Pre-existing medical conditions are one of the biggest concerns in relation to any global medical insurance policy.
To understand why Pre-existing medical conditions can be so problematic we can look at how this issue is defined by insurance companies, as well as understanding the strict definition of insurance.
Insurance, any type of insurance, is normally defined as “The equitable transfer of risk for an agreed upon fee.” In the case of global health insurance, the risk which is being transferred by way of a premium payment, or fee, is the risk of having to pay for medical treatment in the event that you fall sick or suffer from a serious accident.
The main aspect of insurance which needs to be understood is the concept of “risk.” Simply put, a risk is something which may happen, but which has not yet been realized. By paying your premium you are ensuring that you are protected against the risk occurring, which in this case would be the fees associated with your medical treatment.
Pre-existing medical conditions are usually defined as “Any medical condition which was diagnosed, displayed symptoms, required treatment, or of which the policyholder was aware, prior to the commencement of the policy.”
If a medical condition is Pre-existing, that is to say that it was evident before you purchased a policy, then there is no “risk” of the condition developing; the condition is already a “fact” if it has developed prior to purchasing a global health insurance plan and consequently there is no “risk” to transfer.
As such, it is common that many insurance companies will exclude pre-existing medical conditions from coverage under their plans – as we have seen above this make sense in light of the definition of insurance, especially with relation to the “risk” associated with the coverage.
However, while it is common for pre-existing conditions to be excluded from coverage under a global health insurance plan, CCW Global can provide a number of options for the coverage of pre-existing medical conditions.
Common ways in which pre-existing medical conditions are typically handled under a Global medical insurance plan include:
The main way which an international health insurance company will normally handle a pre-existing medical condition is to exclude that condition, and all related conditions, from coverage under your plan.
In the event that your pre-existing condition is excluded from coverage under the global health insurance plan then you will be unable to claim for treatment in relation to that condition. All medical conditions which were not pre-existing can be covered up to the standard policy limits.
The second most common method for handling a pre-existing medical condition under a global health insurance plan is to place a waiting period, or Moratorium, on the coverage of the condition.
The moratorium period on pre-existing condition usually lasts 24 months from the start of the policy. Generally, if the pre-existing condition requires no treatment and displays no symptoms during the moratorium then the condition may be reconsidered for coverage under the global health insurance plan when you renew your policy.
Depending on the type of pre-existing medical condition in some cases it may be possible to receive coverage for the condition under your global health insurance plan in exchange for a higher annual premium. This is known as a loading; the insurer may choose to increase your overall policy cost in exchange for providing coverage for a pre-existing medical condition which may have been otherwise excluded from the plan.
It is important to note that coverage of a pre-existing medical condition through a premium loading is not universal. The ability to provide coverage through a premium loading will typically occur on a case-by-case basis and will normally be at the decision of the insurance company as to whether protection for the condition is offered.
For more information about coverage for pre-existing conditions in return for a premium loading, please click Coverage with Premium Loadings.
CCW Global can provide a number of comprehensive global health insurance options which include the ability to offer a Medical History Disregarded benefit, also known as an MHD benefit.
Typically only offered to group health insurance plans, and often only groups with more than 5 members, a Medical History Disregarded benefit will allow for the coverage of medical conditions present within the group prior to the purchase of the policy. An MHD coverage benefit can prove to be an exceptional tool in obtaining high quality medical insurance protection, and for companies around the world is a great way to find and retain superior talent.
Coming to grips with all of the details of pre-existing condition medical insurance coverage can be difficult. Local laws and regulations in different countries around the world mean that there can be a high degree of confusion in regards to covering a pre-existing condition.
CCW Global can provide you with in-depth advice about your specific situation should you have a pre-existing medical condition, and can help to find you the best global health insurance plan possible for your protection. If you would like to receive a free quotation comparison for a Global medical insurance plan which includes pre-existing condition coverage simply complete the short form at the top of this page.
You can also Contact Us to speak to one of our expert insurance brokers today, we are happy to answer any and all questions you may have.Print or Share