Waiting Period in Health Insurance Policy

Savings have to be invested in some way or the other in the present day world. A strict budget living style has become a recent trend with a lot of individuals doing all possible investment plans to secure a bright and content future. Unfortunate events are bound to happen at any point in the life of people.

Tackling such situations become easy when insurance policies are taken in advance. Medical expense is one aspect that is sure to cross any individual’s budget at some phase of life. Health plans are those policies taken on time to help manage the unexpected expenses arising due to sudden health issues.

Various Health Insurance policies prevalent in India

In the present scenario, people in India have gained excessive knowledge on health plans and have taken all possible measures to secure their life and the lives of the family members by opting for health insurance plans and policies.

Some of the most common health plans in India are Star Package by Bajaj Allianz, Family Health Optima by Star Health, Chola family insurance plan, Health shield by Royal Sundaram, Family floater by ICICI Lombard, Healthwise Policy by Reliance and many more plans.

Points to consider when you plan to buy health insurance

  • Reputation and reliability play a vital role in marking the authenticity of the health insurance company.
  • Proper license secured by the company in charge is a must to regard the institution to be fit to serve health insurance policies.
  • Keep an eye on the company to get details of the increase in the premium rates.
  • Online insurance portals can prove to be helpful in comparing rates and Coverage features.
  • The policy wordings need to be transparent and easily understandable.
  • Customer views on insurance firms are a must before selecting your policy.

Waiting Period – An important terminology in health insurance

As the name suggests, it is the period of time which one need to wait in order to cover specific illness or diseases. The claims made in the health plans during the Waiting Period for such specific illnesses are not admitted.

It is a well-known fact that various health insurance policies have different waiting periods depending on the terms and conditions. It is a mandatory clause of health insurance.

Common waiting periods in health insurance plans

  • A lot of insurance policies concerning health tend to give a lot of benefits for maternity-related aspects. The waiting period in this condition can be between ten months to about two years. This means that the health insurance policy has to be taken well in advance so that the benefits can be reaped on time.
  • Health insurance is beneficial to help gain financial stability during situations where high-cost medical aid is required. The certain pre-existing condition exclusion period is a type of waiting period. It implies that such diseases or ailments will be covered after the specified passage of time mentioned by the insurance company. The period of waiting can range from one year to four years.
  • The initial waiting period applies to all health insurance policies. This is prevalent for the first one to three months of taking the health insurance policy.

Getting a health plan to secure your future is not an easy task. When the wait for the policy is done, people tend to realize its importance. Relevant features of the selected health insurance policy in India have to be studied in details before signing on the fine print.