The fine print that could cost you: Health insurance secrets
What's the story
When you buy health insurance, there's this thing in your policy called a "waiting period" which is super important because it impacts when you can claim.
Basically, it's the time you have to wait before you can claim for certain conditions or treatments.
Getting to grips with these waiting periods is key to managing your health cover wisely and preventing nasty surprises when emergencies arise.
Basics
What is a waiting period?
A waiting period in health insurance is the initial period of your policy term during which certain claims are not covered.
For example, if your policy has a 30-day waiting period for any illness (other than accidents), it implies that for the first 30 days from the commencement of your policy, no claims (other than those resulting from accidents) will be covered.
This applies to almost all health insurance policies.
Pre-existing conditions
Pre-existing disease coverage
Pre-existing diseases refer to health conditions or ailments that were present before the purchase of a health insurance policy.
Insurers typically enforce a waiting period of two to four years for such diseases.
So, if you have diabetes or hypertension when you bought the policy, your hospitalization arising out of these conditions will be covered only after serving the stipulated waiting period.
Maternity coverage
Maternity benefits waiting period
Maternity benefits in health insurance have a specific waiting period, ranging from nine months to six years, depending on the insurance company and the chosen plan.
This discrepancy is particularly important for young couples who are planning to start a family.
Choosing a plan with a shorter waiting period should be a priority if you want to be able to use your maternity cover sooner rather than later.
Specific ailments
Special treatments and ailments
Certain conditions deemed high-risk by insurers, such as hernia, varicose veins, and joint replacement, have extended waiting periods, typically one to two years following policy inception.
Insurers view these conditions as high risk either due to their chronic nature or the necessity for complicated, costly treatments.
This strategy limits the financial risk associated with covering such procedures.
Planning ahead
Tips on managing waiting periods
To effectively navigate waiting periods in health insurance, experts recommend buying insurance at a young age when you are less likely to have pre-existing conditions.
Always read your policy document carefully to understand all waiting periods.
If possible, opt for plans with shorter waiting periods, even if the premium is slightly high. This way, you will get a more comprehensive coverage quickly.