Is it possible to get health insurance policy with no waiting period?

 You've probably heard the term 'waiting period' if you've been looking to get the best health insurance in India. In India, practically every health insurance coverage includes a waiting period. However, depending on what your insurer offers, you can purchase a plan with a minimum or no waiting time.

What does the term "Waiting Period" in health insurance mean?

The waiting period, as the name suggests, refers to the amount of time you must wait before you may use the benefits of your health insurance coverage. This duration is computed from the day your policy begins and is dependent on your insurer and certain diseases/health conditions as specified in your policy terms.

The waiting period is predetermined for a number of health problems, plan type, age, and medical history. Your insurance will deny any claim you make before your waiting period has expired.

What are the various waiting periods?

Waiting periods vary greatly amongst health insurance policies. The following are the several types of waiting periods in health insurance:

Initially, you may have to wait up to 30 days.

Pre-existing Conditions The waiting period can be anywhere from one to four years.

Specific Illnesses The waiting period can be anywhere from one to four years.

Maternity Waiting Period Expenses: From one to four years.

In addition to these waiting periods, some insurers may have waiting periods for specific health issues, annual health check-ups, and so on.

The length of these periods is determined by a variety of criteria, including pre-existing diseases, various health conditions, the type of plan chosen (individual, floater, or group health insurance), and any add-on cover advantages that you may have acquired.

Similarly, if you purchased a plan that includes coverage for pre-existing conditions, there will be no waiting period. This function is offered by numerous insurers and must be purchased separately.

In all other cases, you must wait for the regular waiting period to expire before filing any claims connected to such occurrences.

Why Is There a Health Insurance Waiting Period?

A waiting time can help policyholders avoid making bogus claims. When health insurance was first introduced to the public, many customers purchased a policy after being diagnosed with a medical problem.

Many people purchased coverage after learning how pricey their surgeries were. Many insurers began adopting waiting period policies to avoid similar scenarios in order to avoid these unethical acts.

Many persons with pre-existing ailments, on the other hand, maybe in desperate need of financial support, yet a lengthy waiting period may leave them stranded. In such cases, starting with a PED (pre-existing disease) policy is a smart approach.

For example, if your insurance has a two-year waiting time for maternity benefits, you must consider the two-year waiting period before you begin planning.

To sum it up

You can choose a plan with a shorter waiting period or one that allows you to add coverage for pre-existing diseases. It is critical to choose a health insurance plan with a low waiting period so that you can receive benefits for your disease and related expenses. You won't be able to file any claims until your waiting time is up.

While many insurers offer a shorter waiting period, it is advisable to acquire health insurance early in life so that your waiting period is over by the time you encounter any health difficulties. Purchasing health insurance when you are young allows you to simply pass any waiting periods and use all insurance benefits whenever you need them.