Not necessarily. The condition, if you still have it, that caused the denial may have been subject to policy changes that have eased the impact of the policy. Once upon a time you were permanently grounded with high blood pressure, now, not if it is controlled with approved medications, and the cutoff is higher. Same with Type 2 diabetes. Same with some types of arrhythmias.
In Canada they are now allowing airline pilots to fly (yes, restricted Cat 1 medicals) with (carefully controlled and monitored, with tight restrictions) Type 1 diabetes. I knew a manufacturer exp test pilot who was allowed to fly with Parkinsons by demonstrating competency in front of his doctor in the Sim until the tremors got too severe and he had to retire. I know of an airline pilot who was signed off to fly with one eye.
There is way more discretion in medical issues now. Retake the exam and see what happens.