This text discusses two questions readers usually ask about medical insurance.
(1) After shopping for a medical insurance coverage, ought to I inform the insurer if I’m identified with a brand new well being situation?
There is no such thing as a want to tell the insurer instantly. On the time of renewal, should you don’t want to enhance your protection and the insurer doesn’t ask something about modifications in your well being, you don’t want to tell. In the event that they do ask, then you’re obligated to reveal.
In the event you want to enhance your medical insurance protection, they would definitely ask about modifications in your well being standing, and you’ll have to inform them. There are then two potentialities.
- The insurer refuses to extend the protection due to the severity of the situation (the severity of the situation on their funds, to be actual!). Your present cowl will proceed as is. The insurer could select to extend the premium.
- The insurer agrees to extend protection with a better premium.
Word: The usual ready interval of the coverage will apply to the upper protection. For instance, say the coverage has a ready interval of three years for pre-existing circumstances, and your current cowl is Rs. 10 lakhs.
Suppose you enhance the quilt to Rs. 15 lakhs; the brand new situation will probably be handled as a pre-existing situation for the extra Rs. 5 lakhs. So any hospitalization associated to the brand new situation for the subsequent 3Y will solely have a canopy of Rs. 10 lakhs.
(2) If I’ve a number of insurance policies and use one to make a declare, ought to I inform the opposite concerning the declare?
No, there is no such thing as a obligation to take action. Nonetheless, if the hospitalization was for a brand new situation, then on the time of renewal, a disclosure ought to be made if searched for or if a better protection is utilized.
The third associated query is, “ought to I inform my life insurer a couple of change in well being situation?”. The reply is not any. There is no such thing as a want to take action for the reason that threat related to providing a life insurance coverage cowl is simply evaluated as soon as on the preliminary buy and never afterwards.
Most essential: Whether or not it’s life or medical insurance, if there’s a change in well being standing, guarantee it’s documented correctly. File all related medical data and prescriptions. This might assist to fight declare disputes.
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