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4 reasons to check the waiting period in a health insurance policy
Synopsis
Waiting period is a term in health insurance that determines the period of time a policyholder must wait to reap the benefits of the policy. When it comes to a senior citizen's Mediclaim policy, the waiting period often involves complexities. This article sheds some insights into four key reasons for checking the waiting period, especially in a Senior Citizen Health Insurance policy.
By Spotlight Wire
Last Updated:
Health insurance is considered a boon today as it provides numerous benefits like covering the expenses of treatment, saving tax, and providing coverage for various ailments like critical illnesses and pre-existing diseases. However, policyholders must complete a ‘waiting period’ to make a claim. The waiting period is simply the time you must wait before you claim the benefits of a health insurance policy.
As per the IRDAI, the initial waiting period is 30 days from the policy start date; you can reap the benefits of the policy only after 30 days, except in case of an accident. Furthermore, the waiting period for senior citizen health insurance plans differs due to age issues and complex terms and conditions.
Let's delve into different waiting periods and reasons to check them in your health insurance policy.
Different waiting periods in health insurance:
Major reasons for checking the waiting period
Coverage becomes effective only after the waiting period is completed. Hence, it is crucial to be mindful of this to prevent claim rejections.
Checking the waiting period in a health insurance policy is not just a formality but a proactive step towards ensuring robust health coverage, especially for senior citizens in India. It is a key component of informed decision-making, financial planning, and safeguarding against unforeseen healthcare expenses.
Note: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.
Disclaimer: The above content is non-editorial, and TIL hereby disclaims any and all warranties, expressed or implied, relating to the same. TIL does not guarantee, vouch for or necessarily endorse any of the above content, nor is it responsible for them in any manner whatsoever. The article does not constitute investment advice. Please take all steps necessary to ascertain that any information and content provided is correct, updated and verified.
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Although numerous companies provide health insurance plans, the waiting period fixed by insurers for pre-existing diseases, other ailments, and certain add-ons like maternity coverage depends upon specific terms and conditions. Hence, the waiting period for specific illnesses varies between insurers.As per the IRDAI, the initial waiting period is 30 days from the policy start date; you can reap the benefits of the policy only after 30 days, except in case of an accident. Furthermore, the waiting period for senior citizen health insurance plans differs due to age issues and complex terms and conditions.
Let's delve into different waiting periods and reasons to check them in your health insurance policy.
Different waiting periods in health insurance:
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Types of Waiting Periods | Description |
Initial Waiting Period |
|
Pre-existing Diseases (PED) |
|
Waiting Period for Specific Ailments/Procedures |
|
Waiting Period for Critical Illnesses |
|
Maternity Benefit Waiting Period |
|
Waiting Period for Senior Citizen’s Insurance Plans |
|
Major reasons for checking the waiting period
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Here are reasons why you should check the waiting period before purchasing a healthcare policy:- Gain a thorough understanding of policy
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- Get detailed knowledge of senior citizen's health insurance policy
- To prevent claim rejection
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Coverage becomes effective only after the waiting period is completed. Hence, it is crucial to be mindful of this to prevent claim rejections.
- To reduce the waiting period
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ConclusionChecking the waiting period in a health insurance policy is not just a formality but a proactive step towards ensuring robust health coverage, especially for senior citizens in India. It is a key component of informed decision-making, financial planning, and safeguarding against unforeseen healthcare expenses.
Note: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.
Disclaimer: The above content is non-editorial, and TIL hereby disclaims any and all warranties, expressed or implied, relating to the same. TIL does not guarantee, vouch for or necessarily endorse any of the above content, nor is it responsible for them in any manner whatsoever. The article does not constitute investment advice. Please take all steps necessary to ascertain that any information and content provided is correct, updated and verified.