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  • The Concept Of Waiting Period In Health insurance

    Published on July 17, 2020

    The human body is just like a machine, it needs proper care. But with the sedentary lifestyle and increase in popularity of junk food, we are not able to provide the required nutrition to our body. This in result has made our body more prone to disease. That is why buying health plan is the need of the hour. It will ensure that you get the best treatment without worrying about finances. However, when you go to buy health insurance online, you may see certain words that you might not be aware of. Waiting Period is one that word that you should have knowledge about. Today we are going to talk about the waiting period in brief:

    What Is Waiting Period?

    The waiting period is a time span, before which your health insurance provider does not offer coverage for certain diseases. If you have a pre-existing disease and you are opting for a Mediclaim plan, you may have to wait for 4 years before you can get coverage. However, once the waiting period is over, your insurance provider will have to provide coverage. There are different types of the waiting period in medical insurance policy. Let’s look at them:

    • For Pre-Existing Diseases

    At the time of buying health plan, you need to be honest with your insurer. If you are suffering from pre-existing diseases like high blood pressure, diabetes, thyroid, etc., then you need to tell your insurance provider. They will ask you to go through a medical test to see the impact of the disease on you. Only after the results of the test, your insurer will decide whether to accept your proposal or not. If your insurer accepts the proposal, they will generally prescribe a waiting period of 4 years.

    This means that you can only make a claim regarding your pre-existing disease after the completion of the waiting period of 4 years. That is why it is advisable to buy a health insurance policy at an early age to avoid any waiting period.

    • For Particular Ailments

    There are certain diseases like hernia, ENT disorders, osteoporosis, etc., for which your insurance provider will prescribe a waiting period of one or two years.

    • For New-b0rn Babies or Infants

    You may find Mediclaim insurance providers that offer maternity benefits. To get the claim, you may need to wait for 9 to 36 months.

    That is why it is advisable to read the terms and conditions of the policy carefully before you commit to a certain health plan. You should also buy medical insurance online at an early age as you are less prone to disease when you are younger, hence it will reduce the waiting period. Generally, to get the coverage from your insurance provider, you need to wait for one month, except for accidental cases.

    Ways To Reduce Your Waiting Period

    • You can reduce the waiting period by paying more premiums. This is only offered by some health insurers.
    • Buy medical insurance at an early age.
    • If you are covered under a group health policy, you can make claim right after you get insured.

    Now you know everything waiting period, so buy health plan today.