How much does your insurer need to know about you?

I’ve been getting questions about making pre-existing disease (PED) disclosures while buying a new Health Insurance policy. Like:
1. What counts as a PED?
2. Do I have to disclose diseases that happened long ago?
(1/5)

3. If my lifestyle disease is well managed, do I disclose it?

Let’s take this from the top.

A PED is a health condition that you’ve suffered from within 4 years of buying Health Insurance. This can include serious ailments like cancer and lifestyle ones like asthma. (2/5)

And YES, you need to tell your insurer about it. Some people hide it because they worry revealing it will make them ineligible for Health Insurance. But this isn’t really true.
Insurers offer policies to people with PEDs. But they also institute a waiting period. (3/5)

Meaning, you’ll have to wait for 2-4 years before you can make any claims for your PED.

But why does this period exist?
Well, if people started buying policies to get coverage for diseases they already have, insurers would have to pay a lot more claims than they do. (4/5)

It just wouldn’t be financially feasible.

But please don’t hide your PEDs from your insurers. If they find out later, they WILL reject your claim!

Not sure if you have a waiting period? visit: https://bit.ly/39hcn58 
(5/5)

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