What are chronic diseases?

Chronic diseases are usually progressive in nature. If a disease lasts more than three months, it is often termed as chronic. Heart diseases, kidney diseases and diabetes are some examples.

A common misconception among us is that no insurance company would provide health insurance for chronic disease. There are several health insurance policies in the market which cover existing illnesses.

Common features of insurance policies for chronic diseases

• Most policies usually have a waiting period of 48 months

• There are provisions available to cover infants as young as 90 days; , generally there is no maximum age limit, a few polices exception though

• Sum insured options range between INR 2 lakh and INR 1.5 crore

• Most policies tend to bring Medicare for chronic disease under its purview; they tend to offer domiciliary hospitalisation expenses, emergency hospitalisation expenses, treatment taken under AYUSH systems of medicines etc.

Key points to remember while applying for chronic disease insurance coverage

• Disclose pre-existing disease heart issues, diabetes etc; it is vital to avoid rejection of your claims; share your medical history-- instances of hospitalisation, regular intake of medicines etc.-- with your insurance provider.

• Build a corpus to rely on during the waiting period in the insurance coverage; policyholder will have to bear the costs incurred on treatment of specific chronic treatment during the waiting period.

• Check the claim settlement ratio of the insurance company. This helps you judge the company’s ability to provide for the claim.

• Research about floater policies which would cover your family members as well; purchasing policies on a floater basis can prove to be more beneficial.

Most health insurance policies covering chronic disease come with Lifetime renewability features. Remember that there exists no one policy that fits all. The best policy is the one that suits your medical situation the best. Considering the range of policies, it becomes imperative that you take an informed decision to reap the maximum benefit out of the policy.

Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.