What is Waiting Period in Health Insurance? | Bowtie SG

The time one must wait before claiming health insurance benefits is the waiting period in the context of health insurance. Insurance companies don’t provide any coverage for any claims during that time.

The waiting period varies depending on the insured’s specific circumstances or situations. Therefore, knowing this variation in the waiting period allows you to choose when to claim benefits after you buy health insurance online.

Various Waiting Periods For Health Insurance

There are various kinds of waiting periods for health insurance, though. If you submit a well-informed claim, you can avoid having your insurance claim denied. Read on to learn more about the various types of waiting periods in insurance after you buy health insurance online.

  1. Initial Waiting Time

The initial waiting period denotes the shortest time a person must wait before receiving health insurance benefits. Only after this initial waiting period can you submit a health coverage claim. Claims are subject to terms and conditions set forth under health insurance policy. All health insurance companies generally have a 30-day initial waiting period as standard.

  1. Waiting Period For Pre-Existing Disease

You must disclose to the insurer every pre-existing condition before obtaining a health insurance plan. In the last 48 months, a person may have received any treatment, medical advice, diagnosis, or disease indication. You can manage your insurance on an app for health insurance. Claims are subject to terms and conditions set forth under the health insurance policy.

  1. Waiting Period For Accidental Hospitalization

Majority of the health insurance polices have a waiting period. However, no pre-existing waiting period is in effect when a patient is hospitalised due to an accident. 

  1. Maternity Benefits During the Waiting Period

Policyholders may submit a claim after a predetermined waiting period for maternity benefits expires. The maternity benefits cover the costs of hospitalisation and delivery. The typical duration of maternity benefits typically ranges from one to four years. Claims are subject to terms and conditions set forth under the health insurance policy.

  1. Waiting Period for Specific Illnesses

For a list of specific diseases, the waiting period for health insurance has a clear upper limit. According to the requirements set forth by insurance companies, policyholders must wait two to four years. ENT issues, cataracts, tumours, osteoporosis, etc. are specific conditions.

Reasons For The Health Insurance Waiting Period

A health insurance plan collects premiums from policyholders and provides shared health coverage. However, policyholders’ premium payments are always less than the amount that insurers pay.

The waiting period aids insurance providers in preventing the abuse of medical insurance plans. If there is no waiting period, one can alter the insurance’s health coverage. If there had been no waiting period for health insurance, policyholders could have accessed the benefits soon after buying the policy. You can manage all aspects of your health insurance by using a health insurance app.

The insurance company determines how long the waiting period will last. Some insurers give customers the choice of a shorter waiting period for a higher premium cost. If the insurer permits it, you can cut the typical waiting time by two to four years. So, with a shorter waiting period, a policyholder can access their benefits more quickly.

Get insured anytime, anywhere! Check out Bajaj Allianz General Insurance website to learn more and download the app now.

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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