If you are planning to take health insurance then do not ignore these things even by mistake, you will not get a chance to regret later.
Business News Desk – No one knows when a health emergency will occur. Everyone should be prepared to deal with this. At least everyone has learned this lesson from Covid. This is the reason why people are increasingly inclined towards health insurance. In today’s time, health insurance has become a necessity for people. But if you are going to buy health insurance, then first of all check its waiting period. Many people are not aware of the waiting period and unknowingly ignore it. But later this mistake becomes costly for them. Know here what is waiting period, how many types are there and what is the way to reduce it.
First understand what is the waiting period
Buying a health insurance policy does not mean that the insurance company will start covering all your problems from the very next day. You will have to wait for a few days to make an insurance claim. The period from purchasing the policy to claiming any benefit from the insurance company is called waiting period. The waiting period may be for different durations.
Standard cooling-off
This is the initial waiting period of any insurance policy. Usually its duration is 30 days. Meanwhile, if you are admitted to hospital due to any illness, you will not be able to claim for its expenses. However, if you are admitted due to an accident then a claim can be made.
Waiting period for pre-existing diseases
If you have any pre-existing illness, you will have to inform about it while purchasing the insurance policy. There is a waiting period even for pre-existing diseases. This waiting period can range from two years to four years. That means, during this waiting period, your disease is not covered under insurance.
Waiting period for specific diseases
Waiting period is also imposed by the insurance company for all major problems like hernia, cataract and joint replacement, cancer surgery. This waiting period can be from two to four years. These are clearly mentioned in the policy document.
Waiting period for maternity
You do not get maternity benefit in health insurance and there is a waiting period along with maternity benefit. The waiting period can range from 9 months to 3 years. Apart from this, there is waiting period for mental illnesses also. This period can be up to two years.
How can the waiting period be reduced?
While buying any insurance plan, you must pay attention to the waiting period. For this, before taking an insurance plan, know about the plans of many companies because every company has its own waiting period. Only after that buy a plan with less waiting period. Apart from this, if you feel that the waiting period for a particular disease is too long, then you can also reduce it by paying a little extra from your pocket.
