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The waiting period is a predetermined time period wherein an insured individual has to wait before receiving all or part of the benefits of their health insurance coverage. It is important to be aware that during this waiting time, you typically cannot make any claims against your policy. This waiting time may be applicable to all of your coverage or just a few health issues, depending on the insurer.
The waiting period is, as its name indicates, the length of time you must wait in order to avail coverage against your claims. Additionally, it refers to the length of time you must wait from the beginning of your policy before you may start using its benefits in the context of health insurance.
There are several types of waiting periods in health insurance plans. Read below to explore more about these.
Many organizations offer a waiver of the waiting period, which means the waiting period can be reduced. However, this advantage or feature is provided to policyholders after paying a fixed extra premium. Multiple health insurance plans have a waiting period of 48 months for listed ailments/pre-existing ailments which can be further reduced according to the waiting period waiver which differs from policy to policy.
The Waiting period in health insurance is a valuable clause as it safeguards insurance providers from possible scams and ill-intentions of many individuals. It is a mechanism built in order to keep individuals from unethical practices such as not disclosing pre-existing diseases to the insurer. Waiting Period, as the name indicates is the amount of time an insurance holder has to wait before they are covered for specific conditions.
The waiting period is a predetermined time period wherein an insured individual has to wait before receiving all or part of the benefits of their health insurance coverage. It is essential to be aware that during this waiting time, you typically cannot make any claims against your policy. The waiting period differs from one health insurance plan to another.
If an insured individual is diagnosed with an ailment during the policy period, the claim will cover it, However, the condition will be applied wherein the initial waiting period has to end before they can file a claim.
There are multiple risks involved when an insurer designs health insurance for the benefit of the customer but they are misused by some. To avoid unethical practices by certain individuals waiting periods are implemented under various health insurance plans.
Yes, a lower waiting period translates to access to health insurance policy coverage in a lesser amount of time. For example, if policy A has a 48 months waiting period for pre-existing diseases and policy B has 24 month waiting period then the user can avail coverage against pre-existing diseases earlier through policy B than from Policy A.
Every health insurance policy has a different waiting period for certain illnesses and conditions, insurance buyers must thoroughly understand the terms and conditions of a health insurance policy before purchasing one to understand if their existing conditions are covered or not.
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See More Health Insurance Articles
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Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.
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