Health Insurance March 19, 2020

What is the Minimum Waiting Period in Health Insurance

Health insurance has many important components associated with it. When you buy a health insurance plan, you must be well aware of these components and clauses to ensure you buy a product that matches your requirements. One such important component is the waiting period. The waiting period in health insurance is a pre-decided period of time when claims cannot be made. The waiting period is associated with certain illnesses as well as specific health conditions. You need to wait out the period of time, from the time you buy the health policy before you can make a claim. Take a look at this article to understand this clause in greater detail.

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The waiting period in health insurance

Health insurance is a product that offers to cover your ailments when you fall sick. It is a risk the insurer takes, hoping that your claims will be limited. This is why most health plans do not cover pre-existing illnesses under the plan right away. You can still get coverage for them, but after staying in the policy for two or three years. This is known as the waiting period in health insurance. Apart from pre-existing illnesses, many health plans also attach the waiting period clause to certain conditions such as pregnancy and childbirth.

Importance of waiting period in health insurance

The waiting period in health insurance is an important clause. As a policyholder or a proposer, it is your duty and responsibility to honour the waiting period. You should also be honest and declare all your existing health conditions when buying the plan. Some people lie about their pre-existing illnesses to avoid the waiting period clause. This is a dangerous thing to do, as, at the time of a claim, the insurance provider will find out about the pre-existing conditions and your claim may even get rejected. The insurance provider may also charge a higher premium if you have an illness such as diabetes or hypertension, in addition to attaching the waiting period. Agree to it and stay suitably covered.

Ways to work around the waiting period in health

If you desperately need an immediate health cover even when you have pre-existing diseases, you can look to buy a mediclaim that offers cover from day 1. The Chronic Care Management Plan from Aditya Birla Health Insurance and the Care Plan from Religare Health Insurance are two good options here. Alternatively, you could explore the features and covers of your group health plan. The group health insurance plan is a health insurance coverage offered by the employer to the employees. These plans offer coverage from the very first day, without any waiting period. However, the coverage is limited so you need to see if you can make a claim for your particular condition. If you can, go ahead and use the benefits of the group health cover you have.

The final word

Health insurance a crucial life requirement. Even with waiting period in health insurance, you need to get a good plan to keep yourself and your loved ones covered at all times.

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