Why Should You Buy Health Insurance Plans With Short Waiting Period?

A waiting period is the length of time an insured individual must wait before receiving all or part of the benefits of their health insurance coverage. It's important to be aware that during this waiting time, you typically cannot make any claims against your policy. This waiting period may be applicable to all of your coverage or just a few health issues, depending on the insurer.

Meaning Of Waiting Period In Health  Insurance

When referring to health insurance, the term "waiting period" refers to the amount of time that must pass before a specific policy benefit or cover becomes active and useable. Simply put, you cannot use the insurance or its benefits if the waiting period for a particular policy has not expired. 

It's a good idea to review the various health insurance waiting periods listed in your policy before you buy it. Health insurance coverage is meant to give you the help you need in the event of any medical emergencies. But it's crucial to keep in mind that, similar to all insurance arrangements, a health insurance contract is founded on the principles of full disclosure and good faith.

Need For Waiting Period

The idea of waiting periods has been implemented into health insurance policies due to the increased number of people buying health insurance plans with the goal of scamming an insurer. 

The waiting period for pre-existing conditions is therefore designed to safeguard the insurer if a person has a pre-existing condition but fails to declare it to their health insurance provider at the time of the purchase of a health insurance policy.

Similarly, until the minimum health insurance waiting period has passed, a person who is pregnant and wants to purchase a health insurance policy is unable to use the benefits of a maternity cover. Thus, the primary purpose of health insurance waiting periods is to stop people from engaging in unethical behaviour with regard to their insurance coverage by hiding relevant facts or giving the relevant insurer incorrect information.

Waiting Period Waiver Ride Option

The "Waiting Period Waiver Rider" is an optional add-on rider that you can choose if you want health insurance without a waiting period. This rider can help you avoid the waiting period for health insurance by allowing you to pay an additional fee. For instance, you can choose the aforementioned rider if you have a pre-existing condition and want to get health insurance without or with a shorter waiting time for pre-existing conditions.

Depending on the insurance company you choose, the conditions of the waiting time waiver rider also change. The conversion of a Group Health Insurance Policy is another situation when the waiting period of a health insurance policy may be waived.

In this situation, the Insurance Regulatory Development Authority of India (IRDAI) has ruled that there is no waiting period for health insurance coverage if a person leaves their employer and wants to convert the group health insurance policy they were provided by their employer into an individual plan. This is due to the fact that while the policy was a group health insurance policy, they would have previously complied with the provisions of a waiting period for health insurance.

Conclusion

It is vital to understand the many types of waiting periods for health insurance that are a component of your health insurance policy. This manner, you can be certain of the timing of the activation of the various plan covers and of any exclusions that would limit your capacity to use them. By doing so, you may be certain of the timing of the activation of the various plan covers as well as any exclusions that might limit your capacity to use any benefits. Reading the policy document carefully is the best way to ascertain the aforementioned details.

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