The demand for health insurance has increased a bit during the Corona period. Any person or family can face the disease. The cost of treatment can spoil the budget of any family. In such a situation, taking health insurance is a profitable deal. But when we take health insurance, companies put some condition for it. One of these conditions is the waiting period.
What is waiting period?
Actually, when you take a health insurance, it does not mean that you will start getting insurance cover from the very next day of taking the insurance. Rather, you will have to wait a few days to make a claim. The period from the time you buy the policy until you can claim any benefit from the insurance company is called the waiting period of a health insurance policy. This period can be from 15 to 90 days. You should take a policy from a company whose waiting period is less.
disease-specific waiting period
A health policy has a specific waiting period for many specific diseases, such as tumours, ENT disorders, hernias, osteoporosis. There may be a waiting period of one to two years for these. The details of the waiting period for each of these diseases are clearly mentioned in the policy of the insurance company.
Also, the waiting period for such diseases also differs according to each insurance company. A disease-specific plan provides coverage for specific diseases, which include cancer, diabetes, kidney diseases, heart diseases, hypertension, stroke and all conditions of dengue – onset or severe.
In a health insurance plan, chronic diseases are covered only after a specified period. Some insurance companies cover chronic diseases after 48 months, while some companies cover chronic diseases after 36 months. If during this period you fall ill due to chronic disease, then you will have to bear the cost of treatment. While buying the policy, you have to mention about the pre-existing diseases.
maternity waiting period
There are some health insurance companies that also offer maternity benefits, but their waiting period can be from 9 months to 36 months. Most of the maternity plans come with a waiting period of 2-4 years and hence customers are always advised to buy the policy at the earliest. Although some insurance companies also offer a shorter waiting period but charge an additional premium for this. It should be noted that maternity benefits cannot be claimed during the waiting period.
What to do to reduce waiting period?
If you feel that the waiting period period for a particular disease is too long, you can reduce it by paying a little extra out of your pocket. It is best that you compare three to four policies and buy the one with the shortest waiting period.