When you take a medical Insurance for you or your family you are often asked “Do you have any pre-existing diseases or any family history for any disease”. Many of us without giving a thought say “No we are hail and hearty”. There could be various reasons due to which people say so viz. the fear of not getting the policy or fear of paying a higher premium or sometimes out of ignorance of its consequences.
I was talking to someone in Insurance industry and asked him “the reasons on account of which the claims get rejected”. He replied back the biggest reason due to which the claims get rejected is non-disclosure of the pre-existing diseases. He went on to say that people think that if they would not disclose no one would ever come to know about it. But what they forget is it cannot remain hidden for long. For instance he quoted a case of a guy who did not disclose that that he had hyper tension when he took the policy and was under medication for the same. Few years later he suffered from a heart stroke, he got admitted to the hospital and was cured. When he lodged the claim with the insurance company, it was out rightly rejected as the medical papers he submitted showed that he was suffering from hyper tension before he took the medical insurance policy. And hence he had to bear the cost inspite of the fact that he was paying premium from years for a day when medical emergencies would fall on him. Even paying premium cannot be taken as an excuse in such cases as the company clearly mentions that if at the later stage any kind of non-disclosures are found, the policy would stand as void-ab-initio (equivalent to no policy). One non-disclosure which he thought had little relevance has now put him in a big trouble.
For years people have believed that disclosing diseases they are suffering from or have suffered from would mean denial of insurance cover or a costly policy. But mind you non-disclosure of such important facts can put you in a big trouble. With the advent of new rules and regulations, you will not be denied a policy on mere disclosures of diseases (unless it is specifically excluded as per the rules and regulations of the company). Yes you might have to pay a bit higher premium but that’s way better than getting worried in times of unforeseen medical emergencies.
Break this myth of yours and remember that hiding the vital facts while buying an insurance is a bad idea. Your one NO today can cost you heavily tomorrow.