Fewer Waiting Periods with Group Health Insurance

Waiting Period in Group Health Insurance

The waiting period is a self-explanatory term, where you have to wait for some time before you can avail any benefits.This waiting period is pre-decided by the insurer as per the type of disease or health conditions.

Moreover, the waiting period is calculated from the day when you bought the policy. If you raise any claim before the waiting period has ended, your insurer denies the request.

Meaning of Fewer Waiting Periods in Group Health Insurance

There are different types of waiting periods in an individual health insurance plan. The most significant advantage of group health insurance is that this waiting period can be waived off. Let's have a look at the waiting period for a group medical insurance policy-

1. Initial Waiting Period

   As a standard in the insurance industry, all health insurance policies must have a waiting period of 30 days. Under this, you cannot raise a claim for one month after the policy is into effect. Here the insurer will ensure that you do not utilise insurance for a planned surgery.

   During this initial waiting period, the insurer can provide compensation for accidents and emergency hospitalisation. However, in group insurance, the initial waiting period is completely waived off.

2. Pre-existing Disease Waiting Period

   As per the guidelines of the IRDAI, pre-existing disease refers to that has been diagnosed up to 48 hours before buying the health insurance policy.

   Some common types of the pre-existing disease include thyroid, hypertension, diabetes, etc. In such a case, you have to serve for 1-4 years before getting covered for any of the specified pre-existing diseases.

   When you have a group insurance policy, the insurer provides hospitalisation coverage for all the pre-existing diseases, conditions, injuries, or ailments from day one.

3. Specific Disease Waiting Period

   Different diseases like ENT, hernia, osteoporosis, tumor, disorder, etc., come with a specific waiting period in health insurance. Under this, you have to wait for usually 1-4 years.

   However, the waiting period and the ailments may vary from insurer to insurer, therefore, it is recommended to read the policy wordings carefully. One of the group health insurance benefits is that limited ailments need no waiting period for raising claims.

4. Waiting Period for Maternity Expenses

   In individual health insurance policies, you have an option to add maternity expenses and new baby cover as an add-on cover. Usually, the policyholder has to serve a waiting period of 9 months before claiming. In group insurance waiting period can be waived off by providing the coverage from the date of purchase.

   In group health insurance, the waiting period depends on the terms and conditions of the insurers. However, you can easily waive this waiting period.

Conclusion

With so many benefits associated, investing in a group health insurance policy seems like a wise decision. Also, offering adequate coverage to your employees will help them in contributing toward organisational goals.You can visit the official website of Policybazaar Insurance Brokers Private Limited to find a suitable group insurance plan as per the need and budget of your company.