Hyderabad: Your health insurance indicates how financially well planned you are. If you take a comprehensive health cover, it will bail you out in times of a health emergency. Before taking one, read terms and conditions carefully. Many people think a health insurance policy covers medical costs from the moment it is taken. This applies to accidents only. Companies fix waiting periods to cover different diseases. Find out these details.
The waiting periods will come into effect immediately after the commencement of the health policy. This varies from disease to disease. A policy does not cover treatment expenses if the policyholder is hospitalised immediately after taking it. Coverage will be given only after the waiting period. This is called a cooling off period.
The policyholder will have to wait at least 30 days for the policy benefits to start fully. The waiting period clause does not apply in case of accidents. It is compensated from the moment the policy is taken. Some diseases that are pre-existing at the time of taking the policy will not immediately be covered. These are considered pre-existing diseases for which the insurance company lays down separate conditions. Such diseases include hypertension, diabetes, thyroid and asthma. You have to wait for at least 2-4 years to cover the cost of treatment.
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Insurance companies set a special waiting period for surgeries like hernia, cataract, knee replacement. This period can be up to 2-4 years. The insurance policy document contains a list of these health conditions. It also mentions how long to wait for a particular disease. Check it twice.
Wondering if there is a way to reduce the waiting time? There are a few ways to do this. For this, one has to pay some additional premium. The extent to which the duration is reduced depends on the insurance company and the type of policy. First talk to the insurance company. A health insurance policy document should be carefully scrutinized.
Each policy clarifies what is applicable and what is not applicable. Terms and conditions are clear so that policyholders can easily understand. In case of any doubt, contact the insurer's help desk, says Bhaskar Nerurkar, Head-Health Administration, Bajaj Allianz General Insurance.
Some insurance policies also cover maternity expenses. A waiting period of 9 months to 6 years is imposed after taking the policy. Check the clause in your policy. A claim for maternity expenses can be filed only after the waiting period is over. As per Insurance Regulatory Authority guidelines, insurance is also applicable for mental illness. Insurers usually state a two-year wait for treatment. Depending on the insurers, this period varies. These details should be checked in the policy document itself.
