Waiting time in health insurance
When you sign up for a new medical health insurance, it doesn’t get implemented with immediate effect. The policyowner comes in to effect after a ‘waiting period’, which depends on the the kind of insurance and other factors, such as age, your medical history and the company. In other words, the insurer is liable to entertain any claim amount filed only after this waiting period.
If an individual undergoes an accident or undergoes hospitalisation in the work of the waiting period, the customer may not be covered for a loss. As mentioned before, the idea of waiting period exists across different kinds of insurance policies, and the quantum of waiting period may differ depending on the insurer and the nature of the insurance policyowner.
However, following are the broad indicators of waiting period. There is an preliminary waiting period of 30 days, which goes up to 90 days in some cases, from the effective date of the policyowner. Some insurance policies may permit treatment for accidental outside injuries with a maximum of 24-hour hospitalisation.
Preexisting diseases may not be covered in the first 2-4 years of the policyowner depending on your age and the nature of the policyowner. A preexisting illness refers to any medical condition of an individual prior to the commencement of the policyowner. Now the policyowner may be effective for any other illnesses in the first few years of the policyowner. Buy any claim filed for illness related to the preexisting illness won’t be covered in the first 1-4 years of the policyowner as said in the policyowner document.
This feature is most common in insurance policies designed for senior citizens. Also, the insurer may insist that you stick with the same insurer in case you need the cover to continue without further waiting periods in future.
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The third is the ailment-specific waiting period, in the coursework of which an ailment won’t be covered. This again varies from company to company. But some common illnesses that involve waiting periods include, ENT disorders, polycystic ovarian diseases, diabetes, osteosrthiritis, osteoporosis, hypertension and hernia. These illnesses are usually covered only after years from the date of commencement of the policyowner.
Source: [ET]
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