The name implies the waiting period refers to the period that the policyholder has to pass to qualify for specific benefits of an insurance policy for health.
The waiting period is when you can’t get all or any health insurance benefits from the insurance company, i.e. you must wait for a specific period before making claims.
Let’s see why I am aware of waiting period clauses within health insurance.
Why do we have waiting periods for Health Insurance?
Insurance companies have waiting periods that allow pricing to be reasonable for current customers. With no waiting period, individuals might sign up for insurance, immediately claim costly hospital treatments (like knee replacement surgeries), and end the policy before paying any money.
The waiting period also requires policyholders to be covered without breaking the policy.
What are the different types of waiting times for health insurance?
You cannot claim any benefits from your insurance company during the waiting time.
Initial Waiting Period –
You cannot claim any benefits from your insurance company during the waiting time.
Disease Specific Waiting Period – (12-24 Month)
Congenital disorders, lifestyle diseases, or other illnesses are subject to a waiting period. The time frame for waiting for the treatment of each condition is different, and it is stated in the policies of each insurance company.
There is a particular waiting time that can range between one to two years for specific conditions like cancer, ENT disorder, hernia, or osteoporosis explicitly mentioned in the policies.
Pre-existing Waiting Period – (24-48 Month)
A waiting period of four years for pre-existing diseases is a standard feature in virtually all health insurance plans.
If a person suffers from an illness such as cancer, hypertension, diabetes or cancer, etc., before obtaining the health insurance plan, the claim for that illness would not be accepted for four years.
It is recommended to report any existing condition before applying for the policy so that the disease is covered within the time frame.
Maternity Waiting Period – (9-36 Month)
Maternity benefit is not offered with every health insurance plan. Specific health insurance plans allow the duration of the maternity waiting period from 9 months to 3 years.
New born Babies Waiting Period –
Newborn babies are covered post 90 days.
What is the importance of waiting periods in health Insurance?
The waiting period for health insurance policies is in place to prevent the misguided intention of a person to benefit from the health insurance policy.
There have been instances where those who did not have a health insurance plan, following getting diagnosed with a particular condition, bought an insurance policy for health without divulging the disease to the insurance company.
Is it possible to reduce the Waiting Period?
Various insurance companies offer health insurance plans that allow insured persons to decrease the time they wait for treatment. However, the insured has to pay a extra premium to take advantage of this benefit.
Conclusion
The waiting period in your health insurance policy is influenced by various factors like the type of health insurance (individual health insurance, group health insurance, family floater health insurance, etc.), the insured’s a medical history and the buyer’s age.
It is essential to read the fine print of the policy waiting periods of a health insurance policy and pick the plan with a lesser waiting period.
It will allow you to avail the benefits of your health insurance policy immediately instead of bearing medical expenses from your pocket due to a long waiting period clause.
