The Definitive Guide to Pre-existing Medical Conditions - Spectrum Financial Advice
Date: 21 September 2022 Author: Lewis Cable
The Definitive Guide to Pre-existing Medical Conditions

The Definitive Guide to Pre-existing Medical Conditions.

Have you ever wondered how insurance companies can confuse you regarding the coverage of your pre-existing medical conditions? Pre-existing medical conditions can affect your private medical, critical illness, and life insurance policies. If you have a pre-existing medical condition, you may still be able to obtain a policy, or you may be denied coverage or have your premiums increased.

This article will give you a comprehensive overview of pre-existing medical conditions and what you need to know regarding private medical insurance (PMI), group critical illness insurance, and group life insurance policies. We’ll also provide tips on how to deal with insurers if you have a pre-existing medical condition.

What’s a Pre-Existing Condition?

A pre-existing medical condition is a health condition that existed before applying for PMI or a life insurance policy. Some common pre-existing medical conditions include: – Heart conditions – Cancer – Diabetes – Psychiatric conditions – Uncontrolled, severe or chronic illnesses. Certain conditions can impact a person’s health in a variety of ways. For example, someone with heart disease may have a higher risk for heart attack or stroke.

Will Your Pre-Existing Condition Prevent You from Getting Cover?

Having a pre-existing condition does not automatically rule out purchasing insurance. However, you might discover that the policy does not cover your illness or that you must meet specific criteria.

Any private medical insurance or, critical illness or life policy should always be carefully reviewed to ensure that you understand what is and isn’t covered and any other limitations it might have. Some insurers could approve of covering particular conditions. Alternatively, if you have been symptom-free for a predetermined period, you may be eligible for coverage for a condition.

Can I Receive Private Medical Insurance if I Have a Pre-Existing Medical Condition?

With a pre-existing medical condition, you can still receive private medical insurance; you may or may be able to obtain coverage for that specific health condition. Insurance firms use a process known as underwriting to determine your risk of being insured.

Individuals can choose between two forms of underwriting when purchasing private medical insurance: moratorium underwriting and full medical underwriting. However, they handle pre-existing conditions differently. Both policies cover you for new, qualifying conditions that develop after your policy begins.

What is Full Medical Underwriting?

The coverage of any pre-existing medical issues is made apparent from the outset with full medical underwriting. When you apply for coverage, you’ll be asked to complete a medical history questionnaire. As a result, you will know right away what is and isn’t covered, and you may usually get a prompt response when you file a claim.

Although this underwriting typically has a higher monthly premium, it is worthwhile to consider if you have previously received medical care and want some assurance regarding the kinds of medical care and expenses you can claim. Because your insurer is already aware of your medical history, selecting full medical underwriting can assist in speeding up the claims process.

What is Moratorium Underwriting?

Moratorium underwriting, as the name implies, adds a moratorium term to your policy. When applying for a policy with moratorium underwriting, you are not required to supply specific medical information. However, before agreeing to pay for your treatment, your insurer will review your medical history if you file a claim.

With moratorium underwriting, any pre-existing medical condition you had in the five years before taking out the policy would usually be removed from coverage. However, it may be added if you remain treatment or symptom-free for the first two years of the policy.

Because PMI providers don’t ask about your medical history when you take out a policy, moratorium underwriting is frequently the least expensive type of underwriting. Instead, after you’ve filed a claim, they’ll review your medical information to determine whether they will or won’t pay for treatment. This means that you won’t learn if they’ll pay for your treatment / therapy until you file a claim, and it can take longer for you to hear back.

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