Waiting Period in Parent’s Health Insurance – What You Should Know

Posted on: Oct 7, 2024 | 3 mins | Written by: HDFC ERGO Team

Waiting Period in Parent’s Health Insurance – What You Should Know

Elders are prone to age-related health conditions, some of which may require frequent consultations and treatment. Hence, if you are worried about the well-being of your ageing parents, covering them under the right health plan can help. With this insurance product handy, they can opt for quality treatment without dipping into their savings and recover sooner. However, rather than purchasing health insurance when they fall sick and need coverage, invest in one early so that they can easily serve the waiting period. If you have little or no idea about the waiting period for parent’s health insurance, we will tell you in this article.

What is the waiting period for health insurance?

The waiting period is the time during which you cannot file health insurance claims with your insurance provider. When buying medical insurance, you must wait for a specified period before you can use your policy for cashless and reimbursement claims. This is called the initial waiting period in health insurance.

In addition to the initial waiting period, health insurance policies have longer waiting periods for pre-existing conditions, specified diseases, critical illnesses, and more. Hence, while buying health insurance for your parents, remember to check the waiting periods for different conditions to make an informed purchase decision.

What is a parent’s health insurance policy?

A parent’s health insurance policy is an important insurance product that can cover the medical bills of your parents and ease their financial worries. A comprehensive plan can cover their hospital bills, pre- and post-hospitalisation expenses, home healthcare, daycare procedures, organ donor expenses, and more. Since health issues increase with age, staying covered under this insurance product can help them opt for the finest treatment without paying exorbitant bills from their savings.

The following are the types of health insurance policies you can buy for your parents in India —

1. Individual health insurance:

This policy covers the medical expenses of the insured individual.

2. Family floater:

A family health insurance policy can cover all immediate family members under one plan, including parents.

3. Senior citizen’s health insurance:

This policy covers individuals over 60 years of age.

Types of waiting periods in health insurance for parents

The waiting period for health insurance depends on the type of health plan, age, and medical history of the insured. The following are the types of waiting periods in health insurance for parents —

1. Initial waiting period:

All health insurance policies have an initial waiting period of up to 30 days. Hence, whether your parents are covered under individual health insurance, family floater, or senior citizen’s health plan, the initial waiting period will be the same.

2. Waiting period for pre-existing conditions:

Health insurance policies have a waiting period of up to 3 years for pre-existing conditions, such as diabetes, heart disease, high blood pressure, and asthma.

3. Waiting period for specified diseases:

If your parents suffer from a specified disease, such as dementia, Parkinson’s disease, or motor neuron diseases, they must wait for up to 3 years before filing claims for any of these conditions.

4. Waiting period for critical illnesses:

Most critical illness insurance covers have a waiting period of 90 days. If a policyholder gets diagnosed with a critical illness covered under the policy, the insurer will start covering their medical expenses only after the waiting period. However, the waiting period for pre-existing critical illnesses can be 2 years or more.

5. Waiting period for accidental hospitalisation:

There is no waiting period for accidental hospitalisation. For example, if a policyholder meets with an accident a day after buying health insurance, the insurer will cover his/her hospital bills.

6. Waiting period for complimentary healthcare:

Some insurance companies offer complimentary health check-ups to policyholders only after a minimum waiting period of 1 year. However, this can vary between insurers.

Conclusion

These are the common waiting periods in parent’s health insurance policies. Thus, while buying a healthcare policy for your parents, make sure you check the waiting periods for different conditions and choose the best option accordingly. Although the waiting period may look like an unwanted restriction, it limits health insurance claims and reduces the risk to insurance providers. Moreover, it also encourages individuals and families to invest in health insurance policies in advance to secure their health and finances.

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

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