Are there Health Insurance Plans with No Waiting Period?

Posted on: Dec 14, 2023 | | Written by:

Are there Health Insurance Plans with No Waiting Period?

Published on December 13, 2023. EST READ TIME: 1 minutes

A medical emergency can happen anytime and eat up your savings if you are not prepared for it with an adequate health insurance policy. A health plan can cover your medical expenses and save you from financial setbacks. From doctor’s consultation fees and hospital bills to surgery expenses and the cost of medicines, a health plan covers them all. However, when you buy health insurance, you must wait for a specified number of days before you can avail of policy benefits. This is called the waiting period in health insurance. So, can you buy a healthcare plan with zero waiting period? Although most health insurance policies in India have an initial waiting period of 30-90 days, hospitalisations due to accidents are covered from day one. Moreover, some insurance companies in India have also introduced health insurance without waiting period. Read on to understand this in detail.

What is waiting period in health insurance?

The waiting period in health insurance parlance denotes the duration for which you must wait before filing any claims. This simply means that your insurance provider will not entertain claims when your policy is still in the waiting period.

Types of Waiting Periods

There are different forms of waiting periods in health insurance —

1. Initial waiting period

When you buy a health plan, you must wait for about 30 to 90 days before you can file a claim. This is the initial waiting period in health insurance.

2. Waiting period for pre-existing conditions

Most healthcare policies have a waiting period of 1 to 4 years for pre-existing conditions. For example, if you get diagnosed with diabetes before buying health insurance, it will be considered a pre-existing condition. If your healthcare plan has a waiting period of 2 years for pre-existing conditions, the insurance company will cover diabetes-related treatments after 2 years from the date of policy purchase.

3. Disease-specific waiting period

Specific diseases, such as hernia, bariatric surgery and psychiatric health conditions have a waiting period of 1 to 2 years.

4. Waiting period for maternity coverage

Insurance companies in India cover maternity expenses only after a waiting period of 9 months to 4 years.

The waiting period in health insurance varies from insurer to insurer. Therefore, it is important to check the terms and conditions of your healthcare plan to get a clear picture.

Can I buy health insurance with zero waiting period?

The waiting period in health insurance can keep you from availing of the benefits of your healthcare plan. Some people delay expensive medical procedures when their policy is in the waiting period, and this worsens their health condition. Keeping this in mind, insurance companies have introduced the no waiting period clause in health insurance. The same is applicable in the following scenarios —

1. Accidental hospitalisation

Insurance companies cover hospitalisation due to accidents from day one for no extra premium.

2. Add-on cover for pre-existing conditions

Some insurance providers offer no waiting period add-on for pre-existing conditions. If you opt for this add-on cover, the insurer will cover your pre-existing condition from day one. However, the add-on will increase your health insurance premium.

Conclusion

To sum up, you can buy health insurance without waiting period by paying more than you would for a standard healthcare plan. However, the best option is to buy health insurance early, i.e., when you are young and healthy. You can easily get adequate coverage for nominal annual premiums. Moreover, the waiting period of your healthcare plan will be over by the time you may want to use it to cover your medical bills.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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