In today’s fast-paced world, we are very much exposed to various lifestyle disorders and stress that predispose us to certain diseases. All of this needs monetary expenses, which are significantly large. This is where health insurance comes into play, and the waiting period is crucial.
Let’s dive into the detailed discussion of the waiting period in health insurance and other relevant details.
What Do You Mean By Waiting Period in Health Insurance?
The waiting period in health insurance refers to the time the insurer has to wait before he or she can enjoy the policy’s benefits. The insurer must be aware of this waiting period, as one cannot raise any claim during this time.
For example, regarding the waiting period before maternity, some companies keep a waiting period of 2 to 4 years. This means the insurer has to wait for at least 2 years after buying the policy before they can enjoy its benefits.
Also read: Tripura CM Dr Manik Saha Launches Health Insurance Scheme For 4.15 Lakh Families
What Are the Different Types of Waiting Periods in Health Insurance?
The different types of waiting periods in Health Insurance are:
- Waiting Period for Specific Diseases: The waiting period for specific diseases refers to the time before one can raise a claim in case of any particular procedure such as cataract surgery and bariatric surgery or diseases such as hernia.
- Waiting Period for Pre-Existing Diseases: Pre-existing diseases refer to diseases that someone is suffering from at the time of buying the policy, such as diabetes and hypertension. Hence, medical expenses for treating pre-existing diseases would be covered after the waiting period.
- Initial Waiting Period: This waiting period refers to the time after buying new health insurance. It generally lasts up to 30 days, but it may vary depending on the insurer and other factors.
- Waiting Period for Maternity Benefit and Newborn Baby: This insurance covers prenatal care, delivery, postnatal care, and associated expenses. The waiting period generally ranges from 9 months to 3 years of age, but it may vary depending on the company.
- Waiting Period for Accidental Hospital Admission: These types of emergencies occur unannounced, and hence, the waiting period for it has been kept the least of all, 24 to 48 hours. This also makes sure that the insured receives immediate financial help in case of such emergencies.
Also read: Nagaland CM Launches Universal Health Insurance Scheme
What is the Reason Behind Waiting Periods in Health Insurance?
Waiting periods have been introduced with health insurance owing to the following reasons:
- To prevent the insured from using health insurance for regular medical expenditures.
- To avoid any kind of malpractice by the policyholders.
- To protect the insurer against any medical risk that was previously accounted for.
Other Important Points To Remember About Waiting Period in Health Insurance
Apart from the points mentioned above, you should keep the following tips in mind when learning about the waiting period for different health insurance policies:
- Be well notified of the waiting period for your chosen health insurance.
- The insurance company should be notified of the pre-existing disease and other health conditions.
- In some cases, the waiting period may extend up to four years.
- The policy documents should be read thoroughly to know the waiting period well.
- Compare health insurance and their waiting periods from different companies to choose the one with the shortest waiting period.
- The chosen health insurance should fit your budget and satisfy your healthcare needs.
- Choosing a long-term health insurance policy will avoid the hassle of renewing it every year.
The hassle of the waiting period can be avoided if you buy health insurance at an early age, as people only sometimes make claims at that age. This will add to your cumulative points for having claim-free years. Insurance with a zero-waiting period will allow you to cover your and your family’s medical expenses from the first day.
