designed such plans that are beneficial for patients who are suffering from chronic diseases such as asthma, high blood pressure, high cholesterol, and diabetes.

The simple changes in the underwriting process helped insurers engage customers on the journey with a healthcare expert. If you or your family members are suffering from various pre-existing diseases, these newly introduced plans will safeguard your health from multiple diseases.

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