Health insurance plans offer coverage for medical expenses incurred by the insured that typically involves payment of a premium against the coverage provided by the insurer. However, apart from the coverage and premium, you must consider certain additional factors before buying a health insurance policy. One such important factor is the waiting period. Waiting periods in health insurance are specific time durations during which certain benefits or coverage may not be available, depending on the policy terms and conditions. Waiting periods can vary in duration and may apply to pre-existing conditions, specific illnesses, or treatments.
Definition of Waiting Period
A waiting period in health insurance is a time during which an individual who has bought a health insurance plan must wait before he/she becomes eligible to avail of certain benefits or coverage. It is the time between the purchase of the healthcare plan till the coverage kicks in. It is a predetermined period starting from the date of policy issuance or when the plan becomes active. During this time, the insured individual cannot receive coverage for specific services or conditions, as mentioned in the policy terms.
What are the Types of Waiting Periods in Health Insurance?
Below are some types of waiting periods in medical insurance that you should be aware of.
• General Waiting Period:
Also known as the policy waiting period or the initial waiting period, this type of waiting period is the time that starts from the date of policy issuance or the plan’s date of purchase. During this period, the insurer offers no benefits or coverage for any medical condition or treatment except for accidental injuries.
• Waiting Period for Pre-existing Diseases:
Some health insurance plans may have a specific waiting period for pre-existing diseases or conditions. As the name suggests, a policyholder cannot avail of coverage or benefits for any pre-existing condition during this waiting period. This duration of the waiting period for pre-existing diseases or conditions also varies depending on the policy and can range from a few months to a few years.
• Waiting Period for Specific Illnesses or Treatments:
Some healthcare plans may have waiting periods for specific illnesses or treatments, such as maternity coverage or dental treatment. These waiting periods may vary depending on the policy as well as from insurer to insurer.
Why is it Important to Buy Health Insurance Early?
Health insurance policies often come with waiting periods, as discussed above. By purchasing a healthcare plan early, you can avoid or minimise the duration of these waiting periods in health insurance. This allows you to avail of coverage for various medical conditions, treatments, or medical services without having to wait for an extended period. This ensures you can access the necessary and timely medical care when you require it the most.
If you have pre-existing medical conditions, purchasing health insurance early is crucial. As health insurance policies may have waiting periods for pre-existing diseases, and the duration of these can vary, buying medical insurance earlier is wise. You can complete the waiting period for pre-existing conditions sooner and start availing of the coverage for your existing medical conditions.
Buying health insurance early also comes with several benefits, like lower premiums and easy or no health check-ups.