A Stitch in Time: Getting insurance cover for pre-existing illness

One of the biggest concerns for the common man while buying health insurance today is what if the claim is eventually denied stating the illness was ‘pre-existing’.

Any illness which is already diagnosed at the time of buying insurance cover is termed as pre-existing illness.

This has been a major issue for millions of consumers. But now there could be some help at hand.

“Traditionally, pre-existing diseases had a waiting period of 2-4 years, which is very irksome. But significant innovation has taken place in this domain with certain products that now come with no such waiting period,” Amit Chhabra, Head – Health Insurance, Policybazaar, told Money9, in an exclusive interview.

These products will be slightly more expensive than the usual health claims but can prove to be beneficial for anyone with diabetes, hypertension or any such illnesses.

“For anyone suffering from diabetes or related disease, go for ‘Day 1 cover’. This product might be priced 30-40% higher than an ordinary health insurance but covers your medical expenses from the first day itself. I would suggest opting for EMIs and other alternate modes of payment to buy this product as it might be costly but gives complete coverage,” he explained.

However, certain cheaper insurance plans are also available for those who cannot afford the Day 1 cover. These are disease-specific insurance plans and will roughly cost you similar to a regular insurance policy.

These products, according to Chhabra, will change the way people look at health insurance.

Watch the full interview here: