Securing an insurance policy for oneself or family members is a smart financial move that has proven to save people from financial ruin during trying times.

It provides a financial cushion that may be needed when faced with a medical emergency or unexpected event. However, some individuals get so desperate to save on premiums or avoid being rejected that they are tempted to hide or lie about their health status.

While it may seem like a good and harmless idea, lying about your health can lead to revocation of your insurance policy.

What is health insurance?

Health insurance is an agreement between an individual and an insurance provider. The agreement requires that the policyholder pays a premium to obtain medical coverage according to the agreed-upon terms and conditions.

The insurance provider is then responsible for providing access to medical care and reimbursements for medical expenses incurred by the policyholder. Health insurance has saved many from financial ruin as the cost of healthcare continues to rise, making paying for medical emergencies and emergencies more affordable.

What are Pre-existing conditions?

A pre-existing condition refers to any health condition that existed before you purchased a health insurance policy. These health issues may include diabetes, high blood pressure, obesity, cancer, asthma, and so on.

These conditions trigger higher premiums or insurance rejections altogether since the insurance company assumes increased risk if you have a pre-existing condition.

Why lies hurt?

Hiding or lying about pre-existing conditions is a recipe for disaster because it can lead to your policy being revoked.

Do you remember the feeling of getting away with a lie? You may have felt relieved at the moment, but the feeling dissipated when the truth was eventually revealed. Lying about your health is no different from that.

If you are dishonest about your medical condition, it equates to a breach of the insurance agreement, and your coverage can be revoked.

If your insurance policy is terminated, it could cost you a lot more financially than if you had been truthful about your health.

What are exclusions?

While lying about your pre-existing conditions may seem like a quick solution to secure a policy, it is essential to know that insurance providers exclude certain medical issues from their coverage.

Exclusions may vary, but they are a necessary measure by insurance providers to protect themselves from potential losses. Some providers might exclude certain surgeries or procedures. For example, it is a common exclusion for insurance companies not to cover cosmetic surgeries.

Additionally, some insurance providers may exclude specific medical conditions that existed before the insurance policy’s start date.

By declaring your pre-existing conditions, you and your insurance provider can determine the coverage that you require and establish the suitable insurance fees.

How to avoid revocation of insurance policy due to lying

Many individuals are afraid of disclosing their pre-existing conditions because they fear they might be rejected or have to pay higher premiums. However, being honest about your health is always a better option in the long run.

If an insurance provider discovers that you lied about your health, your policy is likely to be revoked.

Nevertheless, declaring your current health status can help ensure that your insurance policy is not revoked. Be transparent about any medical issues that you may have before obtaining a policy.

Doing this can help your insurance provider establish the suitable insurance fees based on your health risk.

Conclusion

In conclusion, it is vital to be completely transparent with your health when purchasing an insurance policy because even little lies can lead to revocation of insurance policies.

Always be truthful, and provide your insurance provider with any medical information they request. Most importantly, consult with your insurance provider regarding the coverage that will best suit your medical needs.