A Simple Guide to Waiting Period In Health Insurance

s What is the meaning of waiting period?

A waiting period in health Insurance is the amount of time after which a specific list of illnesses gets covered under your health insurance policy. The cooling period, often known as the grace period or waiting period, begins when the policy is first issued. For example, most health insurance policies have a four-year waiting period for pre-existing conditions. If a policyholder files a claim with their health insurance company before the waiting period has expired. The insurer has the right to deny the claim. The insurance company, on the other hand, cannot refuse a claim filed after the waiting time has expired.

Types of Health Insurance Waiting Periods

Pre-Existing Diseases (PED) Waiting Period:

If the insured has any pre-existing disorders, such as diabetes, high blood pressure, thyroid problems, and so on. They are referred to as pre-existing diseases while purchasing health insurance. Almost all health insurance policies cover pre-existing conditions after a 2- to 4-year waiting period. This means that any hospitalization costs incurred as a result of the diseases mentioned in the policy will only be reimbursed after a period of four years.

Waiting Periods for Specific Diseases/Procedures:

Some ailments and procedures, such as ENT problems, hernia, osteoporosis, joint replacement surgery, cataract surgery. And so on, have a one or two-year waiting time in most health insurances policies. Medical expenditures incurred as a result of such diseases/procedures are paid only once the one-year/two-year waiting period in health Insurance has passed.

Initial Waiting Period:

Almost all health insurance plans include a one-month or 30-day initial waiting period during which no claims are accepted, except for accidents.

Illnesses That Are Critical Waiting Period:

After a 90-day waiting period. Regular health insurances policies cover critical conditions and deny any claims for such diseases received before this time.

Waiting Period for Maternity Benefits:

Some health insurances policies provide maternity benefits and newborn infant coverage only after a waiting period of 9 to 36 months has passed.

Is it Possible to Reduce Waiting Period?

Yes, it is possible to reduce the waiting period in health insurance. Some insurance companies provide a waiting period waiver as an alternative for reducing the waiting time. Such arrangements can be made, though, by paying an additional cost. Several health insurances policies. For example, provide a PED waiver, which decreases the waiting time for such disorders from four to two years.

Insurances companies usually do not require waiting periods in group health Insurances plans supplied by businesses to their workers. Employees can also switch their group health plan to an individual plan and acquire health insurances is coverage without a waiting period. Employees who are part of a group health plan given by their work can change their group coverage to an individual retail health policy after they leave their employment. According to IRDA standards. They would be issued a policy without a waiting period in such circumstances since they have previously used their waiting period in the group health insurance provided by their workplace.