A Standstill time in your Health Insurance

Health is the important asset in life. However, in India it is a very peculiar habit that people first tend to ignore their simple health issues which can affect their health deeply during the long-run in the life. Health is not something that you can play around. A minor ignorance can become a major issue of your life. Today, with the rising pollution levels, ecological unbalances, hectic lifestyle, accidents hazards etc. your health can get affected very easily. At times, you might not have enough money to pay hefty hospital bills, handle ever escalating operation costs and medical emergencies. You might need to borrow money from family, friends and lenders. This will affect you financially and mentally it will become extremely difficult to recover.

But signing up for a suitable health insurance cover will not only give you enough financial security cover when required but will also let you recover quite comfortably leaving your worries onto the insurance companies. However, accordingly to the policy regulation of insurance companies when you sign up for a new health policy, it doesn't get implemented with immediate effect. There is a certain period associated for the policy to come into effect known as 'waiting period'.  A waiting period usually depends on the kind of insurance policy you choose and other factors, such as age, your medical history and the company. An insurer can claim amount only after this waiting period. Different conditions and coverage have different waiting periods and have different rules for the same.

The article guides you through some of the most important types of waiting period in an individual or family health insurance policy:

Initial waiting period of 30 days to 90 days - Most health insurance companies offer policy with an initial waiting period of 30 days to 90 days. Any disease contracted within this period of time will not be paid for, except accident cases. This restriction has been put so that people do not take advantage of their best health insurance in India if at all struck with some dreadful disease and try to claim for.

Pre-existing Condition - A pre-existing condition (you can say a self made condition) is a type of waiting period that involves those who put a condition during the six months prior to signing up for health policy. This type of waiting period means that your insurance coverage can be limited or excluded for any pre-existing condition. The length of this type of waiting period can vary from 12 to 48 months.

Pre-Existing Disease - Pre-existing diseases may not be covered in the first 2 to 4 years of the policy depending on your age and the nature of the policy. A pre-existing disease refers to any medical condition of an individual prior to the commencement of the policy. This waiting period varies from company to company and is meant for certain ailments like ENT disorders, polycystic ovarian diseases, diabetes, osteoarthritis, osteoporosis, hypertension and hernia. Usually such ailments are covered only after two years from the date of commencement of the policy.

Maternity waiting period - Maternity benefits are paid by certain health insurance policies. However most of them have a waiting period of 9 months to 48 months. In other words to avail the benefits of your maternity health insurance you need to purchase the plan in such a way that you get it at your desired time.