3 min read
Updated on Jan 02, 2023
Health insurance plans provide a comprehensive scope of coverage against medical costs. They cover you for your hospitalisation and treatment expenses and spare you any financial difficulty related to your medical costs. Moreover, health insurance plans also provide various value-added coverage features to enhance your health insurance experience. However, there are some terms and conditions and exclusions associated with the coverage available in a health insurance plan. One such term is a waiting period. Do you know what it means?
In simple terms, waiting period in a health insurance plan means a period during which coverage for a particular ailment or treatment is not available. You have to wait out the specified period before you can enjoy coverage for such treatment or illness.
This is the most common and important waiting period which is applicable in all health insurance plans. Pre-existing illnesses or diseases are those illnesses which are present when you buy a health insurance plan. Since the insurance company knows that you already suffer from those diseases, cover for complications arising out of such pre-existing illnesses is delayed. The plan offers coverage after the first few years. This duration during which coverage for pre-existing illnesses is not allowed is called the pre-existing waiting period. This period ranges from 12 months in some plans to 48 months. If you receive treatments for your pre-existing illnesses during the waiting period, the cost of such treatments would not be covered by your health insurance plan. Once the waiting period would be over, your pre-existing illnesses would be covered.
Health insurance plans list specific treatments which have a waiting period of 1 year, 2 years or 4 years. For instance, joint replacement surgeries might be covered in your health insurance plan after a waiting period of 4 years. Similarly, appendicitis, cataract, piles, fistula, hernia, etc. are covered after a waiting period of 1 or 2 years.
If your plan allows you coverage for maternity related expenses, there would be a waiting period associated with the cover. Maternity expenses incurred after the waiting period would only be covered. The waiting period for maternity cover ranges from 9 months to 6 years depending on the available plans.
Another waiting period, which is common in health insurance plans, is the initial cooling-off period of 30 to 90 days. During this period, which starts from the policy start date, claims for illness related hospitalisation are not honoured. Accidental hospitalisation claims are, however, payable during this waiting period.
When you buy a health insurance plan you should know about these waiting period so that you would know how and for exactly what your health insurance plan offers you coverage.
Also read: Advantages of Choosing a Top Up Health Insurance Plan
Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
The threat of yet another virus hits India. This time it is H3N2 Influenza Virus, which is a sub-type of influenza A virus that is.
There has been a huge price rise or inflation seen across sectors, especially the healthcare sector in India in recent times. Let us take a.
Ayushman Bharat Yojana is a health insurance policy offered by the government of India with the aim to present free access to health insurance for.
‘Health is wealth’ is not just a saying, it’s a fact, which people realize when they fall sick. Yes, good health is the most important.
LASIK eye surgery is a surgical process that rectifies any issues related to vision. The cost of the surgery varies depending on the city, the.
Some situations in our life are beyond our control, and one of them is falling sick. No matter how hard we try, we may end.
We all know the importance of health insurance for taking care of hospital bills and medical needs. Let us take a look at some of.
The key function performed by the kidney is to filter blood which flows through each of our body organs. Hence the safety of the body.
Some major changes were announced recently in the Mahatma Jyotirao Phule Jan Arogya Yojana, the Maharashtra health scheme launched in 2012. Let’s take a look.
The World Health Organization (WHO) started the World Tuberculosis Day on March24 to educate people about Tuberculosis (TB), which is a transmittable disease which has.
Speak to our advisor
Corporate Office : Mahindra Insurance Brokers Ltd ( A Mahindra Group Company ) Sadhana House, Ground Floor, 570 P. B. Marg, Behind Mahindra Towers, Worli, Mumbai 400018.
Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).
Insurance is the subject matter of solicitation.
For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.
Copyright © 2023 Mahindra Insurance Brokers. All Right Reserved.