The significance of health insurance plans in India is increasing each passing year, as professional needs, escalating pollution, and other environmental issues cause critical illness in people. The cost of medical treatment is constantly rising, making it extremely tough to manage hospital bills without the support of a suitable health insurance plan.
While several health insurance providers are in the market, complicated policy terms make it difficult to identify the exact nature of benefits and how to avail them. Policy documents carry specific conditions, some in fine print, and you need a clear understanding to ensure your claim is valid. One such issue is the waiting period in health insurance.
We explore the subject of the waiting period to give you an idea of what is the waiting period in health insurance.
What are the waiting periods for health insurance plans?
The waiting period in health insurance means a specific pre-determined time frame commencing from the policy date, after which an insured person can avail of the insurance benefits.
But can you get a health insurance plan with a minimum waiting period? Insurers offer customer-oriented health insurance without waiting periods, but these are usually add-ons to the basic policy at additional costs.
Before we learn more about minimum waiting periods for health insurance, let's explore the types of waiting periods.
What are the waiting period types for health insurance?
The objective of the waiting period is to prevent the misuse of claim benefits. Instances of individuals buying health policies without disclosing pre-existing conditions or diseases have forced insurers to implement a waiting period.
Here are some of the common categories of waiting periods:
Initial Waiting Period
As per standard industry practice, all health insurance policies typically have a minimum initial waiting period of 30 days from the policy's start date. During this period, the insurer will not accept any claims from the insured individual. The initial waiting period extends to planned and emergency hospitalisation, though many insurers make an exception for accidents.
Health Cover Waiting Period
In the insurance sphere, a pre-existing disease is defined as a disease you have been diagnosed with prior to the policy date, up to 48 months. For example, if you are diagnosed with hypertension, diabetes, or other similar medical conditions before your policy purchase date, you will be considered to have these as pre-existing diseases. In such cases, your policy may have a minimum waiting period of up to 48 months before you can raise a claim.
What is a specific disease waiting period for medical insurance?
Diseases like cardiac problems, ENT ailments, tumours, cancer, and more demand regular care over an extended period of time. While these medical conditions are covered under insurance, the waiting period may vary from one insurer to another.
Maternity waiting period
Most insurers have a waiting period clause ranging from one to four years for availing the benefit of maternity coverage. Therefore, it is best to plan and coordinate the timings of your health insurance plan and your marriage. However, some insurance providers offer maternity health insurance with a minimum waiting period.
What is the Waiting Period for Health Insurance in Special Cases?
Let us find out the waiting period in medical insurance for accidents.
Accidents can happen suddenly and may require immediate hospitalisation. Most insurance providers consider such incidents sympathetically and waive the mandatory waiting period specified in the policy.
Health cover waiting period for Health Check-ups
Many leading insurers, like Generali Central, add free wellness benefits like a health check-up to make policies attractive. However, such benefits are available only after the completion of the first policy year.
To find out more about benefits like wellness add-ons, you can check Generali Central's website, which offers several such zero-waiting policies: DIY Health Insurance, FG Health Absolute, and FG Health Elite.
Health Insurance with Minimum Waiting Period
Health insurance provides crucial financial support during medical emergencies. Several leading insurers offer health insurance with zero-waiting period plans as add-ons for an additional premium. When you buy such policies, coverage of pre-existing diseases begins from day one. Usually, waiting period exemptions are offered category-wise, so there may be zero waiting for pre-existing diseases but not for specific ones.
Features like zero or minimum waiting periods for health insurance increase the attractiveness of the policies and provide value for the insured. Once you clearly understand what a waiting period for health insurance implies, choosing the best–suited health policy becomes easier.
Leading health insurance providers like Generali Central package their products differently to gain a competitive advantage.
In a nutshell
In summary, waiting periods are a normal feature of standard health insurance plans. However, you must know what is waiting period in health insurance clearly to select the best policy for you. Health insurance without a waiting period is a value-added feature which most insurers offer at additional costs.
