There are certain medical conditions which may not permit you to obtain private medical insurance cover. These are medical conditions from which you are already suffering or have already had, otherwise known as pre-existing conditions. When applying for private international health insurance it is important to disclose any pre-existing medical conditions.
Definition: Pre-existing condition
A medical problem that has already occurred and for which diagnosis, treatment or medication was given within a certain period prior to the date of application for health insurance.
Please note that the above is a general definition, and the definition for pre-existing condition may vary according to the insurer.
Advantages of Full Medical Underwriting:
- sets out clearly what is and is not covered by your insurance
- more flexible
- claims processing can be quicker
- less disputed claims
- premiums may be lower for healthier people
- easy transfer with continuous cover
Moratorium Underwriting
This type of underwriting may not require you to give details of your medical history when filling up the application form. However, it does not cover pre-existing conditions unless certain specifications are met. Usually the insurer does not cover medical conditions which existed in the past number of years. This requires a waiting period that must elapse before claims for pre-existing conditions become eligible for cover. In these cases, you must be clear of all treatment and symptoms long enough to satisfy the moratorium and become eligible. The length of a moratorium can also vary.
Some conditions which will need ongoing regular or occasional medical treatment, medication, tests or advice may never be eligible for this delayed cover. However it will be an advantage should you have a re-occurrence after the moratorium has elapsed.
Advantages of Moratorium Underwriting:
- simple application process – no medical questions
- quicker for the application to be initiated
- no premiums loadings due to medical history
- no permanent exclusions of all pre-existing conditions
Duty of Disclosure
All information known to you related to your medical condition which may affect the terms and conditions of your insurance policy must be disclosed before the contract is concluded.
Pre-existing conditions should be properly disclosed on application. Failure to provide accurate information may result in a future claim being denied or the cancellation of your policy on grounds of non-disclosure.