Why is a health insurance with less waiting period beneficial?
For those who aren’t well versed with the technicalities of a health insurance policy, it is important to note that benefits cannot be reaped instantaneously. Instead, the insured must wait for a certain period of time, in order to make sure that his or her medical expenses are covered. During the course of this discussion, we shall understand more about the waiting period or rather cooling period of a health insurance plan besides enlisting the technicalities associated with the same. We would also understand the reason behind the fact that it is always advisable to purchase a policy with a minimum waiting period.
What is the Waiting Period in Health Insurance?
In simpler terms, the waiting period in regards to insurance is the time limit after which the insured starts getting the intended cover for the concerned ailment or ailments. The concept of waiting time comes from the fact that every insured individual must willingly furnish the medical history; thereby pre-defining the existing ailments during declaration. In most cases, the waiting time for a pre-existing condition to generate cover is a minimum of 4 years.
However, there are conditions which have minimum waiting periods and do not require the individual to stay without cover for a long time.
Does the Waiting Period Remain Constant?
The insurance companies believe that if there aren’t waiting periods for pre-existing conditions, it would be easier for the individuals to ask for claims. This is why most insurers impose a standard waiting time of up to 4 years for diseases that were declared while purchasing the policy. This means that only after 4 years of premium payment will the policy become active. While ailments like diabetes, high pressure, and a few more come with a 4-year timeline, the waiting period for ENT disorders, osteoporosis, hernia, and similar ailments is somewhere in the ballpark of one to two years. Moreover, general health insurance plans with no preexisting conditions can be purchased alongside a one month waiting period. For infants and maternity cases, the waiting period is somewhere between 90 days to 9 months.
How to Minimize the Waiting Period?
A health insurance with less waiting period is the one that needs to be prioritized. However, in order to achieve the same, the insured must start early. Purchasing health insurance policy at a young age means that the waiting period isn’t expected to cause a lot of trouble to the individual. However, if a person is looking to minimize the waiting period of a health insurance, paying extra premium is one option that can be considered. Lastly, there isn’t any waiting time for group insurance plans, usually offered to the employees. However, these plans are expected to be basic and often do not cover critical ailments.
Why Purchase a Health Insurance Plan with Minimum Waiting Period?
Nobody likes to wait, especially when it comes to getting the medical expenses covered. Moreover, it isn’t even prudent to wait for a plan to get activated, especially in case of an emergency. Therefore, it is necessary to purchase a policy with lesser waiting time and the best way to achieve the same is to purchase one at an early age.
For those who have already missed the bus, in terms of age— lowering the waiting period is still possible, in regards to a health insurance policy. While paying higher premiums is a good option, opting for the co-payment scheme can also help dissolve the waiting periods. That said, the insured must be mindful of the fact that if a disease is diagnosed for the first time before the waiting or cooling period expires, he or she is still eligible for the cover.