A health insurance policy offers financial coverage and more during any medical emergency pertaining to illness or injury. This coverage is for planned medical expenses such as a surgery or childbirth; it can also be for unplanned and sudden medical emergencies like an accident or the diagnosis of a chronic ailment. Considering the deteriorating lifestyles of people, occurence of diseases and ailments have increased to a great extent. To top it, health care costs are escalating by the day, which makes even the most basic treatment at a reputed medical establishment inaccessible for the common man. As a result, health insurance has become a basic necessity in today’s time for all individuals.
A health insurance scheme has a waiting period of around 2 to 4 years which affects individuals from claiming any medical expense for a congenital disease, hereditary disease or an ailment acquired since childhood. This waiting period prevents individuals from making a large claim on the insurance policy immediately after it starts and then cancelling the policy after the claim. Individuals with pre-existing disorders like high blood pressure and diabetes are required to take a medical test at the request of the insurer. Based on the results of the test, the insurer decides whether or not to provide coverage for such diseases. If the insurer decides to accommodate the request, the policyholder is advised for a waiting period.
There are various types of waiting period depending on the insurance policy, namely- Regular waiting period, specific waiting period, maternity benefits waiting period, and for newborn babies. Group health policies have no waiting period.
For an individual who is planning on availing a health insurance policy, he/she should make sure to read the fine print related to the waiting period on the chosen scheme so as to avoid unpleasant situations.
Here, we have covered the basic features of health insurance and the associated waiting period. To know more about either of these two, the resource given below will be of help: https://mumbai.storeboard.com/blogs/health/a-quick-look-at-health-insurance-waiting-period/872184
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