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Overseas citizens of India (OCI) and non-resident Indians (NRIs) who frequently visit India or plan to move back to India must take separate health insurance as your international health coverage might not provide comprehensive protection in India. Moreover, you might be wrong if you think your travel insurance will cover all your medical expenses in India. Travel insurance only covers basic expenses but may not address your chronic preexisting conditions. As an OCI, if you have any preexisting medical conditions, it is important that you take medical insurance in India.
Can OCI Take Medical Insurance in India for People With Preexisting Conditions?
OCIs can take medical insurance in India despite having preexisting medical conditions. You must disclose them to the insurer, or else there is a very high chance that your claim can be rejected. However, if you disclose your preexisting medical conditions, the waiting period is usually around 1-4 years, depending on the selected insurer and plan.
What Do Preexisting Conditions Cover in Health Insurance?
A preexisting condition is a health issue that a policyholder has before purchasing health insurance. According to the Insurance Regulatory and Development Authority of India (IRDAI), a condition diagnosed 48 months prior to the policy's purchase date is a preexisting condition. Some of the most common preexisting conditions are thyroid, high blood pressure, diabetes, asthma, or any previous accident.
Health insurance policies usually cover all preexisting conditions after the waiting period, which is usually 12-48 months from the date the policy is taken.
Impact of Preexisting Conditions on Premiums and Coverage
To cover preexisting conditions of policyholders, insurance companies have to shell out more money in case policyholders raise claims. Hence, to cover this risk, insurance companies charge higher premiums and have longer waiting periods to cover preexisting conditions.
Impact on Premiums
- High premiums: OCIs with preexisting conditions pay higher premiums than those without these conditions. Insurance companies perceive these people as high risk because they are more likely to file claims.
- Varying premiums: The premiums vary based on the severity of the preexisting condition.
Impact on Coverage
- Waiting period: The waiting period for preexisting conditions is usually 1-4 years, depending on the condition and the insurer.
- Limited coverage: In the case of certain preexisting conditions, the coverage is usually limited.
How Can OCIs Choose the Right Insurance Plan?
OCIs with preexisting conditions should look out for the following when choosing an insurance plan:
- Wide hospital coverage: Opt for an insurance policy with a wide hospital network in India so that you can access seamless, quality healthcare. Moreover, the hospital should have a cashless facility so that upfront payment can be eliminated.
- Hassle-free claim process: The policy must have a user-friendly claim process, minimal paperwork, and quick settlement times.
- 24*7 Customer support: The insurer must provide a dedicated customer support team to ensure your queries are answered, and the claim process is expedited.
- Waiting period for preexisting conditions: Check the waiting periods for your preexisting conditions and choose a plan with shorter waiting periods.
- Age restrictions: Make sure the plan you choose covers your age. Some policies do not cover senior citizens or may have higher premiums.
- Renewal terms: Check the renewal terms of the policy, as sometimes the renewal terms may have higher premiums or limited coverage.
- Sub-limits on certain treatments: There could be sub-limits for certain treatments; make sure you are aware of them before buying the policy.
- Exclusions: Certain treatments can be excluded from the policy, such as cosmetic, fertility, or dental treatments. Be aware of all such exclusions before you take the policy.
Common Challenges Faced by OCIs and Solutions
OCIs with or without preexisting conditions usually face certain challenges while purchasing a medical insurance policy. Below are some of them, along with their solutions:
- Complex terminology in policy documents: Insurance policy documents can contain complex terminology that is difficult to understand. In such cases, it is better to seek the help of a qualified insurance advisor to understand the terms and conditions of the policy.
- Documents required: Sometimes, the insurance agent requires you to submit additional documentation while purchasing the policy. Make sure you get a list of all necessary documents well in advance to avoid a delay in purchasing the policy.
- Geographical coverage: A medical policy could have limited coverage in India and abroad. Hence, it is best to choose a plan with global coverage or at least coverage of the places you frequently travel to.
Insurance Policies for OCIs With Preexisting Conditions
The market has a host of medical insurance policies for OCIs with preexisting conditions. Following are some of them.
- Aditya Birla Capital Activ One Economy
- Care Supreme Direct
- Super Star
- Bajaj Alliance My Health Care
- HDFC Ergo Optima Secure
- ICICI Lombard Elevate Value
- New India Assurance Yuva Bharat Gold Health Policy
Conclusion
Medical expenses can be unpredictable. A comprehensive health insurance plan can protect you from financial strain during medical emergencies. Moreover, with preexisting medical conditions, as an OCI, if you are in India, it becomes even more imperative to take medical insurance. However, before taking medical insurance, ensure you compare different plans online, check the tax benefits, and review all terms and conditions of the policy.
Frequently Asked Questions (FAQs): Medical Insurance for OCIs with Preexisting Conditions
Can an OCI get immediate coverage for preexisting conditions?
OCIs having preexisting medical conditions will not have immediate coverage. Instead, they will have a waiting period of 1-4 years. However, you can ensure that your chosen policy has the least waiting period.
How long is the waiting period for preexisting conditions in India’s health insurance plans?
The average waiting period for preexisting conditions in India for health insurance plans is 1-4 years.
What is considered a preexisting condition in health insurance?
According to the Insurance Regulatory and Development Authority of India (IRDAI), a condition diagnosed 48 months prior to the purchase date of the policy is a preexisting condition. Some of the most common preexisting conditions are thyroid, high blood pressure, diabetes, asthma, or any previous accident.
Can OCIs purchase health insurance in India with preexisting conditions?
Yes, OCIs can purchase health insurance in India with preexisting conditions. However, the premium could vary based on the severity of the condition, and also there is a waiting period before these conditions are covered in the policy.
What happens if I don’t disclose a preexisting condition when purchasing health insurance?
Ideally, when you purchase medical insurance, it is important that you disclose any preexisting medical condition that you have. However, if you don't, the insurance company will most likely reject your claim.
