Imagine you have finally taken the step to secure your health and well-being by purchasing a health insurance policy. You feel relieved, knowing you have taken a proactive measure towards protecting yourself and your family. However, you soon realise that your policy comes with a waiting period for pre-existing illnesses. Suddenly, you feel a sense of uncertainty and wonder how this PED waiting period will affect you in the event of a medical emergency. So let’s talk about what exactly does waiting period in health insurance denotes, its duration, and factors to consider before finalising a policy and investing in it.
What are pre-existing illnesses?
Pre-existing illnesses are health conditions an individual already has before taking up a health insurance policy. These can range from chronic ailments like diabetes, heart disease, and asthma to terminal illnesses like cancer. Such illnesses get considered as pre-existing ailments if a person receives treatment for any ailment falling in this category before purchasing the insurance policy.
For instance, if a person has diabetes before taking up a health insurance policy, it will get considered a pre-existing illness. In case the policyholder needs medical treatment for diabetes, the insurer may not provide coverage or may provide it with certain restrictions and limitations.
Many insurance companies offer policies that cover pre-existing illnesses, but they may come at a higher premium or with various exclusions. One must exercise due diligence and carefully analyse the policy document, comprehending all the terms and conditions before making an informed decision.
How much waiting period can there be for pre-existing illness?
Insurance companies determine the waiting period for pre-existing illnesses in health insurance policies. For instance, a healthcare policy you choose may have a 2-year waiting period for health insurance. In other words, you cannot make any claim for pre-existing illnesses or other ailments specified in the plan before the two-year period expires.
The waiting period for pre-existing illnesses in medical insurance policies may vary between insurance companies, but it generally falls within the 12-48 months bracket. The waiting period comprises the following parameters.
The waiting period for pre-existing diseases can vary depending on the disease type. Some diseases, such as hypertension or diabetes, are considered chronic conditions. Therefore, the waiting period for these diseases may be longer than other conditions.
The waiting period may also depend on the severity of the pre-existing condition. The waiting period may be more if the ailment is severe and requires significant medical treatment.
The policyholder’s age is also essential in determining the waiting period. The waiting period for pre-existing diseases is typically longer for older policyholders as they are more likely to have such health issues.
Important things to note about the health insurance waiting period
Here are some key aspects to note about health insurance waiting periods:
• Duration:
The waiting period for pre-existing illnesses generally ranges from two to four years, while the waiting period for specific treatments may be shorter.
• Coverage:
During the waiting period, a policyholder is ineligible for any benefits or coverage for the specific illness or treatment mentioned in the policy.
• Disclosure:
It is essential to disclose all pre-existing illnesses or medical conditions during policy purchase to avoid rejection of claims or cancellation of the plan.
• Renewal:
Waiting periods are usually applicable only for a specific period of the policy. A policyholder becomes eligible for the full benefits of the policy, including coverage for pre-existing illnesses, if he/she continues to renew the policy on time and completes the policy’s waiting period for specific ailments.
• Exclusions:
Certain policies may have permanent exclusions for pre-existing illnesses or specific treatments.
• Impact on premiums:
Policies with shorter or no waiting periods may have higher premiums than those with a more extended waiting period.