Query regarding health insurance with PED
Hi all
A few days ago I was contacted by an insurer with a good premium, good plan. After reading the documents I felt this is good so I went ahead. I disclosed my PEDs - Asthma from my teenage days (never needed hospitalization, nowadays not an issue at all compared to 15 years ago) and a road accident a decade ago which led to stitches and scars but no major complications since. I had paid for a PED wait time reduction rider that included Asthma.
The insurer agreed to issue a policy but put PED waiting periods of 36 months for "respiratory illnesses" and "injuries related to body parts where surgery/dressing has occurred previously". Since I have no lasting complications from my old injury this seemed fine, but the funny part is that the insurer declined the PED wait time reduction rider in my policy and issued a refund of extra amount paid (as premium reduces without the rider)
Now my questions are:
- "Respiratory illness" is a very broad term, is the insurer correct to issue the caveat?
- Why did the insurer's underwriter not want to approve the PED waiting time reduction rider?
- If I wait out the 36 months (written in my policy) will I face no further claims related issues afterwards?
I am still within my free look period, so I am seeking your advice.