The waiting period in health insurance refers to the duration before which certain diseases will not be covered by health insurance. You should go through the policy terms & conditions carefully and buy a health insurance policy with a minimal waiting period so that you can avail coverage for these diseases.
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A waiting period is a pre-decided time span post which a select list of ailments starts getting covered under your health insurance policy. Also known as the cooling period, it begins with the commencement of the policy. For instance, a waiting period of 4 years for pre-existing diseases is an extremely common clause in most health policies.
In case the policyholder raises a claim with the health insurance company before the waiting period is over, the insurer can reject the claim. But if the policyholder raises a claim once the waiting period is over, the insurance company cannot deny the claim. For example, if the waiting period for diabetes is 90 days and you raise a claim in 60 days, the insurer will reject your claim. But if you raise a claim after 90 days, your claim will not be denied.
Yes, it is possible to reduce the waiting period under a health insurance policy. Some insurance companies offer an option to reduce the waiting period by opting for a waiting period waiver. However, such waivers can be obtained by paying an extra premium amount. For example, several health insurance plans come with a PED waiver that reduces the waiting period for such diseases from 4 years to 2 years.
Normally in group health plans offered by employers to employees, insurance companies do not insist on waiting periods. Moreover, employees can get a health policy without a waiting period if they convert their group health plan to an individual plan. As per IRDA guidelines, employees who are a member of a group health plan offered by their employers can convert their group cover to an individual retail health policy at the time of leaving their employer. In such cases, they will be given a policy without a waiting period as they have already spent the waiting time in the group health cover provided to them by their respective employers.
Take a look at the following important points related to the health insurance waiting period:
So, if you have been planning to invest in a good health insurance plan, do well to check out the plan with the shortest possible waiting period.
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