Buying health insurance can create a sense of reassurance, but it is important to understand when specific benefits become available. Many policies include waiting periods and exclusions.
WHAT IS A WAITING PERIOD?
A waiting period is a period specified in the policy during which certain illnesses, treatments or benefits are not covered, subject to the policy wording and applicable regulations.
Different waiting periods may apply to initial coverage, specified procedures or pre-existing diseases. The exact duration and conditions vary by product and insurer.
DISCLOSE YOUR MEDICAL HISTORY
When applying, answer questions accurately and disclose information requested by the insurer. Missing or incorrect information can create problems during underwriting or a later claim.
Ask how the policy defines pre-existing conditions and which documents may be needed to establish treatment history. Do not rely only on a salesperson's verbal explanation; check the written policy terms.
CHECK MORE THAN THE WAITING PERIOD
Understand co-payments, deductibles, room limits, sub-limits, exclusions and the claims process. Confirm whether your preferred hospitals participate in the insurer's cashless network, while remembering that cashless approval remains subject to applicable conditions.
If you are changing insurers, ask how waiting periods and continuity benefits will be handled under the applicable rules. Do not cancel existing cover until you understand the implications of a replacement policy.
A little time spent reading the conditions before purchase can help avoid unpleasant surprises when you need medical treatment.
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Consult our IRDA-certified insurance advisors (IC38) for independent term life insurance, comprehensive family floater health plans, and corporate risk coverage.
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