Heath Insurance Tips: Why is it important to look at the waiting period while taking health insurance? Know..
In today's time, health insurance is considered one of our important needs. It is especially useful when a major accident happens to you or a lot of money is spent due to a medical emergency.
Although we check everything very carefully while taking health insurance, there is one important thing that does not come to our mind. While taking the policy, we ignore the waiting period. This time can be from a few days to many years. This period determines when you can claim your insurance in special situations. This period can be different according to every situation. Let us know about it.
What is the waiting period?
The waiting period is the time between the beginning of your policy purchase and making a claim.
This time limit is imposed by insurance companies to reduce risks.
Let us tell you that there are many types of waiting periods. Here we will learn about them.
Standard cooling-off period
This waiting period is 30 days. This is the basic waiting period of any policy.
If you get admitted to a hospital during this time, you cannot claim it.
However, in case of an accident, you can claim it.
Waiting period for existing illness
Now the question arises how does the waiting period work in case you already have a disease?
There is usually a waiting period of two to four years before such a condition is covered.
In such a situation, if you have any problem due to that disease during this period, then you do not get any coverage.
Waiting period for a specific disease
If the policyholder is affected by major diseases like hernia, cataract, joint replacement, and cancer surgery, then there is often a waiting period of two to four years.
You are informed about this in advance by the insurance company.
Maternity waiting period
Generally, companies keep maternity out of the health policy. For maternity coverage, you have a waiting period of between nine months and three years.
Waiting period for mental illnesses
Health companies' coverage for mental illnesses often comes with a waiting period of up to two years.
How to reduce the waiting period
Each company offers different waiting periods, so choose the policy of the company that offers a shorter waiting period. The waiting period varies.
For pre-existing illnesses, top-up plans can be the best and most beneficial. These plans provide extra coverage above a limit.
You may be allowed to reduce the waiting period in certain situations by paying a higher premium.
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