Simply put, the waiting period is the amount of time you must wait before receiving insurance benefits, therefore, the term in health insurance policies. The insured cannot make any claims for health insurance benefits during this time, which starts on the day the coverage starts. Health insurance waiting periods can range in length depending on the insurance company.
To better comprehend the waiting period in the mediclaim policy, think about the following example:
Mumbai resident Mr. Sharma recently bought health insurance with a low premium policy with a Rs. 4 Lakhs insured value. He was delighted to have made this choice, given his lifestyle and family background. He was unaware that health insurance has a waiting time, though.
He experienced a heart attack just ten days after purchasing the coverage and was subsequently hospitalised. He was astonished to learn that the health insurance he purchased had a 30-day waiting period. As a result, his claim wasn’t approved, forcing him to cover the medical costs out of pocket, which can be expensive.
A health insurance premium calculator is a tool you may use online to determine the amount of coverage required based on your needs.
Health insurance waiting period types
- Initial waiting time
This kind of waiting period in health insurance, also referred to as a “cooling off period,” covers the initial time after the health plan’s purchase date when it might be used. You are not eligible to receive a claim from the insurance for scheduled or unplanned hospitalisation during this time. *
- The time frame for pre-existing conditions
You are questioned about any pre-existing conditions when purchasing a health plan and subsequently given medical tests to verify them. The corresponding waiting period for health insurance is likewise established by this. Pre-existing conditions are those that were identified forty-eight months or more before the purchase of the health insurance policy, according to IRDAI. * #
- Waiting period for maternity
Maternity benefits are provided by a number of health insurance plans, either as a standard benefit or as an add-on. It is intended for individuals who want to expand their family while considering their financial situation. You cannot claim maturity benefits during the waiting time for maternity in health insurance. *
- The waiting period associated with specific diseases
The disease-specific waiting period in health insurance is different from the initial waiting period. Long-term care is necessary for a number of illnesses, including tumours, hernias, and osteoporosis; if a policy is obtained, the health insurance provider will cover the expense. Because of this, the majority of insurers incorporate a varying waiting period in their health insurance plans for certain ailments. *
- The waiting time for medical exams
You may have discovered while looking into different health plans that many of them give insured people free physicals. Each and every person would like to use this amenity. Unfortunately, such benefits come with a waiting time under health insurance. The insurance companies that provide these benefits maintain a waiting period of at least a year. It implies that you can only take advantage of this benefit once the one-year of your health insurance with a low premium waiting period has passed or in the second year of your policy. *
- Waiting period for accidental hospitalisation
The injuries that result from severe incidents in life frequently need to be treated and hospitalised right away. Considering any waiting period in health insurance could result in a life being lost due to the nature of accidents. In general, hospitalisation following an unfortunate accident is covered by health insurance without a waiting period. Under such circumstances, neither the initial waiting time in health insurance is applicable. *
* Standard T&C Apply
# Visit the official website of IRDAI for further details.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
