By Jocelyn Ian
The healthcare costs are on a rapid increase over the last decade. The growth in medical technology has seen tremendous improvement in treatments of once life-threatening diseases. But the costs of these treatments have also gone up exponentially. To safeguard your finances, it is advisable you purchase a health insurance policy.
Among the myriad choices, one can buy a suitable policy that ensures all-round cover. But you might have come across a ‘pre-policy medical check-up’ while buying one.
So what does a pre-policy medical check-up imply?
A pre-policy medical check is the series of tests that an individual needs to undergo before the insurance company extends its health cover. It is generally required for individuals above 40 or 45 years of age. These tests help in determining the existence of any pre-existing diseases. Moreover, your current medical fitness also helps in deciding the premium of your health insurance policy.
Pre-policy medical check is also advised when the policyholder opts for an unusually higher than the average sum assured. Opting for such high sum assured increases the risk for the insurer, and you are advised for a pre-policy health check-up.
Let us look at the reasons why a pre-policy check-up is important:
Lesser rejection of claims.
The idea of skipping a medical check-up is surely going to speed up the application process, but it can lead to rejections of your claims. The onus of declaring true and correct facts lies on the policyholder and any misrepresentation can be considered as a fraud. It can be one of the reasons for your claim being rejected in future. So even if you have to take up a pre-policy medical check, go for it as it is going to prevent rejection of claims when filed.
Coverage for pre-existing ailments.
You might think what happens if you have a pre-existing ailment? In such situations after your pre-policy check, the insurer might customize your individual or health insurance plans for family for specific exclusions or waiting periods. These are customized solutions offered by the insurance company depending upon the severity of your pre-existing disease. Moreover, an additional premium can also be charged, but it is better to get it included in your health cover. Instead of your claim being rejected for non-disclosure, broader coverage is beneficial.
Awareness of health conditions.
Many times, the policyholder comes to know of the existence of a medical condition on undergoing the check-up. Till the time the health concern does not bother, the individual is as well without any knowledge about it. Getting yourself checked can help uncover such health concerns that one might not be aware about. These kinds of medical problems get covered under your insurance cover too.
Avoiding underinsurance
In case you are not aware of a health concern that might develop in the future, there remains a risk of being underinsured. A pre-policy check-up uncovers these unknown problems that might arise in future and helps in selecting an adequate health insurance plan. These kinds of check-ups are essentially useful in detecting the possible cases covered under critical illness insurance.
In case you’re worried about the cost of such pre-policy check-up, IRDAI regulations specify the costs to be split equally among the insurer and the policyholder when the proposal is accepted.
Bottom line, do not skip a pre-policy check-up as it not only helps the insurer know more about your health but also you to remain aware of the various health conditions that might arise in the future.
