What is waiting period in health insurance policy

 

Health insurance is among the fastest growing segment in entire general insurance segment. There are so many health insurer like Star Health & Allied Insurance Co.Ltd. (www.starhealth.in), Niva Bupa Health Insurance Co Ltd.( www.nivabupa.com) The New India Assurance Co. ltd. (www.newindia.co.in) are in market. Every insurer has so many health insurance plans depending upon need of individual. It is important to choose correct health insurance plan depending upon need of individual. While choosing right health insurance plan there are various factors which need to be considered.

It is not only important to choose correct coverage, amount (Sum Insured) but it also important that one should be aware about waiting period in ones health insurance plan.

Every insurer does not cover all diseases from day 1 and there are various diseases which are excluded for certain period. It is important that individuals must be aware that which disease is excluded and for how much period??

Waiting period in health insurance is the amount of time you must wait for your health insurance coverage to take effect. During this waiting period, the insurance company will not cover any medical or treatment costs. Waiting periods are usually used by insurance companies to prevent people from getting health insurance only when they are sick or injured.

The length of the waiting period may vary by policy and insurance company. It can last for days, weeks, months even years and is associated with a particular disease-based hospitalization or waiting period may apply for certain period for all diseases.

For example,

1.      Generally, insurance may have a 30-day waiting period for hospitalization or surgery for all diseases. Generally, these type of waiting period exclude hospitalization due Accidents.

This type of waiting period generally applies to new policyholders and not to those who maintain ongoing coverage with the same insurance company.

2.      Insurance may exclude certain diseases like Cataract, Hernia, Knee replacement, Hypertension etc for specific period i.e. 1 year, 2 year etc.

Additionally, some health plans may waive the waiting period for people switching from similar coverage with other insurers.

There are some diseases which are “generally” excluded in almost every heath insurance for specific time period. Some of them are

1.      Cataract

2.      Mental illness

3.      Congenital external and internal disease

4.      Benign ear, nose, throt

5.      Hernia

6.      Arthritis

7.      Piles, fissure and fistula in anus

8.      Hydrocele

9.      Gout

10.  Skin disorder, and so many other

While purchasing health insurance this is among the most important parameter and one should ask from insurance agent or insurance company about all details of waiting period like

1.       What is waiting period at inception?

2.       Which disease are excluded?

3.        What is time duration of exclusion for each and every diseases appearing in waiting period of plan?

4.       Is there any rider, add-on to cover all disease from day 1?