What is a Pre-Existing Condition in a Group Health Insurance Policy?
An existing medical condition or disease that the policyholder is suffering from at the time of purchase of the Group Health Insurance Policy is called a Pre-Existing Disease or Pre-Existing Condition. The list of some of the common pre-existing diseases are asthma, diabetes, high blood pressure, cancer, thyroid, lupus, sleep apnea, epilepsy, depression and anxiety.
Does a Group Health Insurance Policy cover Pre-Existing Diseases from Day 1?
This is an extremely important feature of a Group Mediclaim Insurance Policy and is different from an Individual or a Family Floater Health Insurance Policy which has a Pre-existing Disease Waiting Period of 48 months and this waiting period cannot be waived off. Waiver of Waiting Period for Pre-Existing Diseases in a Group Health Insurance Policy is a big advantage of Group Health Insurance Policy over an Individual Health Insurance Policy as an Individual or a Family Floater Health Insurance Policy has a waiting period of 3-4 years before Pre-Existing Conditions can be covered and this waiting period cannot be waived off.
Should the employer opt for a Waiver of Waiting Period for Pre-Existing Conditions in a Group Health Insurance Policy?
Today, conditions like Diabetes, Hypertension, Cholestrol are common in a large segment of the population. If the Group Health Insurance Policy purchased by the employer has a waiting period for Pre-Existing Conditions, then lots of claims might get rejected due to this condition. Though a waiver of Waiting Period for Pre-Existing Conditions costs extra, it might be well worth it to provide a wider Group Health Insurance Coverage to employees. As always, the employers should carefully consider the pros and cons of adding or removing any feature of Group Health Insurance Policy.
Is a Health Check-Up required to opt for a Waiver of Waiting Period for Pre-Existing Diseases in a GMC Policy?
No, a Health Check-up is not required to opt for a Waiting Period Waiver for Pre-Existing Diseases in a Group Health Insurance Policy. The benefit of Group Health Insurance Policy is that the employees need not undergo any medical tests for Pre-Existing Diseases but can get coverage for Pre-Exising Conditions without any waiting period.