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Terms and conditions
Terms and conditions
Once you know the full-form, it sounds a lot simpler! PED stands for ‘Pre-existing Diseases’ or Pre-existing Condition, and is an important factor in your health insurance. It basically refers to the diseases or ailments you were suffering from at the time you bought your policy.
To be more precise, a “pre-existing disease” in insurance is any ailment you were suffering from, and diagnosed with, 48 months (or less) before you bought your insurance policy. PEDs can range from serious medical conditions like cancer or diabetes, to ailments like blood pressure or allergies.
So, imagine your doctor diagnoses you with asthma, and wrote you a prescription for asthma medication, and you buy insurance one year later. Then, your health condition – that is, asthma – is a pre-existing condition.
You may be wondering if it’s worth declaring your pre-existing condition in the first place. But in this case, it’s best to be as transparent as possible!
Go through your medical files to ensure you have included all the diseases and treatments you would need to be covered. If you hide your pre-existing condition from your insurance provider and they find out about it later, forget waiting period, they may not cover it at all. So, it’s better to wait a while and get your PED covered than not declare it!
So, what are these waiting periods we were talking about? Well, there are actually a few different types. Let’s go through some of the most common ones:
Every policy has an initial waiting period, usually about 30 days, but sometimes up to 90 days.
During this time, no ailments will be covered, pre-existing or not. This waiting period only comes into effect once, when your policy first begins – it won’t recur every time you renew your policy. Some insurance policies may cover injuries from accidents during this time, but illnesses are generally not covered.
Most policies do include pre-existing condition insurance, but there is a waiting period of a few years before pre-existing condition is covered. The number of years depends on your age, and what the condition is.
Don’t confuse this with the PED Waiting Period, which only applies to medical conditions that you already have. On the other hand, the Specific Ailment Related Waiting Period refers, as the name says, to specific ailments, such as diabetes, hypertension and hernia. These specific ailments are usually not covered for the first few years of the policy, after which they are covered.
When due to pre-existing condition there are limits and restrictions on the health insurance claim, that's called as a Pre-existing condition exclusion.
This is a benefit cover for pre-existing condition which waives off the exclusions and covers expenses that are related to hospitalization due to Pre-existing condition.
Read more: Learn more about the benefits of COVID 19 Insurance Policy
In health insurance your pre-existing condition gets covered if you take the benefit that covers them too, like a waiver of pre-existing condition. So, remember to disclose all your pre-existing conditions to your health insurer.
Before purchasing an insurance policy, it’s important to read the fine print, and find out how long each of these waiting periods are. And there’s some good news!
The Insurance Regulatory and Development Authority (IRDA) has approved health insurance portability. This means that in case you decide to change your insurance provider, you don’t have to go through the pre-existing condition waiting period all over again - you can carry it forward from one provider to another!
We're making insurance so simple, now even 5-year-olds can understand it.
A cycling competition is held in school. All the students that sign up for the competition are told to go through a medical check-up first. One student is found to have sprained his ankle 10 days ago. So, the school tells him that he cannot participate in the competition this month – but he can come back and participate next month. That’s because the student had a Pre Existing Condition!
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Disclaimer #1: *Customer can choose options at the time of availing insurance. Premium amount may vary accordingly. Insured is required to disclose any pre-existing condition or on going treatment before policy issuance in the proposal form.
Disclaimer #2: This information is added only for informative purposes and collected from different sources across the Internet. Digit Insurance is not promoting or recommending anything here. Please verify the information before making any decisions.
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Author: Team Digit
Last updated: 19-09-2024
CIN: U66010PN2016PLC167410, IRDAI Reg. No. 158.
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