When you take out a medical insurance plan an insurance company will ask about your medical history. Based on this information they will make a decision regarding the coverage of your pre-existing conditions and will ‘underwrite' your application.
The insurance company can take a number of options when deciding to underwrite your application.
The most typical option is for the insurance company to exclude the ‘pre-existing condition' from the cover. This means they will not cover the cost of treatment for the condition or any related conditions.
A second option is that the insurance company may place a loading on the plan. Your annual premium will rise but the insurance company will agree to cover the costs of treatment for the 'pre-existing condition'. This practice is less common; however our consultants are happy to source an overseas health insurance company that will allow you to cover a 'pre-existing condition' in this manner.
Alternatively the insurer may place a moratorium on the 'pre-existing condition', this is usually two years. If you have had no recurrences or treatment during this two year period the company may agree to reconsider including the condition in the cover.
When applying for a group policy it may be possible to arrange a plan that covers all members of the group for all ‘pre-existing conditions'. This option is generally only available to large groups but can be arranged if this is important to your group.
For further advice on the most appropriate way of covering your pre-existing condition give us a call or leave your details with us here.