Forget to Mention Your Health Condition While Buying Insurance

A healthy insurance policy is specially designed to provide you with financial coverage during illness and accidents. You must disclose your health condition while buying insurance, as it determines coverage and premiums. However, amidst the complexities of insurance applications, it's easy to overlook mentioning certain health conditions. If you find yourself in this situation, fret not; there are steps you can take to rectify it.

This blog will walk you through the ways to add health conditions to your insurance policy. Keep scrolling through to know the details.

Cost of Not Disclosing Pre-Existing Health Condition

Not disclosing any earlier existing illnesses can impact your health insurance policy. Do you wonder how? Here are some of the consequences for you to consider:

• If you raise a claim for an illness that was not disclosed while buying insurance, then the insurance can deny the claim and terminate the plan.
• Even if a claim is not outright denied, undisclosed pre-existing conditions can lead to limitations on coverage. Insurance companies may impose waiting periods or exclusions for treatment related to undisclosed health conditions in health insurance.
• The premiums of insurance are calculated based on various factors, including your health status. When insurance companies discover undisclosed conditions, they may adjust premiums accordingly, often resulting in significant increases. These higher premiums can strain your budget, making insurance less affordable.
• Insurance is based on the principle of utmost good faith. Failing to uphold this principle can result in legal disputes, fines, or even criminal charges in severe cases.
• In addition to personal repercussions, non-disclosure of pre-existing health conditions in the best health insurance plan can damage your reputation within the insurance industry. Insurers share information through databases and networks, and a history of non-disclosure may affect your ability to secure insurance coverage in the future.

Remedies for Non-Disclosure of Health Condition While Buying Insurance

When you buy a health insurance plan without declaring pre-existing medical conditions, there are ways in which you can add them:

• When you buy health insurance, there's a free-lock period during which you can modify or cancel any details. Generally, within a time frame of 15 days of purchase, you can mention the health conditions.
• After the free-look period has elapsed, you still have the option to disclose any changes in your health status upon policy renewal. Nevertheless, whether the insurance provider accepts this new disclosure, maintains coverage, imposes a higher premium, excludes the medical condition, or cancels the health insurance policy is at their discretion.
• You have the option to buy a new health insurance policy or switch to another insurance provider by declaring your health conditions before you buy a health insurance policy.

Final Thoughts

Forgetting to disclose your health condition while buying insurance can be a concerning oversight, but it's not the end of the road. By understanding your available options and proactive steps to address the situation, you can mitigate potential consequences and maintain the coverage you need.

If you plan to buy the best health insurance policy for your secure future, you can rely on Niva Bupa, the best health insurance company in India any day. With a PAN India cashless network of 10,000+ hospitals, you can stay assured that you will get the best health assistance from experienced doctors. The 24x7 hours dedicated relationship manager ensures you can stay stress-free during any emergency.