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Friday, June 16, 2017

Waiting Period in health insurance policies

#Icici Lombard #Apollo Munich #Hdfc  ergo
In past I have written about Top 10 common exclusions in health insurance policies, In this post I would like to bring to your notice about the #waiting #period in any health insurance policy. With  series of new and old health cover plans in this category from basic to elite health plans, health insurance companies design the health covers keeping in mind the cost it needs to bear the risk. More the risk for the company more will be the premium for the product. Companies decides health insurance rates depending on the health cover as well as the individual's health profile. So, while buying a health policy, choosing the cheapest option available may leave you in a lurch as it may have maximum exclusions and waiting period. Unlike features, exclusions and waiting periods are stuffed in the terms and conditions section and only available in the download section at the bottom of the insurer website. Pull that out. 

Especially if you have certain medical conditions or have a family history of certain health issues, it would be prudent to check the waiting period segment very carefully.

What is Waiting Period in health insurance policies?
Insurance policies come with waiting period clause, which is nothing but the length of time within which you cannot claim any/ certain benefits of the policy. Even if you have to undergo certain treatment/ hospitalisation, the insurance policy will not cover the expenses. The waiting period can be put under three categories - initial waiting period, pre-existing ailment waiting period and disease-specific waiting period.

Initial Waiting Period
This is for the first term buyers of the insurance policy. In this, if policyholders fall sick within 30-90 days of buying the policy, insurance companies don’t cover varying in each policy. However, in the case of hospitalization or medical expenses arising due to an accident, the policy is valid.

Pre-existing disease
If the policyholders have pre-existing medical conditions like diabetes, hypertension, Thyroid etc. Any ailment related to these or mentioned in the contract of the policy will have a certain waiting period 1-4 years to get the insurance benefits on the treatment. However, any other medical treatments will be covered during this period.

Disease-specific #waiting period
Any medical expenses arising from specific diseases listed in the policy document under this head would not be settled by the insurance company within the said period. The common disease under this categories are – arthritis, cataract, kidney stones etc.
#waiting period in health insurance is equally important aspect as exclusions

Waiting period for maternity cover - Many insurance policy doesn't cover maternity in the benefits list as it is not an emergency. However, few company offers it as fixed benefit plan as an additional option within the health policy fir extra premium. However, maternity benefits plan have a waiting period of 9 months to 48 months. So, buying policy early in life can help get this benefit as well. 

Insurance companies are in business of risks. They cover Medical expenses risk for a fraction as a premium. The under writing team develop the products after assessing the on their profitability and ensures that the have to settle least of the claims. However, it doesn't mean we stay away from buying health insurance, it is about taking informed decision and not choosing the cheapest product available in the market without comparing.

Stay healthy. Buy a good insurance product which suits your current health Profile, family history and offer adequate protection.

#Icici Lombard #Apollo Munich #Hdfc  ergo

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