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Importance of A Medical Test While Buying Health Insurance

By Finserv MARKETS - Mar 16,2019
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Importance of A Medical Test While Buying Health Insurance

There’s no denying that most people cringe at the prospect of undergoing medical tests, more so if they consider themselves healthy. However, if you want to buy a Health Insurance Policy, it’s important to undergo medical tests, especially if you are above 45 years of age. Today there are plenty of insurance providers in the market who promise to offer health insurance coverage without any medical tests. However, they often charge exorbitantly high premiums. Skipping medical tests may seem like an easy fix, but with careful consideration, you’ll realize that you may end up paying the price later. Generally, health insurance policies offered without medical tests charge higher premiums than conventional plans.

Why do health insurers insist on medical tests? 

Typically, the onus of checking the risk potential of the policyholder rests with the underwriting team. By requesting potential policyholders to undergo a medical test or check-up, the insurance company eliminates the task of their underwriting teams, which is not the case for health insurance without medical tests. Hence, these tests act as a benchmark against which the insurance company can measure the policyholder’s health. This, in turn, helps the insurance company decide an appropriate cover for an individual. Health Insurance policies on Finserv MARKETS only require you to undergo a medical check-up if you are above 45 years of age.

Why should you get a pre-policy medical test?

  • Quick Claim Approvals

By undergoing a pre-policy medical test your medical health will be on record for the insurance company, making it easier for them to investigate and approve your claim. If you don’t undergo a medical test and if your insurer is able to prove that your illness is the result of a pre-existing medical condition that was undisclosed, your claim will be rejected.

  • Lower Premiums

If your medical tests prove that you are in top shape, you can even negotiate with your insurance provider for lower premiums. However, if you are diagnosed with any diseases, this could also increase your health insurance premium. It’s better to pay high premium rates and get coverage rather than saving a few bucks today and getting your coverage denied altogether, later on.

  • Permanent Exclusions

In case your medical tests reveal an illness, your health insurance provider may choose to issue a policy by excluding the cover for the current illness. In such a case, you will only be able to file a claim for conditions/illnesses other than the pre existing disease. Nevertheless, getting health insurance coverage with a permanent exclusion is better than getting no coverage at all.

Going through medical tests prior to getting insured may not feel like a pleasant idea at first, it is only going to benefit you in the long run. Always remember, the more stringent an insurer is while giving out the policy, the higher are the chances of quick claim approvals. Also, the more transparent you are about your health, the easier and faster it will be to realize the claim amount.

When you buy health insurance policy on Finserv MARKETS, you are required to undergo a medical check-up, if you are above 45 years of age. So make sure to take a medical test before taking up Health Insurance, if it is required.

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522