Uncover all about Waiting Period in Health Insurance
Do you know that due to higher medical inflation, the cost of health care facilities is increasing at 20% every year in India? Moreover, sedentary lifestyles, pollution, junk food culture, and a stressful work environment are enough to invite critical illnesses or lifestyle diseases these days. One time hospitalization can derail your money and life. So to reduce the financial implications and for good health, comprehensive health insurance becomes imperative. It gives you maximum benefits with a wide range of coverage against medical emergencies. However, various conditions entice these policies to avoid false claims like sub-limits, co-payment, exclusions, deductibles, and the most important is the waiting period. Before you opt for a health cover, it is essential to get clarity on what is waiting period in health insurance, and how it impacts you so that you do not face any hassle when making a claim. Reading the policy documents will help you know about the waiting period.
Let’s understand the concept of the waiting period in health insurance.
How Waiting Period is defined under Health Insurance?
Under health insurance, your coverage does not start immediately after policy issuance. There is a time frame that has to be completed before the coverage of the policy can begin. This specified period is known as waiting period. You have to wait till its completion to file the claim under your health insurance policy.
What are the Types of Waiting Period?
The range of waiting period depends on the policy, coverage, and type of diseases. Read below about the types of the waiting period.
Preliminary Waiting Period- It is the initial waiting period that starts right after you got the policy. Mostly, it is of 30 days from the date of policy issuance. During this tenure, you cannot file any claim for hospitalization due to any disease. However, this is not applicable in case of accidents subject to policy terms and conditions.
Waiting Period for Pre-Existing Diseases (PED)- Pre-Existing Diseases like diabetes and hypertension have a long waiting period. It may vary from 2 to 4 years. During this tenure as a policyholder, you cannot claim for your hospitalization and treatment expenses.
Waiting Period for Maternity Cover- The waiting period for maternity cover ranges between 9 to 36 months from the date you buy the policy. Thus, females who are looking for this cover can plan their families accordingly. Also, health insurance for infants has a waiting period of 90 days.
What is the need for the Waiting Period in Health Insurance?
Health insurance with no doubts works as a safeguard in case of any medical exigency. However, in past years IRDAI has recorded a number of fraud claims and even big scams. Therefore, a waiting period is needed to avoid the misuse of a health insurance policy or trivial claims.
Can Waiting Period be reduced?
This option is offered by leading health insurance companies like us, and it is applicable to pre-existing diseases. You can buy an add-on cover for a reduction in the PED wait period. Under this, the waiting period will be reduced from 4 years to 2 years.
Why is it good to Opt for a Health Insurance in Early Age?
Given the medical inflation and skyrocketing treatment costs, it is advisable to opt for health insurance at an early age. What is noteworthy is that the waiting period in health insurance is one reason to opt for a health cover early in life. It is so because, at this age, people are young and energetic, and also less vulnerable to critical or chronic diseases which cost lesser premium, maximum coverage, and reduced waiting period.
Some More Important Points about Waiting Period
- During the waiting period, you cannot file a claim for hospitalization or treatment expenses.
- If you have diagnosed with any new disease during the waiting period, then it will be covered under your policy.
- An initial waiting period of 30 days can also be considered as a cooling period.
So, if you are looking for customized health insurance plans for yourself or your family then check our wide range of health insurance products and live a stress-free life.