Hyderabad: Your health insurance tells how financially well planned you are. If you take a comprehensive health cover, it will help you in times of health emergencies. Before taking one, read the terms and conditions carefully. Many people think that a health insurance policy covers medical costs from the time of taking it. This only applies to accidents.
Companies fix waiting period to cover different diseases (waiting period in Health Insurance). Find out these details. The waiting period will become effective immediately after the commencement of the health policy. It varies from disease to disease. The policy does not cover the treatment expenses if the policyholder is hospitalized soon after taking it. Coverage will be given only after the waiting period. This is called the cooling off period.
Not applicable in accident case Waiting
period The policyholder will have to wait at least 30 days for the policy benefits to fully commence. The waiting period clause does not apply in case of accidents. This is compensated from the time the policy is taken. Certain diseases which are already present at the time of taking the policy. They will not be covered immediately. These are considered pre-existing diseases. For which the insurance company keeps different conditions. Such diseases include high blood pressure, diabetes, thyroid and asthma. You will have to wait for at least 2-4 years for the cost of treatment to be covered.
Insurance companies fix specific waiting periods for surgeries like hernia, cataract, knee replacement. This period can be up to 2-4 years. The insurance policy document contains a list of these health conditions. In this, it has also been told that how much will have to wait for a particular disease. Check it twice.
Wondering if there’s a way to reduce the wait time? There are a couple of ways to do this. For this some additional premium has to be paid. The extent to which the term is reduced depends on the insurance company and the type of policy. Just talk to the insurance company first. A health insurance policy document should be scrutinized carefully.
Each policy explains what is applicable and what is not applicable. The terms and conditions are clear so that the policyholder can easily understand. In case of any doubt, contact the insurer’s help desk, says Bhaskar Nerurkar, Head-Health Administration, Bajaj Allianz General Insurance.
There is a waiting period of 9 months to 6 years.
Some insurance policies also cover maternity expenses. After taking the policy, a waiting period ranging from 9 months to 6 years is imposed. Check the clause in your policy. The claim for maternity expenses can be filed only after the waiting period is over. Insurance is also applicable for mental illness as per the guidelines of the Insurance Regulatory Authority. Insurers usually wait for two years for treatment. Depending on the insurers, this period varies. These details should be checked in the policy document itself.