What is the purpose of purchasing healthcare insurance? A health insurance policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy More provides much-needed financial support when you get hospitalized. Whether individual or group healthcare policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy More, the objective is similar. The waiting periodThe period of time that an individual must wait either to become eligible for insurance coverage or to become eligible More is also valid for employer-sponsored group medical insurance plans. But the waiting periodThe period of time that an individual must wait either to become eligible for insurance coverage or to become eligible More varies with different companies and policies depending on the structuring of the program.
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The waiting periodThe period of time that an individual must wait either to become eligible for insurance coverage or to become eligible More in health insurance
Waiting periodThe period of time that an individual must wait either to become eligible for insurance coverage or to become eligible More is the period of time that an insured member must wait to become eligible for insurance coverage and claims to be paid. Some Policies will not pay maternity benefits, for example, until nine months after the policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy More has been in force. Another common waiting periodThe period of time that an individual must wait either to become eligible for insurance coverage or to become eligible More occurs in group insuranceGroup Insurance refers to any insurance plan under which a group of employees (and their dependents), or members of a More that is offered through a place of employment, whereby coverage may not start until an employee has been with a firm for more than 30 days. During this waiting periodThe period of time that an individual must wait either to become eligible for insurance coverage or to become eligible More, an employee cannot claim the listed benefits of health insurance.
Different types of waiting periods:
Most people are aware of the initial waiting term for health insurance. When an employer purchases a group healthcare coverage for the employees, they can get coverage for medical expenses from the insurer during their service term. But the insurance coverage begins after the initial waiting term of thirty days. All employees are aware of this exception. Do you know that there are other waiting periods in a health insurance policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy More? Read along and know about the different types. It will help you get a clear overview of the policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy More features.
- For pre-existing diseases: Most insurance companies have a compulsory waiting term before covering pre-existing ailments. Pre-existing condition refers to any ailment, injury, disease or health condition that is diagnosed up before you purchased the health insurance policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy More.
As per the circular from IRDAI on 10th February 2020, a pre-existing condition is any illness or a medical condition, sickness, disease, or injury, that has been diagnosed prior to the purchase of a medical insurance plan. Any such medical condition diagnosed by a physician 48 months prior to the date of the issuance of the policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy More or its reinstatement is considered a pre-existing condition.
According to the new terms, only those diseases that are prevalent and have been diagnosed before buying the insurance are considered PEDs. Therefore, if you have an illness that you were unaware of or was not diagnosed before the insurance came into effect, it would not be considered under PED.
Some of the most common pre-existing conditions include thyroid, high blood pressure, diabetes, asthma, cholesterol, etc.
- For specific diseases: The waiting periodThe period of time that an individual must wait either to become eligible for insurance coverage or to become eligible More for specific diseases is a customizable feature and is applicable for certain specific diseases. There are some listed diseases and medical treatment procedures like – ENT disorders, osteoporosis, cataract, joint replacement operation, etc. In such ailments, you need to serve a waiting term of one or two years (depending on the insurance company). However, you can waive off the waiting span by adding features to the healthcare policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy More or add-on benefits and enjoy a cashless treatment/reimbursement for expenses.
- Initial waiting term: The initial period is constant with every insurance provider in the country. For most insurance companies, the initial waiting course is for thirty days. The initial waiting periodThe period of time that an individual must wait either to become eligible for insurance coverage or to become eligible More refers to the period for which you have to wait before the health insurance policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy More becomes active. You have to wait until the expiry of this initial waiting periodThe period of time that an individual must wait either to become eligible for insurance coverage or to become eligible More to receive the benefits from your health insurance policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy More. During this period the insurer cannot avail of insurance benefits and coverage for planned medical treatment. If you are covered under an employer-sponsored group healthcare policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy More, you can get coverage for accidental treatment expenditure during the waiting periodThe period of time that an individual must wait either to become eligible for insurance coverage or to become eligible More.
- For critical illness: Most health insurance policies have a waiting periodThe period of time that an individual must wait either to become eligible for insurance coverage or to become eligible More regulation for critical illnesses. It may be up to ninety days. The policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy More covers the medical expenses only if the insured person gets diagnosed with the disease after passing the waiting periodThe period of time that an individual must wait either to become eligible for insurance coverage or to become eligible More, as regulated by the insurance company. The critical illness may be related to multiple organs in the body like – the kidney, heart, liver, etc.
- Maternity waiting term: Maternity benefit and newborn coverage also requires a waiting periodThe period of time that an individual must wait either to become eligible for insurance coverage or to become eligible More for most insurance companies. For group health insurance, the waiting periodThe period of time that an individual must wait either to become eligible for insurance coverage or to become eligible More for maternity coverage is valid for female employees or family members of male employees. The period ranges from nine months to three years, depending on the insurance company coverage rules.
A waiting periodThe period of time that an individual must wait either to become eligible for insurance coverage or to become eligible More avoids any fraudulent claims coming into the health insurance policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy More.
Can you reduce it?
Yes, the insurance company can waive the waiting periodThe period of time that an individual must wait either to become eligible for insurance coverage or to become eligible More. But it is possible only if you pay additional premiums. Waiting periodThe period of time that an individual must wait either to become eligible for insurance coverage or to become eligible More clauses differ from one insurance provider to another.
Moreover, if you have an employer-sponsored health insurance policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy More, the waiting periodThe period of time that an individual must wait either to become eligible for insurance coverage or to become eligible More clause does not exist as group policies can offer customisation to waive off the waiting periods to provide day 1 cover.
Connect to PlanCover
PlanCover, brings you all the essential information for group healthcare insurance. You can connect to their team and resolve the queries about the waiting periodThe period of time that an individual must wait either to become eligible for insurance coverage or to become eligible More.
