Some decades ago, insurance policies were for the elite or people living above the average American life. Today, insurance, and especially health insurance, is one of the most necessities in human life. Are you wondering what health insurance entails? It is the coverage taken to cater for medical expenses if the insured falls ill. You can never gamble with your health. In that case, everybody must consider taking health insurance cover to help them cater to hospital costs.
That said, some people tend to get reckless with their health simply because they know that they are insured. Remember, even if the insurance company will compensate you by paying your medical costs, it is your body that ails. For example, the fact that you have health insurance coverage should not deter you from washing your hands with the right medical soap during the COVID-19 pandemic. Prevention will always be better than cure.
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Insurance is a contract based on the doctrine of utmost good faith. If you do not disclose the right information when underwriting the policy, then there are chances that the insurance firm will not compensate you based on lack of disclosure. You must understand what you need to disclose to ensure that you are fully covered.
What should you disclose to your insurance agent?
1. Occupation
What you do every other day matters to your health. Would you compare someone who works on a construction site with another in a bank? Definitely no. The person working on a construction site has more exposure to the risks of body injuries. That means that the environment you work in affects your health in one way or the other. It is essential to lay the facts down with your health insurance agent to know exactly what they are dealing with.
2. Income
A health policy is an investment. It, therefore, requires part of your income. Income is one of the most crucial factors you should discuss with your health insurance agent during the underwriting process. It is then you choose what kind of cover you are going to take. A comprehensive health cover will need a more significant portion of your earnings than general health insurance. Do not worry if you are not employed. There are lots of affordable self-employed health insurance covers.
3. Your health and medical history
When seeking insurance coverage, ensure that you disclose the right facts on your current health status. If you have preexisting conditions, then be ready to tell that to your insurance agent. Most of the insurance companies also advise that you disclose any surgeries done in the last five years. Please note that if by any chance you do not tell any of these facts, and the insurance firm finds out, you will have breached the contract. It means that they will not cover your medical costs in case you fall sick.
4. Genetic conditions
The insurance agent will ask you questions concerning your family’s health. Some diseases, such as diabetes and sickle cell disease, are mostly hereditary. An insurance firm will take this as a particular case since it is already a hazard. Such conditions may also lead to an increase in your premiums. However, it is better to disclose since in the eventuality of such a disease you will be covered.
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5. Existing and denied policies
It will be best to share with your insurance agent whether you have another existing cover for your health. Also, disclose if there are any other covers you sought and were never approved. The information will help the insurance firm decide the best cover that will suit your needs. If you mean to have co-insurance, then it is better spoken out so that all the insurance firms know what is happening.
Do not let your hard-earned money go to the drain for the mistake of non-disclosure. Understanding the principle of utmost good faith will help you know what exactly you should disclose. Imagine having incurred a hospital bill of $5000, and it turns out that the insurance company cannot cater for it due to non-disclosure. Wouldn’t that be hectic? Anytime you want to purchase an insurance policy, always do the right thing and it won’t cost you a fortune.