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We know that waiting period is a part and parcel of a health insurance policy. However, do you know that you can avail no-wait health insurance policy or with a minimum waiting period? Let’s learn about no waiting period health insurance plans.
The “Waiting Period” is among the key things that are considered while comparing health plans. It is a normal term that we come across while buying health plans. So, what is a waiting period in health insurance? A waiting period is the duration of time that a policyholder must wait before making any insurance claim for healthcare expenses. It is a regular feature of almost all insurance companies in the country.
However, there is a possibility of buying no-wait health insurance policy or with a minimum waiting period. And this primarily depends on the insurer whom you have bought the policy from. Let us learn more about this clause in this blog.
As discussed above, waiting period refers to the time period that an insured needs to wait before he/she could avail the benefits of the health insurance plan that the individual has bought. The waiting period starts from the first day of your policy and it ends as per the insurer’s policy terms and conditions depending on the health issues of the insured.
So, the insurer decides the waiting period as per a number of things such as:
If any claims are made by the insured before the end of the waiting period, the insurer denies such claims.
Waiting period of an insurance policy depends on the terms of the insurance company and might vary accordingly. Among the various health insurance waiting periods, there are namely;
Now, the initial waiting period usually lasts up to a month or 30 days. The Waiting Period for pre-existing diseases ranges from one year to four years depending on the insurer. Similarly, the specific waiting period in health insurance also ranges from one year to four years as per the health plan. In case of maternity related waiting periods, it again ranges from one year to four years.
Further, some insurers might levy an additional 1 or 2 years waiting period in health insurance for some particular health concerns, etc. In such cases, the period would depend on several factors like pre-existing diseases that the insured has, his/her state of health, type of plan opted for, add-on protection opted for, and so on.
Although, most of the companies offering health insurance in India do have a clause of waiting period in their health plans. However, you can expect a no-wait health insurance policy only in two of the below conditions:
So, if the insured requires any immediate medical aid like organ transplant due to accident, he/she can avail that under the health plan, but the same will not be provided by the insurer if the insured required it as part of a pre-existing disease. Likewise, if the policyholder buys a health plan with pre-existing diseases coverage, he/she might be able to avail the benefits of the health plan without considering the waiting period. However, you have to add this feature by paying an extra cost.
Besides the above two situations you need to complete the waiting period in health insurance for all the other cases before you could avail the benefits of your insurance.
Waiting periods are levied to avoid any frauds or false claims made by policyholders. Before the clause of waiting period was introduced, many policyholders misused health plans by buying a policy only when they are diagnosed with an ailment. People also bought policies just to pay for high cost surgeries as and when required. So, the waiting period was introduced to avoid such misuses or unethical practices.
However, people can buy a cover for PED (pre-existing disease) in case they want to avail any urgent medical need, especially those already suffering from pre-existing diseases.
Know About: What is Waiting Period in Health Insurance?
Now you know the waiting period meaning in health insurance and that waiting period is a necessity for every insurance plan. However, you have the option of going for a plan with a reduced waiting period. Moreover, you can also opt for an add-on protection so as to cover any pre-existing illness under your plan. Since the insured cannot make a claim during the waiting period and unless it expires, it is important to buy a plan that offers less waiting time.
There are insurers that allow policyholders to have shorter waiting periods. However, the best thing to do is to buy insurance early on in life so that you can complete the waiting period while you are young and healthy.
This way, you can easily let the waiting period pass and enjoy the benefits of your best health insurance policy in India at a time when you actually require it.
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