Waiting Period

Medical expenditure can put a strain on the finances. The cost of medical treatment is constantly rising and there are increasing numbers of lifestyle diseases that spell a warning for the finances. You cannot have a planned illness or hospitalization; however, you can plan your treatment and medical expenses in such a manner that your budget is not disrupted. With the rising cost of healthcare, it is important to invest in a health insurance plan. There are a number of products available in the market and each plan is different from the other. There are a number of exclusions in every plan. It is advisable to understand the health insurance terms before making a decision to invest into one. ‘Waiting period’ is one such important terminology, which you should know when you are considering buying an insurance plan.

There are a number of health insurance policies that exclude the coverage for pre-existing conditions for a specific period of time. This particular period is known as a waiting period. Any expenses incurred for the treatment of a pre-existing medical condition will not be paid by the insurance company during the waiting period. There is a regular health insurance waiting period that exists for pre-existing illness and ranges from one year to four years. Another type of waiting period is for certain treatments. There is a fixed waiting period of two years, after which the claims will be admissible. In case of a specific waiting period, the treatment may or may not be related to the pre-existing condition. Some treatments for specific waiting period include cataract, piles, tonsillitis, and hernia, among others. The specific waiting period is applicable to the health insurancepolicies in addition to the regular waiting period for pre-existing conditions.

Individuals who are already suffering from a disease or an illness before buying a health insurance plan are known to have a pre-existing condition. Examples of such conditions include diabetes, hypertension, and health-related ailments.

Pre-existing condition and waiting period are interrelated. Insurance companies cover certain illnesses as a pre-existing condition and completely exclude certain illnesses by not providing a cover for them. If the pre-existing condition is covered by the health insurance provider, the policyholder can claim for expenses incurred on the treatment after the end of the waiting period. It is important to keep in mind that the health insurance provider will only pay for the expenses of medical treatment for the pre-existing condition if they have been incurred after the waiting period. If any complications occur during the waiting period and there is a need for hospitalization or a surgery, the expenses incurred towards the same will not be covered.

It is best for individuals with a pre-existing condition, to be honest about the condition at the time of investing in the health insurance policy. If the insurance company discovers it at a later stage, the claim might not be accepted by the company, and the patient will have to bear all the expenses of treatment.