How Does a Pre-Existing Disease Affect Your Health Insurance Premium?


Having an adequate health cover has, without a doubt, become vital in today’s world. However, you might have queries while purchasing the right health policy. One such doubt would be: am I eligible for insurance if I have a pre-existing medical condition?

The answer to your question is: yes, you can purchase a health plan even if you have a pre-existing condition. However, you would have to pay a higher premium. It would be wise to buy a medical insurance policy and secure yourself financially for future contingencies.

What is a pre-existing disease?

Any type of medical condition or even an injury that was contracted before purchasing the policy is termed as a pre-existing condition.

Remember, having a pre-existing disease should not stop you from buying insurance and securing yourself financially. However, be honest while disclosing the pre-existing conditions when applying for an insurance policy.

Here’s all you need to know about the same:

  • Premium Loading

At times, you might receive coverage for your pre-existing condition instantly but you are required to pay higher premiums for it. Premium loading is an extra amount built into the insurance cost to cover an individual who is at risk. The losses arising from insuring someone who has high chances of risk will be covered under premium loading.

Premium loading is common for ailments such as heart diseases and diabetes. Paying higher premium won’t go to waste as all your expenses would be covered in case of hospitalization. Remember, your insurance company can only load your premium based on your pre-existing diseases. Insurance companies cannot load customers for diseases diagnosed after the policy was purchased or during health insurance renewal, according to the Insurance Regulatory and Development Authority of India (IRDAI).

  • Waiting period

Certain insurance companies provide coverage for pre-existing conditions at a normal premium but only after the waiting period has been served. This period varies for different types of diseases as well as different insurance providers. It is usually said to be for around 2-4 years. The insurance company won’t provide coverage for any medical bills related to your pre-existing disease(s) during this waiting period.

  • Premium loading & waiting period

At times, an unusual situation may arise wherein the insurance company will want to load the premium and apply the waiting period both.

Don’t stop yourself from purchasing health insurance due to some pre-existing disease that you have. Health insurance companies provide you with add-ons to put your health plan to complete use. Even if you have doubts regarding the same, you can visit the insurer’s website where 24×7 assistance is available.

Always compare the health insurance plans before finalizing one. This way, you get an idea of the plan and there are chances that you get better plans at affordable prices. While comparing, check the quotes using health insurance premium calculator.