Health Insurance Waiting Periods Explained
Health insurance is an excellent gift for you and your family’s well-being. Sedentary lifestyle and work stress has become an integral part of our lives. Due to this, we are getting affected by lifestyle-related diseases like obesity, diabetes, and so on. Health insurance helps you tackle the unpredictable medical expenses and emergencies. It acts as a shield during the medical emergencies as well as allows tax allowances to save money.It acts as a shield during the needs and a fruitful investment that leads to tax savings. Health insurance often comes with a mandatory clause called the waiting period.
What is the waiting period?
The waiting period is a specified time frame which must pass in order to claim or begin your cover. There are various definitions within waiting periods as well.
Every policy document has a waiting period clause mentioned in it. Reading it up carefully is very important as you might miss out on critical information. There is a stipulated time frame for both critical illnesses and general illnesses. Knowing this will help you claim the benefits at the right time, without worrying about the claim getting rejected.
Here are the four various types of waiting periods:
- Initial waiting period
You cannot claim any medical expenses for the span of 30 to 90 days from the commencement of health insurance plans. This initial time of the policy is often referred to as the initial waiting period. The initial waiting period varies from 30 to 90 days, based on your insurer’s terms and conditions. However, accidental emergencies are covered in the initial waiting period, only if hospitalization is mandatory for more than 24 hours.
- Ailment specific waiting period
Insurance companies have a fixed set of illnesses for which any claim would not be admissible for a period of 1 to 2 years. This list of illnesses is specified in the policy document. All the details regarding the illnesses are mentioned so that you are clear about the terms before buying the policy.
- Pre-existing waiting period
You may be suffering from diseases like diabetes, hypertension, or heart-related ailments at the time of buying the health insurance plan. Such illnesses, which you are already suffering from at the start of your health insurance, are called pre-existing illnesses. Since the nature of these ailments is known, the general insurance company does not cover any complications arising because of these illnesses for a specific time. This periodis known as the pre-existing waiting period. Usually, the pre-existing waiting period varies from 1 year to 4 years.
- Maternity
Maternity is one of the most significant part of a women’s life. Many insurance policies cover maternity expenses. Again, there is a waiting period clause of such health insurances. Usually, the waiting time ranges from 9 months to 48 months. With the right planning, you can gain maximum maternity benefits from your health insurance.
There are a wide variety of health insurance plans and you can opt for the one depending on your needs. There are family floater plans, individual health guard plan, and also health insurance for senior citizen. Each one of them is designed keeping your needs and expectations in mind.