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Everything you need to know about waiting periods in health insurance


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If you thought you could start making claims for insurance from the day you received your policy, think again. Health insurance plans across the world typically come with a ‘waiting period’, meaning you have to wait for a few weeks or even months until you can start making claims.

 

Now, are you wondering why there are waiting periods to begin with and how long you have to wait before you can use your health insurance? Thanks to our friends at Pacific Prime, they have explained the concept of a waiting period in length in this article.

 

What is the waiting period in insurance?

 

The waiting period in insurance is the duration that the policyholder has to wait before they can avail of some or all of the benefits of their insurance policy. Note that one cannot raise a claim against your insurance policy during the waiting period. Therefore, to avoid being left without coverage, be sure to check after how many days you can claim health insurance.

 

Waiting periods vary from one insurance provider to another, and a waiting period may apply to your entire health insurance coverage or only some health conditions.

 

Why the waiting period?

 

If you are wondering why waiting periods even exist? Then, here’s what you should know. Waiting periods ensure that:

 

     There are no malpractices by policyholders.

     Insurance providers are protected from any medical risk that has not been accounted for.

     The policyholder does not take advantage of the new policy to cover regular healthcare expenses.

 

What are the different types of waiting periods?

 

Accidental hospitalization

 

Insurance plans that cover accidental hospitalization offer coverage from the start of the policy commencement, so there is no waiting period.

 

Initial waiting period

 

The period between the start of the policy and the day you can claim the policy is called the initial waiting period, and it could be anywhere between 3-6 months, depending on the insurer. Medical expenses aside from accidental hospitalization are not covered during the initial waiting period.

 

Maternity waiting period

 

Health insurance plans that offer maternity and newborn baby expenses usually do so after a specified waiting period, which could be anywhere from 9 months to 3 years. So, read through the fine print before securing a plan and plan your future accordingly.

 

Related reading: https://www.pacificprime.com/resources/prime-guides/international-maternity-insurance-guide/

 

Specific diseases waiting period

 

In the insurance world, it is common for specific medical conditions, diseases, and procedures such as hernia, cataracts, osteoporosis, etc., to come with a waiting period. The duration of the waiting period differs from one illness to another depending on the terms and conditions of your policy.

 

Waiting period for pre-existing conditions

 

If the insured has any existing ailments or health conditions when purchasing the insurance policy, the health conditions are referred to as pre-existing conditions. Note that most insurance plans cover pre-existing conditions after the minimum period is complete, so be sure to check with your insurer for more information.

 

Pacific Prime can help you find the perfect insurance plan

Whether you are looking for health insurance for yourself or your loved ones, Pacific Prime can help you find a plan with the shortest amount of waiting period. Pacific Prime has over 20 years of experience in the insurance industry, and its experts will be able to find a plan that meets both your requirement and budget. So, get in touch with a Pacific Prime expert today for a FREE quote.

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